Adherex Technologies (NASDAQ:FENC) Given "Outperform" Rating at Wedbush

Key Points

• Wedbush reiterated an Outperform rating on Adherex (NASDAQ:FENC) with a $13 price target, implying roughly a 100.46% upside from the stock's prior close.
• Analyst sentiment is mixed but leans positive overall: MarketBeat's consensus is a Moderate Buy with a $14.80 target, while other firms range from sells to overweight/buy (e.g., Piper Sandler $18, B. Riley $16; Zacks and Weiss are negative).
• Fundamentals show recent weakness — the company missed the quarter with EPS of -$0.17 vs. $0.04 expected and revenue of $13.78M vs. $14.75M, and it remains unprofitable with negative net margin and ROE.

Adherex Technologies (NASDAQ:FENC - Get Free Report)'s stock had its "outperform" rating restated by investment analysts at Wedbush in a research note issued to investors on Thursday,Benzinga reports. They presently have a $13.00 price target on the stock. Wedbush's price target points to a potential upside of 100.46% from the stock's previous close.

A number of other research firms also recently weighed in on FENC. Zacks Research downgraded Adherex Technologies from a "hold" rating to a "strong sell" rating in a research note on Wednesday, March 25th. Weiss Ratings restated a "sell (d-)" rating on shares of Adherex Technologies in a research note on Thursday, January 22nd. Piper Sandler began coverage on Adherex Technologies in a research note on Friday, January 9th. They issued an "overweight" rating and a $18.00 price target on the stock. B. Riley Financial began coverage on Adherex Technologies in a research note on Thursday, February 12th. They issued a "buy" rating and a $16.00 price target on the stock. Finally, Wall Street Zen downgraded Adherex Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, April 4th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Adherex Technologies currently has an average rating of "Moderate Buy" and a consensus target price of $14.80.

Adherex Technologies Trading Down 0.2%

NASDAQ:FENC opened at $6.49 on Thursday. The firm has a market cap of $223.54 million, a P/E ratio of -19.07 and a beta of 0.93. The stock's 50 day simple moving average is $7.46 and its 200-day simple moving average is $7.86. Adherex Technologies has a 12-month low of $5.02 and a 12-month high of $9.92.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last released its earnings results on Saturday, March 28th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.04 by ($0.21). The company had revenue of $13.78 million during the quarter, compared to analyst estimates 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 EPS for the current fiscal year.

Insider Buying and Selling at Adherex Technologies

In related news, Director Rosty Raykov sold 10,946 shares of Adherex Technologies stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $6.31, for a total value of $69,069.26. Following the sale, the director directly owned 113,856 shares in the company, valued at $718,431.36. The trade was 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 link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 11.76% of the stock is currently owned by company insiders.

Institutional Trading of Adherex Technologies

An institutional investor recently bought a new position in Adherex Technologies stock. AQR Capital Management LLC bought a new position in shares of Adherex Technologies Inc. (NASDAQ:FENC - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 10,897 shares of the company's stock, valued at approximately $66,000. 55.51% of the stock is owned by hedge funds and other institutional investors.

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. 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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