Adherex Technologies (NASDAQ:FENC) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Adherex Technologies (NASDAQ:FENC) from a hold rating to a buy rating in a research note released on Saturday morning.

Other equities analysts have also recently issued research reports about the stock. Craig Hallum increased their price objective on shares of Adherex Technologies from $13.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, August 15th. Zacks Research lowered Adherex Technologies from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. HC Wainwright restated a “buy” rating and set a $13.00 price target on shares of Adherex Technologies in a research report on Thursday, August 21st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adherex Technologies in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Adherex Technologies has a consensus rating of “Moderate Buy” and an average target price of $13.33.

Adherex Technologies Trading Down 1.6%

Shares of NASDAQ:FENC opened at $8.20 on Friday. The company has a market capitalization of $228.87 million, a price-to-earnings ratio of -19.52 and a beta of 0.64. Adherex Technologies has a 12-month low of $3.96 and a 12-month high of $9.92. The business has a 50-day moving average price of $8.88 and a 200 day moving average price of $8.13.

Adherex Technologies (NASDAQ:FENC) last announced its earnings results on Thursday, August 14th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.05). The business had revenue of $9.76 million for the quarter, compared to the consensus estimate of $9.52 million. As a group, equities research analysts predict that Adherex Technologies will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adherex Technologies news, major shareholder Southpoint Capital Advisors Lp sold 20,609 shares of the firm’s stock in a transaction that occurred on Thursday, October 9th. The shares were sold at an average price of $9.35, for a total value of $192,694.15. Following the completion of the transaction, the insider owned 4,010,100 shares of the company’s stock, valued at $37,494,435. This trade represents a 0.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Rosty Raykov sold 10,000 shares of the business’s stock in a transaction on Monday, October 6th. The stock was sold at an average price of $9.78, for a total transaction of $97,800.00. Following the completion of the transaction, the director owned 82,501 shares of the company’s stock, valued at approximately $806,859.78. This trade represents a 10.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 88,889 shares of company stock worth $831,426. 11.76% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adherex Technologies

Large investors have recently bought and sold shares of the stock. AIGH Capital Management LLC acquired a new stake in Adherex Technologies in the 1st quarter valued at about $2,199,000. Nuveen LLC acquired a new position in shares of Adherex Technologies during the first quarter worth about $158,000. AQR Capital Management LLC purchased a new stake in shares of Adherex Technologies during the first quarter worth approximately $66,000. Finally, Jane Street Group LLC purchased a new stake in shares of Adherex Technologies during the first quarter worth approximately $90,000. Hedge funds and other institutional investors own 55.51% of the company’s stock.

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.