Wall Street Zen Upgrades Adherex Technologies (NASDAQ:FENC) to Buy

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

Other analysts also recently issued research reports about the company. HC Wainwright reaffirmed a "buy" rating and set a $13.00 price objective on shares of Adherex Technologies in a research note on Tuesday, May 20th. Craig Hallum raised their price objective on Adherex Technologies from $12.00 to $13.00 and gave the stock a "buy" rating in a research note on Wednesday, May 14th. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $13.00.

Adherex Technologies Trading Down 2.9%

Shares of NASDAQ:FENC traded down $0.26 during midday trading on Friday, hitting $8.78. The company had a trading volume of 109,351 shares, compared to its average volume of 92,760. Adherex Technologies has a 12 month low of $3.96 and a 12 month high of $9.30. The stock has a market cap of $242.33 million, a price-to-earnings ratio of -17.22 and a beta of 0.39. The firm has a fifty day simple moving average of $7.83 and a 200 day simple moving average of $6.72.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last posted its quarterly earnings results on Tuesday, May 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.08. The company had revenue of $8.51 million during the quarter, compared to the consensus estimate of $8.18 million. During the same quarter in the prior year, the business earned $0.41 earnings per share. Equities analysts forecast that Adherex Technologies will post -0.11 EPS for the current fiscal year.

Insider Activity

In other Adherex Technologies news, Director Rosty Raykov sold 10,000 shares of Adherex Technologies stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $8.61, for a total value of $86,100.00. Following the sale, the director owned 60,670 shares of the company's stock, valued at $522,368.70. This trade represents a 14.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jeffrey S. Hackman purchased 13,965 shares of the company's stock in a transaction on Monday, May 19th. The stock was purchased at an average cost of $6.99 per share, for a total transaction of $97,615.35. Following the purchase, the chief executive officer directly owned 15,000 shares in the company, valued at approximately $104,850. This trade represents a 1,349.28% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 31,119 shares of company stock worth $236,746 in the last three months. Company insiders own 11.76% of the company's stock.

Institutional Trading of Adherex Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE increased its position in shares of Adherex Technologies by 32.1% in the fourth quarter. Bank of America Corp DE now owns 35,827 shares of the company's stock valued at $226,000 after acquiring an additional 8,703 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of Adherex Technologies by 11.5% in the fourth quarter. BNP Paribas Financial Markets now owns 44,626 shares of the company's stock valued at $282,000 after acquiring an additional 4,610 shares during the last quarter. Barclays PLC increased its position in shares of Adherex Technologies by 13.9% in the fourth quarter. Barclays PLC now owns 35,672 shares of the company's stock valued at $225,000 after acquiring an additional 4,353 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Adherex Technologies by 10.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 61,146 shares of the company's stock valued at $386,000 after acquiring an additional 5,694 shares during the last quarter. Finally, Rosalind Advisors Inc. acquired a new stake in shares of Adherex Technologies in the fourth quarter valued at about $7,962,000. 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.