Adherex Technologies (NASDAQ:FENC) Upgraded at Zacks Research

Zacks Research upgraded shares of Adherex Technologies (NASDAQ:FENC) from a hold rating to a strong-buy rating in a research report report published on Thursday morning,Zacks reports.

Several other equities research analysts also recently issued reports on the stock. B. Riley Financial reiterated a “buy” rating and issued a $18.00 target price (up from $16.00) on shares of Adherex Technologies in a research note on Wednesday, August 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a research report on Thursday, October 15th. HC Wainwright restated a “buy” rating and issued a $16.00 price objective on shares of Adherex Technologies in a research note on Wednesday, September 9th. Finally, Wedbush raised their price objective on Adherex Technologies from $13.00 to $16.00 and gave the company an “outperform” rating in a research report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Adherex Technologies currently has an average rating of “Moderate Buy” and an average target price of $17.00.

Adherex Technologies Trading Up 6.6%

Shares of Adherex Technologies stock traded up $0.72 during trading hours on Thursday, reaching $11.62. 461,196 shares of the company’s stock were exchanged, compared to its average volume of 155,058. The company has a 50 day moving average of $10.64 and a two-hundred day moving average of $9.36. Adherex Technologies has a fifty-two week low of $5.65 and a fifty-two week high of $13.25. The stock has a market cap of $409.20 million, a P/E ratio of 1,162.00 and a beta of 1.29.

Adherex Technologies (NASDAQ:FENC) last posted its quarterly earnings results on Thursday, November 12th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.02. Adherex Technologies had a net margin of 2.52% and a return on equity of 9.58%. The firm had revenue of $19.61 million for the quarter, compared to analyst estimates of $18.87 million. As a group, analysts expect that Adherex Technologies will post 0.32 earnings per share for the current fiscal year.

Insider Transactions at Adherex Technologies

In related news, insider Pierre Sargis Sayad sold 12,000 shares of the company’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $12.18, for a total value of $146,160.00. Following the transaction, the insider owned 9,519 shares in the company, valued at approximately $115,941.42. This represents a 55.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Robert Andrade sold 75,000 shares of the 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 completion of the transaction, the chief financial officer directly owned 217,675 shares in the company, valued at approximately $2,564,211.50. This represents a 25.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 10.73% of the company’s stock.

Adherex Technologies Company Profile

Adherex Technologies was a biotechnology company focused on developing treatments for cancer. In 2014, the company changed its name to Fennec Pharmaceuticals Inc.; Fennec later adopted the Nasdaq ticker FENC. Fennec is a commercial-stage biopharmaceutical company focused on therapies that address complications of cancer treatment. Its principal product is PEDMARK, a sodium thiosulfate injection approved in the United States to reduce the risk of cisplatin-related hearing damage in certain pediatric patients with cancer.