Adherex Technologies Inc. (NASDAQ:FENC) Receives $17.00 Average PT from Brokerages

Adherex Technologies Inc. (NASDAQ:FENC) has been given an average recommendation of “Moderate Buy” by the six ratings firms that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $17.00.

FENC has been the subject of a number of analyst reports. B. Riley Financial restated a “buy” rating and set a $18.00 price objective (up from $16.00) on shares of Adherex Technologies in a research report on Wednesday, August 12th. HC Wainwright increased their target price on Adherex Technologies from $13.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, May 22nd. Zacks Research upgraded Adherex Technologies from a “strong sell” rating to a “hold” rating in a research note on Monday, May 25th. Wall Street Zen raised shares of Adherex Technologies from a “hold” rating to a “strong-buy” rating in a report on Saturday, May 16th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Adherex Technologies in a research report on Friday, July 17th.

Adherex Technologies Stock Down 1.3%

Shares of NASDAQ FENC opened at $12.39 on Friday. The firm’s 50-day moving average price is $11.01 and its two-hundred day moving average price is $9.06. Adherex Technologies has a 52-week low of $5.65 and a 52-week high of $13.25. The stock has a market capitalization of $434.37 million, a P/E ratio of -95.31 and a beta of 1.10.

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

Insider Activity

In related news, CFO Robert Andrade sold 75,000 shares of the firm’s stock in a transaction that occurred 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 trade represents a 25.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pierre Sargis Sayad sold 12,000 shares of the firm’s 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 transaction, the insider directly owned 9,519 shares in the company, valued at $115,941.42. This trade represents a 55.76% decrease in their ownership of the stock. 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 position in Adherex Technologies stock. Jane Street Group LLC acquired a new position in Adherex Technologies Inc. (NASDAQ:FENC) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 14,718 shares of the company’s stock, valued at approximately $90,000. Jane Street Group LLC owned approximately 0.05% of Adherex Technologies as of its most recent filing with the SEC. 55.51% of the stock is currently owned by institutional investors.

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.