Adherex Technologies (NASDAQ:FENC) Trading Down 1.8% – Here’s Why

Adherex Technologies Inc. (NASDAQ:FENC)’s share price was down 1.8% during mid-day trading on Tuesday . The stock traded as low as $10.29 and last traded at $10.50. 172,002 shares were traded during trading, a decline of 33% from the average daily volume of 256,197 shares. The stock had previously closed at $10.69.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on FENC shares. Zacks Research upgraded Adherex Technologies from a “strong sell” rating to a “hold” rating in a report on Monday, May 25th. Wall Street Zen raised Adherex Technologies from a “hold” rating to a “strong-buy” rating in a report on Saturday, May 16th. HC Wainwright upped their price objective on Adherex Technologies from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, May 22nd. Wedbush reaffirmed an “outperform” rating and set a $13.00 price objective on shares of Adherex Technologies in a research note on Thursday, April 16th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $15.40.

Adherex Technologies Stock Down 1.8%

The business’s fifty day moving average is $9.11 and its 200-day moving average is $8.05. The stock has a market capitalization of $366.35 million, a PE ratio of -36.21 and a beta of 1.07.

Adherex Technologies (NASDAQ:FENC) last announced its quarterly earnings results on Thursday, May 14th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.03. The company had revenue of $15.11 million for the quarter, compared to analyst estimates of $13.90 million. Adherex Technologies had a negative net margin of 17.12% and a negative return on equity of 43.87%. As a group, sell-side analysts anticipate that Adherex Technologies Inc. will post 0.26 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Rosty Raykov sold 10,781 shares of Adherex Technologies stock in a transaction on Friday, May 1st. The stock was sold at an average price of $6.47, for a total value of $69,753.07. Following the transaction, the director owned 121,451 shares in the company, valued at approximately $785,787.97. This trade represents a 8.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 10.73% of the company’s stock.

Institutional Investors Weigh In On Adherex Technologies

An institutional investor recently bought a new position in Adherex Technologies stock. AQR Capital Management LLC acquired a new stake in Adherex Technologies Inc. (NASDAQ:FENC) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 10,897 shares of the company’s stock, valued at approximately $66,000. Institutional investors own 55.51% of the company’s stock.

Adherex Technologies Company Profile

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.