Zacks Research Downgrades Adherex Technologies (NASDAQ:FENC) to Strong Sell

Adherex Technologies (NASDAQ:FENC) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Other analysts also recently issued research reports about the stock. Wall Street Zen downgraded shares of Adherex Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adherex Technologies in a report on Thursday, January 22nd. B. Riley Financial started coverage on shares of Adherex Technologies in a research report on Thursday, February 12th. They set a “buy” rating and a $16.00 price target for the company. Finally, Piper Sandler began coverage on Adherex Technologies in a research note on Friday, January 9th. They set an “overweight” rating and a $18.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $15.25.

Adherex Technologies Stock Performance

NASDAQ:FENC opened at $6.51 on Wednesday. Adherex Technologies has a 1 year low of $4.68 and a 1 year high of $9.92. The stock has a fifty day moving average price of $7.87 and a two-hundred day moving average price of $8.11. The stock has a market capitalization of $223.68 million, a price-to-earnings ratio of -19.15 and a beta of 0.75.

Adherex Technologies (NASDAQ:FENC) last issued its earnings results on Tuesday, March 24th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.20). The business had revenue of $13.78 million for the quarter, compared to the consensus estimate of $14.73 million. On average, analysts predict that Adherex Technologies will post -0.11 EPS for the current year.

Insider Buying and Selling

In other Adherex Technologies news, Director Rosty Raykov sold 10,349 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $7.76, for a total transaction of $80,308.24. Following the completion of the transaction, the director directly owned 98,477 shares in the company, valued at approximately $764,181.52. This trade represents a 9.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 11.76% of the company’s stock.

Institutional Trading of Adherex Technologies

A hedge fund recently bought a new stake in Adherex Technologies stock. AQR Capital Management LLC purchased a new stake in Adherex Technologies Inc. (NASDAQ:FENC) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 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.