Adherex Technologies (NASDAQ:FENC) Shares Cross Below Fifty Day Moving Average - Here's What Happened

Key Points

• FENC shares fell below their 50-day moving average of $10.72, reaching an intraday low of $10.27 and last trading at $10.58; the article reports the stock was down 2.3%.
• Analyst views remain mixed, but the consensus is Moderate Buy with a $17 price target. Four analysts rate the shares Buy, one Hold, and one Sell.
• The company beat quarterly estimates, reporting EPS of $0.05 versus $0.02 expected and revenue of $17.87 million versus $16.21 million expected. Two insiders also recently sold shares.

Adherex Technologies Inc. (NASDAQ:FENC - Get Free Report) shares crossed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $10.72 and traded as low as $10.27. Adherex Technologies shares last traded at $10.58, with a volume of 228,387 shares trading hands.

Analyst Ratings Changes

Several brokerages have recently weighed in on FENC. B. Riley Financial restated a "buy" rating and set a $18.00 price objective (up from $16.00) on shares of Adherex Technologies in a research report on Wednesday, August 12th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Adherex Technologies in a research report on Thursday, October 15th. Wedbush lifted their price target on shares of Adherex Technologies from $13.00 to $16.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 12th. Finally, HC Wainwright reissued a "buy" rating and issued a $16.00 price target on shares of Adherex Technologies in a research report on Wednesday, September 9th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Adherex Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $17.00.

Adherex Technologies Stock Down 2.3%

The firm has a market capitalization of $372.57 million, a price-to-earnings ratio of -81.38 and a beta of 1.29. The company has a fifty day moving average price of $10.72 and a two-hundred day moving average price of $9.31.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported $0.05 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.03. The business had revenue of $17.87 million for the quarter, compared to analysts' expectations of $16.21 million. Adherex Technologies had a negative net margin of 6.09% and a negative return on equity of 5.71%. On average, equities analysts anticipate that Adherex Technologies Inc. will post 0.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Adherex Technologies

In other Adherex Technologies news, CFO Robert Andrade sold 75,000 shares of Adherex Technologies stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $11.78, for a total value of $883,500.00. Following the transaction, the chief financial officer directly owned 217,675 shares in the company, valued at approximately $2,564,211.50. The trade was a 25.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pierre Sargis Sayad sold 12,000 shares of the company's stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $12.18, for a total transaction of $146,160.00. Following the completion of the sale, the insider directly owned 9,519 shares of the company's stock, valued at $115,941.42. The trade was a 55.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 10.73% of the company's stock.

Adherex Technologies Company Profile

Fennec Pharmaceuticals, Inc., formerly known as Adherex Technologies, is a biopharmaceutical company focused on developing and commercializing therapies for pediatric cancer. The company's lead product is PEDMARK (sodium thiosulfate), a platinum-based chemotherapy protective agent intended to reduce the risk of cisplatin-induced ototoxicity, or hearing loss, in children with localized, non-metastatic solid tumors. PEDMARK received approval from the U.S. Food and Drug Administration in 2022. Fennec markets the product in the United States through its commercial operations and has pursued regulatory and commercialization opportunities in international markets.

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