Adherex Technologies’ (FENC) “Buy” Rating Reaffirmed at HC Wainwright

Adherex Technologies (NASDAQ:FENC)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a note issued to investors on Wednesday, Benzinga reports. They currently have a $16.00 target price on the stock. HC Wainwright’s price target would indicate a potential upside of 28.51% from the company’s previous close.

Several other research firms have also issued reports on FENC. Wedbush lifted their price objective on Adherex Technologies from $13.00 to $16.00 and gave the company an “outperform” rating in a research note on Wednesday, August 12th. B. Riley Financial reissued a “buy” rating and set a $18.00 price objective (up from $16.00) on shares of Adherex Technologies in a report on Wednesday, August 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a research note on Friday, July 17th. Zacks Research upgraded shares of Adherex Technologies from a “strong sell” rating to a “hold” rating in a research report on Monday, May 25th. Finally, Wall Street Zen upgraded Adherex Technologies from a “hold” rating to a “strong-buy” rating in a research report on Saturday, May 16th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Adherex Technologies Trading Up 0.5%

Shares of FENC stock opened at $12.45 on Wednesday. Adherex Technologies has a 12 month low of $5.65 and a 12 month high of $13.25. The stock has a market capitalization of $436.50 million, a P/E ratio of -95.77 and a beta of 1.10. The firm’s 50 day moving average is $11.07 and its 200 day moving average is $9.11.

Adherex Technologies (NASDAQ:FENC) last issued its earnings results on Thursday, August 13th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.02 by $0.03. Adherex Technologies had a negative return on equity of 5.71% and a negative net margin of 6.09%.The business had revenue of $17.87 million during the quarter, compared to the consensus estimate of $16.21 million. On average, equities analysts predict that Adherex Technologies will post 0.29 EPS for the current year.

Insider Activity at Adherex Technologies

In other Adherex Technologies news, insider Pierre Sargis Sayad sold 12,000 shares of the firm’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $12.18, for a total value of $146,160.00. Following the sale, the insider owned 9,519 shares of the company’s stock, valued at $115,941.42. This trade represents a 55.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robert Andrade sold 75,000 shares of the company’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $11.78, for a total transaction of $883,500.00. Following the transaction, the chief financial officer directly owned 217,675 shares of the company’s stock, valued at approximately $2,564,211.50. This trade represents a 25.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 Adherex Technologies Inc. (NASDAQ:FENC) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 14,718 shares of the company’s stock, valued at approximately $90,000. Jane Street Group LLC owned approximately 0.05% of Adherex Technologies as of its most recent SEC filing. 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.