Adherex Technologies (NASDAQ:FENC) Trading Up 0.2% – Here’s Why

Adherex Technologies Inc. (NASDAQ:FENC)’s stock price rose 0.2% on Monday . The company traded as high as $9.86 and last traded at $9.59. Approximately 117,840 shares traded hands during mid-day trading, a decline of 17% from the average daily volume of 141,794 shares. The stock had previously closed at $9.57.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FENC. Wall Street Zen upgraded Adherex Technologies from a “hold” rating to a “strong-buy” rating in a research note on Saturday, May 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Adherex Technologies in a report on Friday, July 17th. Wedbush reaffirmed an “outperform” rating and set a $13.00 target price on shares of Adherex Technologies in a research report on Thursday, April 16th. HC Wainwright increased their price target on Adherex Technologies from $13.00 to $16.00 and gave the company a “buy” rating in a report on Friday, May 22nd. Finally, Zacks Research raised shares of Adherex Technologies from a “strong sell” rating to a “hold” rating in a research report on Monday, May 25th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.40.

Adherex Technologies Trading Up 0.2%

The stock has a market cap of $335.94 million, a P/E ratio of -33.07 and a beta of 1.09. The firm’s fifty day moving average is $9.93 and its 200 day moving average is $8.39.

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

Institutional Inflows and Outflows

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