Adherex Technologies (NASDAQ:FENC) Now Covered by Analysts at B. Riley Securities

B. Riley Securities assumed coverage on shares of Adherex Technologies (NASDAQ:FENC) in a note issued to investors on Thursday, Marketbeat.com reports. The firm set a “buy” rating and a $16.00 price target on the stock. B. Riley Securities’ price objective indicates a potential upside of 104.60% from the stock’s current price.

Other analysts have also issued research reports about the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a report on Thursday, January 22nd. Zacks Research upgraded Adherex Technologies from a “strong sell” rating to a “hold” rating in a report on Friday, December 12th. Piper Sandler began coverage on shares of Adherex Technologies in a research report on Friday, January 9th. They issued an “overweight” rating and a $18.00 price objective for the company. Finally, Wall Street Zen cut Adherex Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 17th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $14.80.

Adherex Technologies Price Performance

NASDAQ:FENC opened at $7.82 on Thursday. Adherex Technologies has a 1-year low of $4.68 and a 1-year high of $9.92. The firm has a market cap of $267.60 million, a price-to-earnings ratio of -34.00 and a beta of 0.77. The firm’s fifty day moving average price is $7.66 and its 200 day moving average price is $8.24.

Adherex Technologies (NASDAQ:FENC) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.06. The firm had revenue of $12.46 million during the quarter, compared to analyst estimates of $13.43 million. As a group, analysts expect that Adherex Technologies will post -0.11 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Rosty Raykov sold 10,349 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $7.76, for a total value of $80,308.24. Following the transaction, the director owned 98,477 shares in the company, valued at approximately $764,181.52. This represents a 9.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of the business’s stock in a transaction on Wednesday, December 24th. The stock was sold at an average price of $7.50, for a total transaction of $7,500,000.00. Following the completion of the sale, the insider owned 2,744,741 shares of the company’s stock, valued at $20,585,557.50. The trade was a 26.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 1,285,708 shares of company stock valued at $9,861,735. Corporate insiders own 11.76% of the company’s stock.

Institutional Investors Weigh In On 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) in the 1st quarter, according to the company in its most recent disclosure with the SEC. 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 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.