Adherex Technologies Inc. (NASDAQ:FENC) Receives $14.50 Consensus Target Price from Analysts

Shares of Adherex Technologies Inc. (NASDAQ:FENC) have received a consensus recommendation of “Moderate Buy” from the eight ratings firms that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, five have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $14.80.

FENC has been the subject of a number of research analyst reports. B. Riley Securities began coverage on Adherex Technologies in a research report on Thursday, February 12th. They set a “buy” rating and a $16.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Adherex Technologies in a report on Thursday, January 22nd. B.Riley Securit upgraded shares of Adherex Technologies to a “strong-buy” rating in a report on Wednesday, February 11th. Piper Sandler began coverage on shares of Adherex Technologies in a research report on Friday, January 9th. They set an “overweight” rating and a $18.00 target price on the stock. Finally, Wall Street Zen upgraded shares of Adherex Technologies from a “buy” rating to a “strong-buy” rating in a report on Saturday.

Adherex Technologies Stock Performance

Shares of NASDAQ:FENC opened at $8.42 on Tuesday. The firm’s 50 day simple moving average is $7.71 and its 200-day simple moving average is $8.23. Adherex Technologies has a one year low of $4.68 and a one year high of $9.92. The firm has a market cap of $288.13 million, a PE ratio of -36.61 and a beta of 0.77.

Insider Buying and Selling

In other Adherex Technologies news, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of the company’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 in the company, valued at $20,585,557.50. This represents a 26.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rosty Raykov sold 10,349 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $7.76, for a total value of $80,308.24. Following the sale, the director directly owned 98,477 shares in the company, valued at $764,181.52. This trade represents a 9.51% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,020,349 shares of company stock valued at $7,655,708 in the last three months. 10.98% of the stock is currently 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 purchased a new stake in Adherex Technologies Inc. (NASDAQ:FENC) during the first quarter, according to its most recent 13F filing with the SEC. The firm 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 filing with the SEC. 55.51% of the stock is 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.