Wedbush Boosts Adherex Technologies (NASDAQ:FENC) Price Target to $16.00

Key Points

• Wedbush raised its price target for Adherex Technologies (NASDAQ:FENC) from $13 to $16 while maintaining an “outperform” rating, implying 31.26% upside from the previous close.
• Analyst sentiment is generally positive, with MarketBeat reporting a consensus “Moderate Buy” rating and a $16 price target, although one analyst maintains a sell rating.
• FENC recently beat quarterly expectations, reporting $0.05 in earnings per share versus estimates of $0.02 and revenue of $17.87 million versus $16.21 million expected; shares traded at $12.19, near their 52-week high of $13.25.

Adherex Technologies (NASDAQ:FENC - Get Free Report) had its price target upped by investment analysts at Wedbush from $13.00 to $16.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Wedbush's target price points to a potential upside of 31.26% from the company's previous close.

Other equities analysts have also recently issued reports about the company. Wall Street Zen upgraded Adherex Technologies from a "hold" rating to a "strong-buy" rating in a research report on Saturday, May 16th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Adherex Technologies in a research note on Friday, July 17th. Zacks Research upgraded Adherex Technologies from a "strong sell" rating to a "hold" rating in a research report on Monday, May 25th. Finally, HC Wainwright lifted their price target on shares of Adherex Technologies from $13.00 to $16.00 and gave the stock a "buy" rating in a research note on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Adherex Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $16.00.

Adherex Technologies Price Performance

FENC stock traded down $0.59 during mid-day trading on Wednesday, reaching $12.19. 135,834 shares of the company traded hands, compared to its average volume of 206,307. The company has a fifty day moving average price of $10.08 and a 200-day moving average price of $8.54. Adherex Technologies has a 52-week low of $5.65 and a 52-week high of $13.25. The company has a market capitalization of $427.38 million, a P/E ratio of -42.03 and a beta of 1.09.

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

Hedge Funds Weigh In On Adherex Technologies

A hedge fund recently bought a new position in Adherex Technologies stock. AQR Capital Management LLC purchased a new position in shares of Adherex Technologies Inc. (NASDAQ:FENC - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 10,897 shares of the company's stock, valued at approximately $66,000. 55.51% of the stock is currently owned by institutional investors and hedge funds.

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. 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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