Adherex Technologies (NASDAQ:FENC) Rating Increased to Buy at Wall Street Zen

Key Points

• Adherex Technologies was upgraded from a "hold" to a "buy" rating by Wall Street Zen, with a current consensus rating of "buy" among analysts.
• The company's target price estimates have been raised, with HC Wainwright setting a target at $13.00 and Craig Hallum increasing it to $14.00.
• Despite the positive upgrades, Adherex Technologies' stock is trading down 2.0% and recently reported a quarterly loss with earnings per share of ($0.11), missing analysts' estimates.

Wall Street Zen upgraded shares of Adherex Technologies (NASDAQ:FENC - Free Report) from a hold rating to a buy rating in a research note issued to investors on Sunday.

A number of other research analysts have also issued reports on FENC. Craig Hallum lifted their target price on Adherex Technologies from $13.00 to $14.00 and gave the company a "buy" rating in a report on Friday, August 15th. HC Wainwright reiterated a "buy" rating and issued a $13.00 target price on shares of Adherex Technologies in a report on Tuesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $13.33.

Adherex Technologies Stock Performance

Adherex Technologies stock traded up $0.09 during midday trading on Friday, hitting $8.17. 62,737 shares of the company were exchanged, compared to its average volume of 58,042. The firm has a market capitalization of $227.21 million, a PE ratio of -19.45 and a beta of 0.40. The business has a fifty day simple moving average of $8.41 and a two-hundred day simple moving average of $7.19. Adherex Technologies has a fifty-two week low of $3.96 and a fifty-two week high of $9.42.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.05). The business had revenue of $9.76 million during the quarter, compared to the consensus estimate 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 at Adherex Technologies

In other news, Director Rosty Raykov sold 10,000 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $8.09, for a total transaction of $80,900.00. Following the transaction, the director directly owned 55,878 shares in the company, valued at $452,053.02. The trade was a 15.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 31,119 shares of company stock worth $254,546 in the last quarter. Company insiders own 11.76% of the company's stock.

Institutional Investors Weigh In On Adherex Technologies

Large investors have recently modified their holdings of the company. Jane Street Group LLC bought a new position in Adherex Technologies during the first quarter worth $90,000. AQR Capital Management LLC bought a new position in Adherex Technologies during the first quarter worth $66,000. Nuveen LLC bought a new position in Adherex Technologies during the first quarter worth $158,000. AIGH Capital Management LLC bought a new position in shares of Adherex Technologies in the first quarter valued at $2,199,000. Finally, Pinnacle Wealth Planning Services Inc. bought a new position in shares of Adherex Technologies in the fourth quarter valued at $97,000. 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.