Adherex Technologies (NASDAQ:FENC) Shares Cross Below Fifty Day Moving Average – Here’s What Happened

Adherex Technologies Inc. (NASDAQ:FENC)’s share price crossed below its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $10.72 and traded as low as $10.27. Adherex Technologies shares last traded at $10.58, with a volume of 228,387 shares.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Wedbush lifted their price objective on shares of Adherex Technologies from $13.00 to $16.00 and gave the company an “outperform” rating in a research report on Wednesday, August 12th. HC Wainwright reaffirmed a “buy” rating and issued a $16.00 target price on shares of Adherex Technologies in a report on Wednesday, September 9th. B. Riley Financial reaffirmed a “buy” rating and issued a $18.00 target price (up from $16.00) on shares of Adherex Technologies in a report on Wednesday, August 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a research note on Thursday, October 15th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Adherex Technologies Price Performance

The stock has a market capitalization of $372.57 million, a PE ratio of -81.38 and a beta of 1.29. The stock has a 50 day moving average of $10.72 and a two-hundred day moving average of $9.31.

Adherex Technologies (NASDAQ:FENC) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.03. Adherex Technologies had a negative return on equity of 5.71% and a negative net margin of 6.09%. The firm had revenue of $17.87 million during the quarter, compared to analysts’ expectations of $16.21 million. As a group, research analysts predict that Adherex Technologies Inc. will post 0.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Pierre Sargis Sayad sold 12,000 shares of the company’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $12.18, for a total transaction of $146,160.00. Following the transaction, the insider directly owned 9,519 shares of the company’s stock, valued at $115,941.42. This represents a 55.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Robert Andrade sold 75,000 shares of the stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $11.78, for a total transaction of $883,500.00. Following the completion of the transaction, the chief financial officer owned 217,675 shares of the company’s stock, valued at $2,564,211.50. This represents a 25.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 10.73% of the company’s stock.

About Adherex Technologies

Fennec Pharmaceuticals, Inc., formerly known as Adherex Technologies, is a biopharmaceutical company focused on developing and commercializing therapies for pediatric cancer. The company’s lead product is PEDMARK (sodium thiosulfate), a platinum-based chemotherapy protective agent intended to reduce the risk of cisplatin-induced ototoxicity, or hearing loss, in children with localized, non-metastatic solid tumors. PEDMARK received approval from the U.S. Food and Drug Administration in 2022. Fennec markets the product in the United States through its commercial operations and has pursued regulatory and commercialization opportunities in international markets.