Adherex Technologies (NASDAQ:FENC) Now Covered by Analysts at B. Riley Securities

B. Riley Securities started coverage on shares of Adherex Technologies (NASDAQ:FENC) in a research note released on Thursday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $16.00 price objective on the stock.

Several other brokerages have also weighed in on FENC. Zacks Research raised Adherex Technologies from a “strong sell” rating to a “hold” rating in a report on Friday, December 12th. Wall Street Zen downgraded Adherex Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a report on Thursday, January 22nd. Finally, Piper Sandler initiated coverage on Adherex Technologies in a research report on Friday, January 9th. They set an “overweight” rating and a $18.00 price target on the stock. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Adherex Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.80.

Adherex Technologies Price Performance

FENC opened at $8.20 on Thursday. Adherex Technologies has a 12-month low of $4.68 and a 12-month high of $9.92. The stock has a market capitalization of $280.60 million, a PE ratio of -35.65 and a beta of 0.77. The firm’s fifty day moving average price is $7.67 and its 200 day moving average price is $8.23.

Adherex Technologies (NASDAQ:FENC) last released its earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.06. The company had revenue of $12.46 million during the quarter, compared to the consensus estimate of $13.43 million. On average, equities research analysts forecast that Adherex Technologies will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adherex Technologies news, Director Rosty Raykov sold 10,349 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $7.76, for a total value of $80,308.24. Following the sale, the director directly owned 98,477 shares of the company’s stock, valued at $764,181.52. This trade represents a 9.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of the firm’s stock in a transaction on Wednesday, December 24th. The shares were sold at an average price of $7.50, for a total value of $7,500,000.00. Following the completion of the sale, the insider owned 2,744,741 shares in the company, valued at $20,585,557.50. The trade was a 26.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,125,608 shares of company stock worth $8,580,935 over the last quarter. Insiders own 11.76% of the company’s stock.

Institutional Trading of Adherex Technologies

An institutional investor recently bought a new position in Adherex Technologies stock. AQR Capital Management LLC purchased a new position in shares of Adherex Technologies Inc. (NASDAQ:FENC) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 10,897 shares of the company’s stock, valued at approximately $66,000. Institutional investors own 55.51% of the company’s stock.

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.