Adherex Technologies (NASDAQ:FENC) Earns Outperform Rating from Wedbush

Adherex Technologies (NASDAQ:FENC)‘s stock had its “outperform” rating reissued by Wedbush in a report released on Thursday,Benzinga reports. They presently have a $13.00 price objective on the stock. Wedbush’s price objective would suggest a potential upside of 91.46% from the company’s previous close.

A number of other equities analysts also recently commented on FENC. Piper Sandler initiated coverage on shares of Adherex Technologies in a report on Friday, January 9th. They issued an “overweight” rating and a $18.00 price objective for the company. Zacks Research downgraded shares of Adherex Technologies from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adherex Technologies in a report on Thursday, January 22nd. B. Riley Financial started coverage on Adherex Technologies in a research note on Thursday, February 12th. They issued a “buy” rating and a $16.00 target price for the company. Finally, Wall Street Zen downgraded Adherex Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, April 4th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, Adherex Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $14.80.

Adherex Technologies Stock Performance

NASDAQ:FENC opened at $6.79 on Thursday. The company has a market capitalization of $234.05 million, a price-to-earnings ratio of -19.97 and a beta of 0.93. Adherex Technologies has a one year low of $5.02 and a one year high of $9.92. The stock has a 50-day simple moving average of $7.41 and a 200 day simple moving average of $7.83.

Adherex Technologies (NASDAQ:FENC) last posted its quarterly earnings results on Saturday, March 28th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.21). The firm had revenue of $13.78 million during the quarter, compared to analyst estimates of $14.75 million. Adherex Technologies had a negative return on equity of 183.18% and a negative net margin of 22.62%. On average, equities research analysts forecast that Adherex Technologies will post -0.11 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Rosty Raykov sold 10,946 shares of the company’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $6.31, for a total value of $69,069.26. Following the completion of the sale, the director owned 113,856 shares of the company’s stock, valued at $718,431.36. This represents a 8.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 11.76% of the stock is owned by insiders.

Institutional Investors Weigh In On Adherex Technologies

A hedge fund recently bought a new stake in Adherex Technologies stock. Jane Street Group LLC bought a new position in Adherex Technologies Inc. (NASDAQ:FENC) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 14,718 shares of the company’s stock, valued at approximately $90,000. Jane Street Group LLC owned 0.05% of Adherex Technologies at the end of the most recent reporting period. 55.51% of the stock is owned by hedge funds and other institutional investors.

About Adherex Technologies

Fennec Pharmaceuticals Inc, a biopharmaceutical company, develops product candidates for use in the treatment of cancer in the United States. Its lead product candidate is the Sodium Thiosulfate, which has completed the Phase III clinical trial for the prevention of cisplatin induced hearing loss or ototoxicity in children. The company was formerly known as Adherex Technologies Inc and changed its name to Fennec Pharmaceuticals Inc in September 2014. Fennec Pharmaceuticals Inc was founded in 1996 and is based in Research Triangle Park, North Carolina.