Adherex Technologies (NASDAQ:FENC) Raised to “Strong-Buy” at Wall Street Zen

Adherex Technologies (NASDAQ:FENC) was upgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a note issued to investors on Saturday.

FENC has been the subject of a number of other reports. Piper Sandler began coverage on shares of Adherex Technologies in a research report on Friday, January 9th. They set an “overweight” rating and a $18.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a research report on Thursday, January 22nd. B. Riley Securities began coverage on Adherex Technologies in a research note on Thursday. They issued a “buy” rating and a $16.00 price target on the stock. Finally, Zacks Research raised Adherex Technologies from a “strong sell” rating to a “hold” rating in a research report on Friday, December 12th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $14.80.

Adherex Technologies Stock Performance

Shares of NASDAQ:FENC opened at $8.42 on Friday. Adherex Technologies has a 52-week low of $4.68 and a 52-week high of $9.92. The firm has a market capitalization of $288.13 million, a P/E ratio of -36.61 and a beta of 0.77. The stock has a 50 day moving average price of $7.69 and a 200-day moving average price of $8.23.

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

Insider Buying and Selling

In related news, Director Rosty Raykov sold 10,349 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $7.76, for a total value of $80,308.24. Following the completion of the transaction, the director directly owned 98,477 shares in the company, valued at $764,181.52. The trade was a 9.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of the company’s stock in a transaction that occurred 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 transaction, the insider directly owned 2,744,741 shares in the company, valued at $20,585,557.50. This trade represents a 26.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 1,039,690 shares of company stock worth $7,825,716. Corporate insiders own 10.98% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Adherex Technologies stock. Jane Street Group LLC acquired a new position in Adherex Technologies Inc. (NASDAQ:FENC) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 14,718 shares of the company’s stock, valued at approximately $90,000. Jane Street Group LLC owned approximately 0.05% of Adherex Technologies as of its most recent filing with the Securities and Exchange Commission. 55.51% of the stock is currently owned by institutional investors and hedge funds.

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.