Adherex Technologies Inc. (NASDAQ:FENC) Receives Consensus Rating of “Moderate Buy” from Analysts

Adherex Technologies Inc. (NASDAQ:FENC) has earned a consensus recommendation of “Moderate Buy” from the six ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $13.3333.

A number of equities research analysts have commented on FENC shares. Wall Street Zen raised Adherex Technologies from a “hold” rating to a “buy” rating in a report on Saturday. HC Wainwright reissued a “buy” rating and issued a $13.00 target price on shares of Adherex Technologies in a report on Thursday, August 21st. Craig Hallum raised their target price on Adherex Technologies from $13.00 to $14.00 and gave the company a “buy” rating in a report on Friday, August 15th. Zacks Research downgraded Adherex Technologies from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a report on Wednesday, October 8th.

Insiders Place Their Bets

In other news, major shareholder Southpoint Capital Advisors Lp sold 20,609 shares of Adherex Technologies stock in a transaction on Thursday, October 9th. The stock was sold at an average price of $9.35, for a total transaction 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. The trade was a 0.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Rosty Raykov sold 10,000 shares of Adherex Technologies stock in a transaction on Monday, October 6th. The stock was sold at an average price of $9.78, for a total value of $97,800.00. Following the transaction, the director directly owned 82,501 shares of the company’s stock, valued at $806,859.78. This trade represents a 10.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 88,889 shares of company stock valued at $831,426. 11.76% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. AIGH Capital Management LLC acquired a new position in Adherex Technologies in the 1st quarter valued at about $2,199,000. Nuveen LLC acquired a new position in Adherex Technologies in the 1st quarter valued at about $158,000. Jane Street Group LLC acquired a new position in Adherex Technologies in the 1st quarter valued at about $90,000. Finally, AQR Capital Management LLC acquired a new position in Adherex Technologies in the 1st quarter valued at about $66,000. Institutional investors and hedge funds own 55.51% of the company’s stock.

Adherex Technologies Price Performance

Shares of NASDAQ FENC opened at $8.20 on Friday. The stock has a fifty day moving average price of $8.88 and a 200 day moving average price of $8.13. Adherex Technologies has a 1-year low of $3.96 and a 1-year high of $9.92. The company has a market cap of $228.87 million, a PE ratio of -19.52 and a beta of 0.64.

Adherex Technologies (NASDAQ:FENC) last released its earnings results on Thursday, August 14th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.05). The business had revenue of $9.76 million during the quarter, compared to the consensus estimate of $9.52 million. Analysts anticipate that Adherex Technologies will post -0.11 earnings per share for the current fiscal year.

Adherex Technologies Company Profile

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.