Wall Street Zen Downgrades Adherex Technologies (NASDAQ:FENC) to Hold

Adherex Technologies (NASDAQ:FENC) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

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

Adherex Technologies Price Performance

Shares of FENC stock opened at $6.42 on Friday. Adherex Technologies has a 12-month low of $4.68 and a 12-month high of $9.92. The company has a market capitalization of $221.30 million, a PE ratio of -18.88 and a beta of 0.93. The firm has a 50 day moving average price of $7.69 and a two-hundred day moving average price of $7.99.

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

Insiders Place Their Bets

In other Adherex Technologies news, Director Rosty Raykov sold 10,946 shares of the company’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $6.31, for a total transaction of $69,069.26. Following the completion of the sale, the director directly owned 113,856 shares in the company, valued at $718,431.36. This represents a 8.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 11.76% of the stock is owned by insiders.

Hedge Funds Weigh In On Adherex Technologies

A hedge fund recently bought a new stake in Adherex Technologies stock. Jane Street Group LLC acquired a new position in shares of Adherex Technologies Inc. (NASDAQ:FENC) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 14,718 shares of the company’s stock, valued at approximately $90,000. Jane Street Group LLC owned about 0.05% of Adherex Technologies as of its most recent SEC filing. 55.51% of the stock is currently owned by institutional investors and hedge funds.

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.