Adherex Technologies (NASDAQ:FENC) Downgraded by Wall Street Zen to Hold

Key Points

• Wall Street Zen has downgraded Adherex Technologies from a "buy" rating to a "hold" rating, amidst other mixed research analyses on the company's stock.
• The stock currently holds an average price target of $13.00, while recent performance shows it opened at $8.33 with a market capitalization of $231.66 million.
• Insider transactions reveal CEO Jeffrey S. Hackman significantly increased his stake in the company, buying nearly 14,000 shares, while a director recently sold 10,000 shares.

Adherex Technologies (NASDAQ:FENC - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Saturday.

A number of other research firms have also recently weighed in on FENC. Craig Hallum raised their price objective 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. HC Wainwright reissued a "buy" rating and set a $13.00 price objective on shares of Adherex Technologies in a report on Tuesday, May 20th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $13.00.

Adherex Technologies Trading Down 1.0%

NASDAQ:FENC traded down $0.08 during mid-day trading on Friday, hitting $8.25. The stock had a trading volume of 49,558 shares, compared to its average volume of 77,414. The stock has a 50-day simple moving average of $8.35 and a two-hundred day simple moving average of $7.08. The company has a market capitalization of $229.43 million, a PE ratio of -16.18 and a beta of 0.40. Adherex Technologies has a twelve month low of $3.96 and a twelve month high of $9.30.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last issued its earnings results on Tuesday, May 13th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate 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 period last year, the business earned $0.41 EPS. Sell-side analysts predict that Adherex Technologies will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Rosty Raykov sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $8.09, for a total transaction of $80,900.00. Following the transaction, the director directly owned 55,878 shares in the company, valued at approximately $452,053.02. This trade represents a 15.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jeffrey S. Hackman acquired 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 completion of the purchase, the chief executive officer directly owned 15,000 shares in the company, valued at $104,850. This trade represents a 1,349.28% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 31,119 shares of company stock worth $254,546. Insiders own 10.98% of the company's stock.

Institutional Investors Weigh In On Adherex Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the business. Jane Street Group LLC purchased a new stake in shares of Adherex Technologies in the 1st quarter worth about $90,000. AQR Capital Management LLC purchased a new stake in shares of Adherex Technologies in the 1st quarter worth about $66,000. Nuveen LLC purchased a new stake in shares of Adherex Technologies in the 1st quarter worth about $158,000. AIGH Capital Management LLC purchased a new stake in shares of Adherex Technologies in the 1st quarter worth about $2,199,000. Finally, Pinnacle Wealth Planning Services Inc. acquired a new position in Adherex Technologies in the 4th quarter valued at about $97,000. 55.51% of the stock is currently owned by hedge funds and other 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.