Adherex Technologies (NASDAQ:FENC) Stock Price Down 1.8% – Here’s Why

Adherex Technologies Inc. (NASDAQ:FENC) dropped 1.8% during trading on Tuesday . The stock traded as low as $10.29 and last traded at $10.50. 172,002 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 256,197 shares. The stock had previously closed at $10.69.

Wall Street Analyst Weigh In

FENC has been the subject of several research reports. HC Wainwright boosted their price objective on shares of Adherex Technologies from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, May 22nd. Wedbush restated an “outperform” rating and set a $13.00 target price on shares of Adherex Technologies in a report on Thursday, April 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a report on Tuesday, April 21st. Wall Street Zen upgraded Adherex Technologies from a “hold” rating to a “strong-buy” rating in a research note on Saturday, May 16th. Finally, Zacks Research raised Adherex Technologies from a “strong sell” rating to a “hold” rating in a research report on Monday, May 25th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Adherex Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $15.40.

Adherex Technologies Stock Performance

The company has a 50 day moving average price of $9.11 and a 200 day moving average price of $8.05. The company has a market capitalization of $366.35 million, a PE ratio of -36.21 and a beta of 1.07.

Adherex Technologies (NASDAQ:FENC) last posted its quarterly earnings data on Thursday, May 14th. The company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.03. The firm had revenue of $15.11 million for the quarter, compared to the consensus estimate of $13.90 million. Adherex Technologies had a negative net margin of 17.12% and a negative return on equity of 43.87%. On average, equities analysts forecast that Adherex Technologies Inc. will post 0.26 earnings per share for the current fiscal year.

Insider Activity at Adherex Technologies

In other news, Director Rosty Raykov sold 10,781 shares of the stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $6.47, for a total transaction of $69,753.07. Following the transaction, the director owned 121,451 shares of the company’s stock, valued at approximately $785,787.97. This trade represents a 8.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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 Trading of Adherex Technologies

A hedge fund recently bought a new position in Adherex Technologies stock. AQR Capital Management LLC acquired a new stake in shares of Adherex Technologies Inc. (NASDAQ:FENC) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 10,897 shares of the company’s stock, valued at approximately $66,000. Institutional investors and hedge funds 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. 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.