Adherex Technologies (NASDAQ:FENC) Downgraded to “Hold” Rating by Wall Street Zen

Wall Street Zen lowered shares of Adherex Technologies (NASDAQ:FENC) from a buy rating to a hold rating in a research note published on Saturday.

Other analysts have also issued research reports about the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adherex Technologies in a report on Thursday, January 22nd. Zacks Research downgraded Adherex Technologies from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 25th. Piper Sandler initiated coverage on Adherex Technologies in a research report on Friday, January 9th. They issued an “overweight” rating and a $18.00 target price on the stock. Finally, B. Riley Financial began coverage on Adherex Technologies in a research note on Thursday, February 12th. They set a “buy” rating and a $16.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $15.25.

Adherex Technologies Stock Performance

FENC opened at $6.42 on Friday. The company’s 50-day simple moving average is $7.69 and its two-hundred day simple moving average is $7.99. The stock has a market capitalization of $221.33 million, a P/E ratio of -18.88 and a beta of 0.93. Adherex Technologies has a 52-week low of $4.68 and a 52-week high of $9.92.

Adherex Technologies (NASDAQ:FENC) last announced its quarterly earnings results on Friday, March 27th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.21). The company had revenue of $13.78 million during the quarter, compared to the consensus estimate of $14.75 million. Adherex Technologies had a negative return on equity of 183.18% and a negative net margin of 22.62%. Research analysts forecast that Adherex Technologies will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling

In other Adherex Technologies news, Director Rosty Raykov sold 10,946 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $6.31, for a total transaction of $69,069.26. Following the sale, the director owned 113,856 shares in the company, valued at approximately $718,431.36. This trade represents a 8.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 11.76% of the company’s stock.

Institutional Trading of Adherex Technologies

A hedge fund recently bought a new stake in Adherex Technologies stock. AQR Capital Management LLC purchased a new stake in shares of Adherex Technologies Inc. (NASDAQ:FENC) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 10,897 shares of the company’s stock, valued at approximately $66,000. 55.51% of the stock is currently 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.