Brokerages Set Adherex Technologies Inc. (NASDAQ:FENC) Target Price at $13.33

Key Points

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Shares of Adherex Technologies Inc. (NASDAQ:FENC - Get Free Report) have been assigned an average rating of "Buy" from the five brokerages that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $13.3333.

FENC has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of Adherex Technologies from a "hold" rating to a "buy" rating in a report on Sunday, August 17th. Craig Hallum lifted their target price on shares of Adherex Technologies from $13.00 to $14.00 and gave the company a "buy" rating in a report on Friday, August 15th. HC Wainwright reiterated a "buy" rating and issued a $13.00 target price on shares of Adherex Technologies in a report on Thursday. Finally, Zacks Research downgraded shares of Adherex Technologies from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th.

Adherex Technologies Stock Performance

Shares of NASDAQ FENC traded up $0.49 during midday trading on Tuesday, reaching $8.66. 166,030 shares of the stock were exchanged, compared to its average volume of 58,881. The company has a 50 day simple moving average of $8.42 and a 200 day simple moving average of $7.21. The stock has a market capitalization of $240.83 million, a P/E ratio of -20.62 and a beta of 0.40. Adherex Technologies has a twelve month low of $3.96 and a twelve month high of $9.42.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.05). The firm had revenue of $9.76 million for the quarter, compared to analyst estimates of $9.52 million. On average, research analysts expect that Adherex Technologies will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Rosty Raykov sold 10,000 shares of Adherex Technologies stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $8.09, for a total value of $80,900.00. Following the completion of the sale, the director owned 55,878 shares in the company, valued at approximately $452,053.02. This trade represents a 15.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders have sold 31,119 shares of company stock valued at $254,546. 11.76% of the stock is currently owned by company insiders.

Institutional Trading of Adherex Technologies

Institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC acquired a new stake in Adherex Technologies in the 1st quarter valued at approximately $66,000. Wells Fargo & Company MN grew its stake in shares of Adherex Technologies by 31.6% in the fourth quarter. Wells Fargo & Company MN now owns 13,152 shares of the company's stock worth $83,000 after acquiring an additional 3,155 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of Adherex Technologies in the first quarter worth $90,000. Pinnacle Wealth Planning Services Inc. acquired a new position in shares of Adherex Technologies in the fourth quarter worth $97,000. Finally, MetLife Investment Management LLC acquired a new position in shares of Adherex Technologies in the fourth quarter worth $99,000. 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.