Analysts Set Adherex Technologies Inc. (NASDAQ:FENC) Target Price at $17.00

Shares of Adherex Technologies Inc. (NASDAQ:FENC) have been assigned a consensus rating of “Moderate Buy” from the six analysts that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $17.00.

FENC has been the topic of several recent research reports. Wall Street Zen upgraded shares of Adherex Technologies from a “hold” rating to a “strong-buy” rating in a research report on Saturday, May 16th. Zacks Research upgraded shares of Adherex Technologies from a “strong sell” rating to a “hold” rating in a research report on Monday, May 25th. B. Riley Financial reaffirmed a “buy” rating and issued a $18.00 price target (up from $16.00) on shares of Adherex Technologies in a report on Wednesday, August 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a research note on Friday, July 17th. Finally, Wedbush raised their price objective on shares of Adherex Technologies from $13.00 to $16.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 12th.

Adherex Technologies Stock Performance

Shares of FENC stock opened at $12.35 on Friday. The stock has a fifty day moving average price of $10.87 and a 200 day moving average price of $8.95. The stock has a market cap of $432.99 million, a PE ratio of -95.00 and a beta of 1.09. Adherex Technologies has a 1 year low of $5.65 and a 1 year high of $13.25.

Adherex Technologies (NASDAQ:FENC) last posted its earnings results on Thursday, August 13th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.03. Adherex Technologies had a negative return on equity of 5.71% and a negative net margin of 6.09%.The company had revenue of $17.87 million for the quarter, compared to analyst estimates of $16.21 million. As a group, equities research analysts predict that Adherex Technologies will post 0.29 earnings per share for the current year.

Insider Buying and Selling at Adherex Technologies

In other news, CFO Robert Andrade sold 75,000 shares of the company’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $11.78, for a total value of $883,500.00. Following the sale, the chief financial officer directly owned 217,675 shares in the company, valued at $2,564,211.50. This represents a 25.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pierre Sargis Sayad sold 12,000 shares of the stock in a transaction on Monday, August 31st. The shares were sold at an average price of $12.18, for a total value of $146,160.00. Following the sale, the insider directly owned 9,519 shares in the company, valued at approximately $115,941.42. The trade was a 55.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 10.73% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Adherex Technologies stock. Jane Street Group LLC purchased a new position in shares of Adherex Technologies Inc. (NASDAQ:FENC) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 14,718 shares of the company’s stock, valued at approximately $90,000. Jane Street Group LLC owned about 0.05% of Adherex Technologies at the end of the most recent reporting period. 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. 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.