Adherex Technologies Inc. (NASDAQ:FENC) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Adherex Technologies has an analyst consensus rating of “Moderate Buy”, based on seven covering firms, with an average 12-month price target of $15.40.
• The company recently reported quarterly earnings of $0.01 per share, beating estimates, and revenue of $15.11 million, also ahead of expectations.
• Shares opened at $10.31, while insider activity included a director selling 10,781 shares in a pre-arranged trading plan; meanwhile, institutional ownership stands at 55.51%.

Adherex Technologies Inc. (NASDAQ:FENC - Get Free Report) has earned an average rating of "Moderate Buy" from the seven research firms that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $15.40.

A number of brokerages have weighed in on FENC. Zacks Research raised Adherex Technologies from a "strong sell" rating to a "hold" rating in a research report on Monday, May 25th. Wedbush reissued an "outperform" rating and set a $13.00 price target on shares of Adherex Technologies in a research report on Thursday, April 16th. Wall Street Zen upgraded Adherex Technologies from a "hold" rating to a "strong-buy" rating in a research note on Saturday, May 16th. HC Wainwright raised their price target on Adherex Technologies from $13.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, May 22nd. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Adherex Technologies in a report on Tuesday, April 21st.

Adherex Technologies Stock Performance

Shares of NASDAQ:FENC opened at $10.31 on Friday. The firm has a market cap of $359.72 million, a PE ratio of -35.55 and a beta of 1.07. The firm's 50 day simple moving average is $9.25 and its 200-day simple moving average is $8.09. Adherex Technologies has a one year low of $5.65 and a one year high of $11.31.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last posted 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 net margin of 17.12% and a negative return on equity of 43.87%. The firm had revenue of $15.11 million during the quarter, compared to the consensus estimate of $13.90 million. Equities research analysts predict that Adherex Technologies will post 0.26 EPS for the current fiscal year.

Insider Buying and Selling

In other Adherex Technologies news, Director Rosty Raykov sold 10,781 shares of the firm's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $6.47, for a total transaction of $69,753.07. Following the transaction, the director owned 121,451 shares of the company's stock, valued at approximately $785,787.97. This trade represents a 8.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 10.73% of the company's stock.

Hedge Funds Weigh In On Adherex Technologies

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 - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 SEC filing. 55.51% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.