Wedbush Issues Positive Forecast for Adherex Technologies (NASDAQ:FENC) Stock Price

Adherex Technologies (NASDAQ:FENC) had its price target increased by equities research analysts at Wedbush from $13.00 to $16.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s price target suggests a potential upside of 31.26% from the stock’s current price.

Other equities research analysts have also issued reports about the company. HC Wainwright raised their price target on Adherex Technologies from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, May 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adherex Technologies in a research report on Friday, July 17th. Zacks Research upgraded Adherex Technologies from a “strong sell” rating to a “hold” rating in a research note on Monday, May 25th. Finally, Wall Street Zen raised shares of Adherex Technologies from a “hold” rating to a “strong-buy” rating in a research note on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $16.00.

Adherex Technologies Stock Performance

Shares of Adherex Technologies stock traded down $0.59 during trading hours on Wednesday, hitting $12.19. The company’s stock had a trading volume of 135,834 shares, compared to its average volume of 206,307. The business has a 50 day moving average price of $10.08 and a two-hundred day moving average price of $8.54. Adherex Technologies has a 12-month low of $5.65 and a 12-month high of $13.25. The company has a market cap of $427.38 million, a PE ratio of -42.03 and a beta of 1.09.

Adherex Technologies (NASDAQ:FENC) last issued its earnings results on Tuesday, August 11th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.03. Adherex Technologies had a negative return on equity of 43.87% and a negative net margin of 17.12%.The firm had revenue of $17.87 million for the quarter, compared to analysts’ expectations of $16.21 million. As a group, research analysts anticipate that Adherex Technologies will post 0.26 earnings per share for the current year.

Institutional Trading of Adherex Technologies

An institutional investor recently bought a new position in Adherex Technologies stock. Jane Street Group LLC acquired a new position in shares of Adherex Technologies Inc. (NASDAQ:FENC) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 14,718 shares of the company’s stock, valued at approximately $90,000. Jane Street Group LLC owned 0.05% of Adherex Technologies at the end of the most recent reporting period. 55.51% of the stock is owned by institutional investors.

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.