B. Riley Financial Reaffirms "Buy" Rating for Adherex Technologies (NASDAQ:FENC)

Key Points

• B. Riley Financial reaffirmed a “Buy” rating on Adherex Technologies (NASDAQ:FENC) and raised its price target from $16 to $18, implying approximately 50% upside from the reported $11.99 share price.
• Analyst sentiment is broadly positive: five analysts rate the stock Buy, one rates it Hold and one rates it Sell, producing a consensus “Moderate Buy” rating and average price target of $16.40.
• Adherex exceeded quarterly expectations, reporting $0.05 earnings per share versus a $0.02 consensus estimate and revenue of $17.87 million versus $16.21 million expected. Institutional investors own 55.51% of the stock, with AQR Capital recently initiating a position.

Adherex Technologies (NASDAQ:FENC - Get Free Report)'s stock had its "buy" rating reiterated by equities research analysts at B. Riley Financial in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $18.00 target price on the stock, up from their previous target price of $16.00. B. Riley Financial's price objective indicates a potential upside of 50.13% from the stock's current price.

A number of other equities research analysts have also commented on FENC. HC Wainwright upped their price target on shares of Adherex Technologies from $13.00 to $16.00 and gave the company a "buy" rating in a report on Friday, May 22nd. Wall Street Zen raised shares of Adherex Technologies from a "hold" rating to a "strong-buy" rating in a research note on Saturday, May 16th. Zacks Research upgraded shares of Adherex Technologies from a "strong sell" rating to a "hold" rating in a report on Monday, May 25th. Weiss Ratings reissued a "sell (d-)" rating on shares of Adherex Technologies in a research note on Friday, July 17th. Finally, Wedbush upped their price target on Adherex Technologies from $13.00 to $16.00 and gave the company an "outperform" rating in a research report on Wednesday. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $16.40.

Adherex Technologies Stock Performance

Shares of FENC stock traded down $0.79 on Wednesday, hitting $11.99. 150,160 shares of the company's stock traded hands, compared to its average volume of 206,480. The stock has a market capitalization of $420.37 million, a price-to-earnings ratio of -41.34 and a beta of 1.09. The company's fifty day simple moving average is $10.08 and its 200 day simple moving average is $8.54. Adherex Technologies has a one year low of $5.65 and a one year high of $13.25.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last announced its quarterly earnings results on Tuesday, August 11th. The company reported $0.05 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.03. Adherex Technologies had a negative return on equity of 43.87% and a negative net margin of 17.12%.The business had revenue of $17.87 million for the quarter, compared to analysts' expectations of $16.21 million. As a group, sell-side analysts anticipate that Adherex Technologies will post 0.26 earnings per share for the current fiscal year.

Institutional Trading of Adherex Technologies

An institutional investor recently bought a new position 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 disclosure with the SEC. The firm acquired 10,897 shares of the company's stock, valued at approximately $66,000. 55.51% of the stock is currently owned by hedge funds and other institutional investors.

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. 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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