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

Wall Street Zen upgraded shares of Adherex Technologies (NASDAQ:FENC) from a buy rating to a strong-buy rating in a research note published on Saturday.

FENC has been the topic of several other reports. Zacks Research downgraded Adherex Technologies from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Adherex Technologies in a research note on Wednesday, October 8th. Craig Hallum upped their target price on shares of Adherex Technologies from $13.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, August 15th. Finally, HC Wainwright reissued a “buy” rating and issued a $13.00 price target on shares of Adherex Technologies in a report on Thursday, August 21st. Three equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $13.33.

Adherex Technologies Price Performance

Adherex Technologies stock opened at $7.55 on Friday. Adherex Technologies has a fifty-two week low of $4.68 and a fifty-two week high of $9.92. The firm has a fifty day moving average price of $8.23 and a two-hundred day moving average price of $8.44. The firm has a market cap of $257.83 million, a price-to-earnings ratio of -32.83 and a beta of 0.75.

Adherex Technologies (NASDAQ:FENC) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.06. The business had revenue of $12.46 million during the quarter, compared to analyst estimates of $13.43 million. As a group, sell-side analysts expect that Adherex Technologies will post -0.11 earnings per share for the current year.

Insider Buying and Selling at Adherex Technologies

In other Adherex Technologies news, major shareholder Southpoint Capital Advisors Lp sold 160,100 shares of Adherex Technologies stock in a transaction on Friday, November 14th. The shares were sold at an average price of $8.00, for a total transaction of $1,280,800.00. Following the sale, the insider owned 3,850,000 shares in the company, valued at $30,800,000. The trade was a 3.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Rosty Raykov sold 10,000 shares of the stock in a transaction on Friday, December 5th. The shares were sold at an average price of $7.54, for a total transaction of $75,400.00. Following the completion of the transaction, the director owned 77,526 shares of the company’s stock, valued at approximately $584,546.04. This represents a 11.43% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 364,248 shares of company stock valued at $3,112,952. 11.76% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC bought a new stake in shares of Adherex Technologies in the 1st quarter valued at approximately $66,000. Jane Street Group LLC acquired a new stake in Adherex Technologies in the 1st quarter valued at $90,000. Finally, Nuveen LLC bought a new stake in Adherex Technologies in the first quarter valued at $158,000. Institutional investors own 55.51% of the company’s stock.

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.