Adherex Technologies (NASDAQ:FENC) Downgraded by Wall Street Zen to "Hold"

Key Points

• Adherex Technologies has been downgraded from a "buy" rating to a "hold" rating by Wall Street Zen, signaling a cautious outlook for the stock.
• Despite the downgrade, other analysts, including Craig Hallum, maintain a "buy" rating with a targeted stock price increase to $14.00, while the average consensus target price is $13.33.
• The company's most recent quarterly earnings revealed a loss of ($0.11) per share, which was below analyst expectations, despite revenue exceeding forecasts at $9.76 million.

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

Other research analysts have also recently issued research reports about the stock. Craig Hallum upped their price target 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. Zacks Research cut shares of Adherex Technologies from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 15th. Finally, HC Wainwright reiterated a "buy" rating and set a $13.00 target price on shares of Adherex Technologies in a report on Thursday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $13.33.

Adherex Technologies Stock Up 3.6%

Shares of FENC traded up $0.32 during trading hours on Friday, reaching $9.18. The stock had a trading volume of 45,537 shares, compared to its average volume of 64,640. Adherex Technologies has a 52 week low of $3.96 and a 52 week high of $9.42. The firm has a 50-day moving average of $8.57 and a 200 day moving average of $7.34. The company has a market cap of $255.30 million, a P/E ratio of -21.86 and a beta of 0.58.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.05). The firm had revenue of $9.76 million during the quarter, compared to analyst estimates of $9.52 million. As a group, equities analysts expect that Adherex Technologies will post -0.11 earnings per share for the current year.

Insider Activity

In other news, Director Rosty Raykov sold 10,000 shares of the business's stock in a transaction 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 sale, the director owned 55,878 shares of the company's stock, valued at $452,053.02. The trade was a 15.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 21,119 shares of company stock valued at $176,746 in the last 90 days. 11.76% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adherex Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FENC. AQR Capital Management LLC bought a new stake in Adherex Technologies during the 1st quarter worth about $66,000. Wells Fargo & Company MN increased its position 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 valued at $83,000 after acquiring an additional 3,155 shares during the last quarter. Jane Street Group LLC bought a new stake in Adherex Technologies during the first quarter worth about $90,000. Pinnacle Wealth Planning Services Inc. bought a new stake in Adherex Technologies during the fourth quarter worth about $97,000. Finally, MetLife Investment Management LLC acquired a new position in Adherex Technologies during the fourth quarter valued at approximately $99,000. 55.51% of the stock is currently owned by institutional investors and hedge funds.

Adherex Technologies Company Profile

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.