B.Riley Securit Upgrades Adherex Technologies (NASDAQ:FENC) to “Strong-Buy”

Adherex Technologies (NASDAQ:FENC) was upgraded by B.Riley Securit to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

A number of other research analysts have also commented on FENC. Zacks Research upgraded shares of Adherex Technologies from a “strong sell” rating to a “hold” rating in a research report on Friday, December 12th. B. Riley Securities initiated coverage on Adherex Technologies in a research note on Thursday. They set a “buy” rating and a $16.00 price objective for the company. Piper Sandler assumed coverage on Adherex Technologies in a research report on Friday, January 9th. They set an “overweight” rating and a $18.00 target price for the company. Wall Street Zen upgraded Adherex Technologies from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Adherex Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $14.80.

Adherex Technologies Trading Up 2.7%

Shares of Adherex Technologies stock opened at $8.42 on Wednesday. The company’s 50-day moving average price is $7.69 and its 200-day moving average price is $8.23. Adherex Technologies has a 12-month low of $4.68 and a 12-month high of $9.92. The company has a market cap of $288.13 million, a price-to-earnings ratio of -36.61 and a beta of 0.77.

Adherex Technologies (NASDAQ:FENC) last issued its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.06. The firm had revenue of $12.46 million for the quarter, compared to analysts’ expectations of $13.43 million. On average, sell-side analysts predict that Adherex Technologies will post -0.11 earnings per share for the current year.

Insider Activity

In other Adherex Technologies news, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of Adherex Technologies stock in a transaction dated Wednesday, December 24th. The stock was sold at an average price of $7.50, for a total transaction of $7,500,000.00. Following the completion of the sale, the insider owned 2,744,741 shares of the company’s stock, valued at $20,585,557.50. The trade was a 26.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Rosty Raykov sold 10,349 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $7.76, for a total value of $80,308.24. Following the transaction, the director owned 98,477 shares in the company, valued at $764,181.52. This trade represents a 9.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 1,125,608 shares of company stock valued at $8,580,935. Corporate insiders own 11.76% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Adherex Technologies stock. AQR Capital Management LLC acquired a new position in Adherex Technologies Inc. (NASDAQ:FENC) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 10,897 shares of the company’s stock, valued at approximately $66,000. 55.51% of the stock is owned by hedge funds and other institutional investors.

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.