Brokerages Set Adherex Technologies Inc. (NASDAQ:FENC) Target Price at $14.80

Adherex Technologies Inc. (NASDAQ:FENC) has been assigned a consensus rating of “Moderate Buy” from the seven ratings firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $14.80.

Several brokerages have weighed in on FENC. B. Riley Financial initiated coverage on shares of Adherex Technologies in a research report on Thursday, February 12th. They set a “buy” rating and a $16.00 target price on the stock. Zacks Research raised Adherex Technologies from a “strong sell” rating to a “hold” rating in a research note on Friday, December 12th. Piper Sandler initiated coverage on Adherex Technologies in a report on Friday, January 9th. They issued an “overweight” rating and a $18.00 price target on the stock. Wall Street Zen raised Adherex Technologies from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a research report on Thursday, January 22nd.

Adherex Technologies Stock Performance

Adherex Technologies stock opened at $7.59 on Friday. The company has a market cap of $259.73 million, a P/E ratio of -33.00 and a beta of 0.75. Adherex Technologies has a one year low of $4.68 and a one year high of $9.92. The business has a fifty day moving average of $7.94 and a two-hundred day moving average of $8.25.

Insider Activity

In other Adherex Technologies news, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of Adherex Technologies stock in a transaction dated Wednesday, December 24th. The shares were sold at an average price of $7.50, for a total transaction of $7,500,000.00. Following the completion of the transaction, the insider owned 2,744,741 shares in the company, valued at approximately $20,585,557.50. The trade was a 26.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Rosty Raykov sold 10,349 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $7.76, for a total transaction of $80,308.24. Following the completion of the sale, the director directly owned 98,477 shares in the company, valued at $764,181.52. This trade represents a 9.51% decrease in their position. The SEC filing for this sale provides additional information. 10.98% of the stock is owned by insiders.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Adherex Technologies stock. AQR Capital Management LLC acquired 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 SEC. The firm acquired 10,897 shares of the company’s stock, valued at approximately $66,000. 55.51% of the stock is currently owned by 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.