Adherex Technologies (NASDAQ:FENC) Trading Up 6.1% - Still a Buy?

Key Points

• Adherex Technologies shares increased by 6.1% on Monday, reaching a trading price of $8.32, supported by a trading volume significantly above the daily average.
• Wall Street analysts have raised their ratings on Adherex Technologies, with a consensus price target of $13.00 and most analysts assigning a "buy" rating.
• CEO Jeffrey S. Hackman increased his stake in the company by purchasing 13,965 shares, indicating confidence in its future performance.

Adherex Technologies Inc. (NASDAQ:FENC - Get Free Report) shares traded up 6.1% on Monday . The stock traded as high as $8.36 and last traded at $8.32. 70,609 shares were traded during mid-day trading, an increase of 31% from the average session volume of 53,871 shares. The stock had previously closed at $7.84.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Wall Street Zen raised shares of Adherex Technologies from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. Craig Hallum upped their target price on shares of Adherex Technologies from $12.00 to $13.00 and gave the stock a "buy" rating in a report on Wednesday, May 14th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $13.00 target price on shares of Adherex Technologies in a research note on Tuesday, May 20th. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $13.00.

Adherex Technologies Trading Up 6.1%

The company has a market cap of $230.71 million, a P/E ratio of -16.31 and a beta of 0.40. The firm's 50 day moving average price is $8.34 and its 200-day moving average price is $7.01.

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

Insider Buying and Selling

In other Adherex Technologies news, CEO Jeffrey S. Hackman acquired 13,965 shares of the stock in a transaction dated Monday, May 19th. The shares were bought at an average cost of $6.99 per share, for a total transaction of $97,615.35. Following the completion of the acquisition, the chief executive officer directly owned 15,000 shares of the company's stock, valued at approximately $104,850. This trade represents a 1,349.28% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rosty Raykov sold 10,000 shares of Adherex Technologies stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $8.61, for a total transaction of $86,100.00. Following the completion of the sale, the director owned 60,670 shares in the company, valued at $522,368.70. This trade represents a 14.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,119 shares of company stock worth $173,646. Insiders own 10.98% of the company's stock.

Hedge Funds Weigh In On Adherex Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FENC. Jane Street Group LLC bought a new stake in shares of Adherex Technologies in the first quarter valued at about $90,000. AQR Capital Management LLC acquired a new position in Adherex Technologies during the first quarter worth about $66,000. Nuveen LLC acquired a new position in Adherex Technologies during the first quarter worth about $158,000. AIGH Capital Management LLC acquired a new position in shares of Adherex Technologies in the first quarter valued at approximately $2,199,000. Finally, Pinnacle Wealth Planning Services Inc. acquired a new position in shares of Adherex Technologies in the fourth quarter valued at approximately $97,000. 55.51% of the stock is 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.

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