Adherex Technologies (NASDAQ:FENC) Lowered to Strong Sell Rating by Zacks Research

Zacks Research cut shares of Adherex Technologies (NASDAQ:FENC) from a hold rating to a strong sell rating in a research note released on Wednesday,Zacks.com reports.

Other equities analysts have also recently issued research reports about the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a research report on Thursday, January 22nd. Wall Street Zen cut Adherex Technologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 14th. B. Riley Financial started coverage on Adherex Technologies in a research report on Thursday, February 12th. They set a “buy” rating and a $16.00 target price for the company. Finally, Piper Sandler assumed coverage on shares of Adherex Technologies in a report on Friday, January 9th. They issued an “overweight” rating and a $18.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $15.25.

Adherex Technologies Price Performance

FENC opened at $6.51 on Wednesday. The company has a market capitalization of $223.68 million, a price-to-earnings ratio of -19.15 and a beta of 0.75. The firm’s fifty day moving average price is $7.87 and its two-hundred day moving average price is $8.11. Adherex Technologies has a 1 year low of $4.68 and a 1 year high of $9.92.

Adherex Technologies (NASDAQ:FENC) last announced its earnings results on Tuesday, March 24th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.20). The firm had revenue of $13.78 million for the quarter, compared to the consensus estimate of $14.73 million. As a group, equities analysts anticipate that Adherex Technologies will post -0.11 EPS for the current year.

Insider Buying and Selling at Adherex Technologies

In other news, Director Rosty Raykov sold 10,349 shares of the stock in a transaction dated Monday, February 2nd. The shares were 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 approximately $764,181.52. This represents a 9.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 11.76% of the stock is currently owned by corporate insiders.

Institutional Trading of Adherex Technologies

An institutional investor recently bought a new position in Adherex Technologies stock. AQR Capital Management LLC bought a new position in Adherex Technologies Inc. (NASDAQ:FENC) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 10,897 shares of the company’s stock, valued at approximately $66,000. 55.51% of the stock is 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.