Adherex Technologies (NASDAQ:FENC) Upgraded by Wall Street Zen to Buy Rating

Key Points

• Adherex Technologies has been upgraded to a "buy" rating by Wall Street Zen, indicating a positive outlook from some analysts.
• The company reported a loss of $0.11 earnings per share last quarter, missing estimates, but had revenue of $9.76 million, surpassing expectations.
• Recent insider trading saw director Rosty Raykov sell 10,000 shares at an average price of $8.09, reducing their ownership by 15.18%.

Adherex Technologies (NASDAQ:FENC - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Friday.

Several other analysts have also recently issued reports on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Adherex Technologies in a research note on Saturday, September 27th. HC Wainwright restated a "buy" rating and set a $13.00 target price on shares of Adherex Technologies in a report on Thursday, August 21st. Craig Hallum raised their price target on Adherex Technologies from $13.00 to $14.00 and gave the stock a "buy" rating in a research note on Friday, August 15th. Finally, Zacks Research downgraded shares of Adherex Technologies from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 15th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $13.33.

Adherex Technologies Stock Up 2.2%

Shares of Adherex Technologies stock traded up $0.21 on Friday, hitting $9.88. The stock had a trading volume of 109,893 shares, compared to its average volume of 85,874. Adherex Technologies has a one year low of $3.96 and a one year high of $9.89. The stock's 50-day simple moving average is $8.72 and its two-hundred day simple moving average is $7.68. The stock has a market cap of $275.76 million, a price-to-earnings ratio of -23.52 and a beta of 0.64.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.05). The business had revenue of $9.76 million for the quarter, compared to analyst estimates of $9.52 million. As a group, equities analysts predict that Adherex Technologies will post -0.11 EPS for the current fiscal year.

Insider Transactions at Adherex Technologies

In related 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 sale, the director owned 55,878 shares of the company's stock, valued at $452,053.02. The trade was a 15.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 11.76% of the stock is currently owned by company insiders.

Institutional Trading of Adherex Technologies

A number of hedge funds have recently made changes to their positions in FENC. Bank of America Corp DE grew its stake in shares of Adherex Technologies by 32.1% in the 4th quarter. Bank of America Corp DE now owns 35,827 shares of the company's stock worth $226,000 after buying an additional 8,703 shares during the last quarter. AIGH Capital Management LLC bought a new stake in Adherex Technologies in the first quarter worth $2,199,000. Nuveen LLC bought a new position in shares of Adherex Technologies during the first quarter valued at $158,000. AQR Capital Management LLC purchased a new position in shares of Adherex Technologies in the 1st quarter worth about $66,000. Finally, Jane Street Group LLC purchased a new position in shares of Adherex Technologies in the 1st quarter worth about $90,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.