Adherex Technologies (NASDAQ:FENC) Given New $16.00 Price Target at HC Wainwright

Adherex Technologies (NASDAQ:FENC) had its target price lifted by investment analysts at HC Wainwright from $13.00 to $16.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price target indicates a potential upside of 60.48% from the company’s previous close.

Several other brokerages have also weighed in on FENC. Weiss Ratings restated a “sell (d-)” rating on shares of Adherex Technologies in a research note on Tuesday, April 21st. B. Riley Financial initiated coverage on Adherex Technologies in a research note on Thursday, February 12th. They issued a “buy” rating and a $16.00 price target for the company. Wall Street Zen upgraded Adherex Technologies from a “hold” rating to a “strong-buy” rating in a research note on Saturday, May 16th. Wedbush restated an “outperform” rating and issued a $13.00 price target on shares of Adherex Technologies in a research note on Thursday, April 16th. Finally, Zacks Research lowered Adherex Technologies from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 25th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Adherex Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $15.40.

Adherex Technologies Stock Up 2.3%

Shares of Adherex Technologies stock opened at $9.97 on Friday. Adherex Technologies has a twelve month low of $5.65 and a twelve month high of $10.27. The business has a 50-day moving average price of $7.08 and a 200 day moving average price of $7.61. The firm has a market cap of $344.36 million, a PE ratio of -34.38 and a beta of 0.91.

Adherex Technologies (NASDAQ:FENC) last announced its quarterly earnings results on Thursday, May 14th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.03. Adherex Technologies had a negative return on equity of 43.87% and a negative net margin of 17.12%.The firm had revenue of $15.11 million during the quarter, compared to analyst estimates of $13.90 million. On average, sell-side analysts expect that Adherex Technologies will post 0.27 EPS for the current year.

Insider Transactions at Adherex Technologies

In related news, Director Rosty Raykov sold 10,781 shares of Adherex Technologies stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $6.47, for a total value of $69,753.07. Following the sale, the director directly owned 121,451 shares in the company, valued at approximately $785,787.97. The trade was a 8.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 10.73% of the company’s stock.

Institutional Investors Weigh In On Adherex Technologies

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