Adherex Technologies (NASDAQ:FENC) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of Adherex Technologies (NASDAQ:FENC) from a strong sell rating to a hold rating in a research report report published on Monday,Zacks.com reports.

A number of other research analysts have also issued reports on the company. Wedbush reaffirmed an “outperform” rating and set a $13.00 target price on shares of Adherex Technologies in a report on Thursday, April 16th. HC Wainwright lifted their target price on Adherex Technologies from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, May 22nd. Wall Street Zen raised Adherex Technologies from a “hold” rating to a “strong-buy” rating in a report on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adherex Technologies in a report on Tuesday, April 21st. Finally, B. Riley Financial initiated coverage on Adherex Technologies in a report on Thursday, February 12th. They set a “buy” rating and a $16.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Adherex Technologies has an average rating of “Moderate Buy” and a consensus target price of $15.40.

Adherex Technologies Stock Down 0.4%

NASDAQ:FENC opened at $9.89 on Monday. The business’s 50-day moving average price is $7.21 and its 200 day moving average price is $7.64. The firm has a market cap of $341.61 million, a P/E ratio of -34.10 and a beta of 0.91. Adherex Technologies has a 52-week low of $5.65 and a 52-week high of $10.45.

Adherex Technologies (NASDAQ:FENC) last released its earnings results on Thursday, May 14th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03. The firm had revenue of $15.11 million for the quarter, compared to analyst estimates of $13.90 million. Adherex Technologies had a negative return on equity of 43.87% and a negative net margin of 17.12%. Sell-side analysts expect that Adherex Technologies will post 0.26 EPS for the current year.

Insider Buying and Selling

In other Adherex Technologies news, Director Rosty Raykov sold 10,781 shares of the firm’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $6.47, for a total transaction of $69,753.07. Following the completion of the sale, the director directly owned 121,451 shares in the company, valued at approximately $785,787.97. This trade represents a 8.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 10.73% of the company’s stock.

Institutional Investors Weigh In On Adherex Technologies

A hedge fund recently bought a new stake in Adherex Technologies stock. Jane Street Group LLC purchased a new stake in shares of Adherex Technologies Inc. (NASDAQ:FENC) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 14,718 shares of the company’s stock, valued at approximately $90,000. Jane Street Group LLC owned about 0.05% of Adherex Technologies at the end of the most recent reporting period. 55.51% of the stock is 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.