Adherex Technologies (NASDAQ:FENC) Lowered to "Strong Sell" Rating by Zacks Research

Key Points

• Zacks Research downgraded Adherex Technologies (NASDAQ:FENC) from a "hold" to a "strong sell", adding to mixed analyst views that range from sell ratings to overweight/buy initiations.
• The company reported a quarterly EPS loss of ($0.17) vs. an expected $0.03 and revenue of $13.78M vs. an expected $14.73M, and analysts now project FY EPS of about −0.11.
• Despite recent weakness (stock opened at about $6.51 and was trading up ~5.5%), the MarketBeat consensus remains a "Moderate Buy" with a $15.25 average price target, implying substantial upside from current levels.

Adherex Technologies (NASDAQ:FENC - Get Free Report) was downgraded by Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued on Wednesday,Zacks.com reports.

Several other research analysts have also recently issued reports on FENC. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Adherex Technologies in a report on Thursday, January 22nd. Wall Street Zen cut Adherex Technologies from a "strong-buy" rating to a "buy" rating in a research report on Saturday, March 14th. B. Riley Financial began coverage on Adherex Technologies in a research note on Thursday, February 12th. They set a "buy" rating and a $16.00 target price on the stock. Finally, 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 for the company. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $15.25.

Adherex Technologies Trading Up 5.5%

Adherex Technologies stock opened at $6.51 on Wednesday. Adherex Technologies has a 12 month low of $4.68 and a 12 month high of $9.92. The company has a market capitalization of $223.68 million, a price-to-earnings ratio of -19.15 and a beta of 0.75. The business's fifty day simple moving average is $7.87 and its two-hundred day simple moving average is $8.11.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last issued its quarterly earnings results on Tuesday, March 24th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.20). The firm had revenue of $13.78 million during the quarter, compared to analysts' expectations of $14.73 million. On average, equities research analysts predict that Adherex Technologies will post -0.11 EPS for the current year.

Insiders Place Their Bets

In related news, Director Rosty Raykov sold 10,349 shares of the firm's stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $7.76, for a total value of $80,308.24. Following the sale, the director owned 98,477 shares in the company, valued at approximately $764,181.52. This trade represents a 9.51% 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. 11.76% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Adherex Technologies

A hedge fund recently bought a new stake in Adherex Technologies stock. AQR Capital Management LLC acquired a new stake in shares of 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 (SEC). The institutional investor acquired 10,897 shares of the company's stock, valued at approximately $66,000. 55.51% of the stock is currently owned by 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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