Adherex Technologies Inc. (NASDAQ:FENC) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Adherex Technologies Inc. (NASDAQ:FENC) have been assigned a consensus recommendation of “Moderate Buy” from the seven ratings firms that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, four have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $14.80.

FENC has been the topic of several recent research reports. B. Riley Financial initiated coverage on Adherex Technologies in a research report on Thursday, February 12th. They set a “buy” rating and a $16.00 target price on the stock. Zacks Research cut Adherex Technologies from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 25th. Wall Street Zen raised Adherex Technologies from a “hold” rating to a “strong-buy” rating in a research report on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adherex Technologies in a research report on Tuesday, April 21st. Finally, Wedbush reissued an “outperform” rating and issued a $13.00 price objective on shares of Adherex Technologies in a research report on Thursday, April 16th.

Adherex Technologies Trading Down 0.1%

Shares of NASDAQ FENC opened at $9.75 on Thursday. The stock has a market capitalization of $336.77 million, a PE ratio of -33.62 and a beta of 0.91. The stock’s fifty day simple moving average is $7.04 and its two-hundred day simple moving average is $7.59. Adherex Technologies has a 12-month low of $5.65 and a 12-month high of $10.27.

Adherex Technologies (NASDAQ:FENC) last announced its earnings results on Thursday, May 14th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.03. The business had revenue of $15.11 million for the quarter, compared to analysts’ expectations of $13.90 million. Adherex Technologies had a negative return on equity of 43.87% and a negative net margin of 17.12%. On average, equities analysts predict that Adherex Technologies will post 0.27 earnings per share for the current fiscal year.

Insider Buying and Selling at Adherex Technologies

In other news, Director Rosty Raykov sold 10,781 shares of the firm’s 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 completion of the sale, the director owned 121,451 shares of the company’s stock, valued at $785,787.97. This trade represents a 8.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.73% of the stock is owned by insiders.

Institutional Trading of Adherex Technologies

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

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.