Adherex Technologies Inc. (NASDAQ:FENC) Receives $14.50 Average Target Price from Brokerages

Adherex Technologies Inc. (NASDAQ:FENC) has been assigned a consensus recommendation of “Moderate Buy” from the six brokerages that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have given a buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $14.50.

A number of analysts recently commented on the stock. Zacks Research upgraded shares of Adherex Technologies from a “strong sell” rating to a “hold” rating in a research note on Friday, December 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a report on Wednesday, October 8th. Piper Sandler began coverage on Adherex Technologies in a research report on Friday, January 9th. They set an “overweight” rating and a $18.00 target price on the stock. Finally, Wall Street Zen lowered Adherex Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday.

Adherex Technologies Stock Performance

Shares of FENC opened at $7.39 on Friday. Adherex Technologies has a fifty-two week low of $4.68 and a fifty-two week high of $9.92. The business has a 50-day moving average of $7.73 and a 200 day moving average of $8.34. The firm has a market cap of $252.44 million, a P/E ratio of -32.13 and a beta of 0.78.

Adherex Technologies (NASDAQ:FENC) last released 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 business had revenue of $12.46 million for the quarter, compared to analysts’ expectations of $13.43 million. As a group, research analysts predict that Adherex Technologies will post -0.11 earnings per share for the current fiscal year.

Insider Activity

In other Adherex Technologies news, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of the firm’s stock in a transaction dated Wednesday, December 24th. The stock was sold at an average price of $7.50, for a total value of $7,500,000.00. Following the completion of the transaction, the insider owned 2,744,741 shares in the company, valued at $20,585,557.50. This trade represents a 26.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Rosty Raykov sold 10,000 shares of the company’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $7.54, for a total value of $75,400.00. Following the sale, the director owned 77,526 shares in the company, valued at approximately $584,546.04. This represents a 11.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 1,285,359 shares of company stock valued at $9,862,427. 10.98% of the stock is owned by corporate insiders.

Institutional Trading of Adherex Technologies

A hedge fund recently bought a new stake in Adherex Technologies stock. Jane Street Group LLC purchased a new stake in Adherex Technologies Inc. (NASDAQ:FENC) in the 1st quarter, according to its most recent Form 13F filing 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 0.05% of Adherex Technologies at the end of the most recent reporting period. 55.51% of the stock is owned by institutional investors and hedge funds.

Adherex Technologies Company Profile

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.