Adherex Technologies (NASDAQ:FENC) Cut to “Buy” at Wall Street Zen

by · The Markets Daily

Wall Street Zen downgraded shares of Adherex Technologies (NASDAQ:FENC – Free Report) from a strong-buy rating to a buy rating in a report issued on Sunday morning.

Several other equities analysts have also recently issued reports on the company. Craig Hallum lifted their price objective on Adherex Technologies from $13.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, August 15th. Zacks Research downgraded Adherex Technologies from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a research report on Wednesday, October 8th. Finally, HC Wainwright reissued a “buy” rating and issued a $13.00 price objective on shares of Adherex Technologies in a research note on Thursday, August 21st. Three investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Adherex Technologies has an average rating of “Hold” and a consensus target price of $13.33.

Read Our Latest Report on FENC

Adherex Technologies Trading Up 3.0%

FENC stock opened at $7.95 on Friday. The company has a market cap of $223.53 million, a P/E ratio of -18.93 and a beta of 0.71. Adherex Technologies has a 52 week low of $4.68 and a 52 week high of $9.92. The company’s 50-day moving average price is $8.58 and its 200 day moving average price is $8.41.

Adherex Technologies (NASDAQ:FENC – Get Free Report) last issued its earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.06. The company had revenue of $12.46 million during the quarter, compared to analysts’ expectations of $13.43 million. On average, equities research analysts expect that Adherex Technologies will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In other Adherex Technologies news, major shareholder Southpoint Capital Advisors Lp sold 19,341 shares of the firm’s stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $8.79, for a total transaction of $170,007.39. Following the sale, the insider directly owned 3,744,741 shares of the company’s stock, valued at $32,916,273.39. This trade represents a 0.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Rosty Raykov sold 10,000 shares of Adherex Technologies stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $8.10, for a total transaction of $81,000.00. Following the sale, the director owned 82,318 shares of the company’s stock, valued at approximately $666,775.80. This trade represents a 10.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 354,248 shares of company stock worth $3,037,552. Corporate insiders own 11.76% of the company’s stock.

Institutional Trading of Adherex Technologies

Hedge funds have recently bought and sold shares of the company. Nuveen LLC acquired a new position in Adherex Technologies in the 1st quarter valued at $158,000. Jane Street Group LLC acquired a new stake in shares of Adherex Technologies during the first quarter worth $90,000. Finally, AQR Capital Management LLC purchased a new stake in shares of Adherex Technologies in the first quarter valued at $66,000. Institutional investors and hedge funds own 55.51% of the company’s stock.

Adherex Technologies Company Profile

(Get Free Report)

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.

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