Adherex Technologies (NASDAQ:FENC) Cut to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Adherex Technologies (NASDAQ:FENC) from a "buy" to a "hold," while analyst coverage remains mixed with a consensus rating of Moderate Buy and an average price target of $15.25.
• The company reported Q1 EPS of ($0.17) versus a $0.04 estimate and revenue of $13.78M versus $14.75M expected, leaving it with negative net margin and return on equity and a current-year EPS forecast of -0.11.
• Director Rosty Raykov sold 10,946 shares under a Rule 10b5-1 plan (an 8.77% reduction in his holding); the stock trades around $6.42 with a market cap of ~$221M, insiders own 11.76% and institutions 55.51%.

Adherex Technologies (NASDAQ:FENC - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

FENC has been the topic of a number of other research reports. Piper Sandler initiated coverage on Adherex Technologies in a report on Friday, January 9th. They issued an "overweight" rating and a $18.00 target price on the stock. Zacks Research cut shares of Adherex Technologies from a "hold" rating to a "strong sell" rating in a research note on Wednesday, March 25th. B. Riley Financial started coverage on shares of Adherex Technologies in a report on Thursday, February 12th. They issued a "buy" rating and a $16.00 price objective on the stock. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Adherex Technologies in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $15.25.

Adherex Technologies Stock Performance

NASDAQ:FENC opened at $6.42 on Friday. Adherex Technologies has a 12 month low of $4.68 and a 12 month high of $9.92. The company has a market cap of $221.30 million, a PE ratio of -18.88 and a beta of 0.93. The company has a 50 day simple moving average of $7.69 and a two-hundred day simple moving average of $8.00.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last released its quarterly earnings results on Friday, March 27th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.21). The firm had revenue of $13.78 million for the quarter, compared to the consensus estimate of $14.75 million. Adherex Technologies had a negative net margin of 22.62% and a negative return on equity of 183.18%. Research analysts forecast that Adherex Technologies will post -0.11 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Rosty Raykov sold 10,946 shares of the firm's stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $6.31, for a total value of $69,069.26. Following the transaction, the director owned 113,856 shares of the company's stock, valued at $718,431.36. This trade represents a 8.77% decrease in their ownership of the stock. The transaction was disclosed in a 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. 11.76% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adherex Technologies

An institutional investor recently bought a new position in Adherex Technologies stock. Jane Street Group LLC purchased a new position in Adherex Technologies Inc. (NASDAQ:FENC - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 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 Securities and Exchange Commission. 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.

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