Brokerages Set Adherex Technologies Inc. (NASDAQ:FENC) Target Price at $14.50

Adherex Technologies Inc. (NASDAQ:FENC) has been given a consensus recommendation of “Moderate Buy” by the six analysts that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $14.50.

Several analysts recently issued reports on FENC shares. Zacks Research upgraded Adherex Technologies from a “strong sell” rating to a “hold” rating in a report on Friday, December 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adherex Technologies in a research report on Wednesday, October 8th. Wall Street Zen downgraded Adherex Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday. Finally, Piper Sandler assumed coverage on shares of Adherex Technologies in a research note on Friday, January 9th. They issued an “overweight” rating and a $18.00 target price for the company.

Adherex Technologies Price Performance

Shares of Adherex Technologies stock opened at $7.59 on Friday. The firm has a market cap of $259.27 million, a price-to-earnings ratio of -33.00 and a beta of 0.78. The stock’s 50-day moving average is $7.74 and its 200-day moving average is $8.36. Adherex Technologies has a one year low of $4.68 and a one year high of $9.92.

Adherex Technologies (NASDAQ:FENC) last announced its earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.06. The firm had revenue of $12.46 million during the quarter, compared to analyst estimates of $13.43 million. On average, equities analysts expect that Adherex Technologies will post -0.11 EPS for the current year.

Insider Buying and Selling

In other Adherex Technologies news, Director Rosty Raykov sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $7.54, for a total transaction of $75,400.00. Following the transaction, the director owned 77,526 shares of the company’s stock, valued at $584,546.04. The trade was a 11.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 24th. The shares were sold at an average price of $7.50, for a total value of $7,500,000.00. Following the completion of the sale, the insider directly owned 2,744,741 shares of the company’s stock, valued at approximately $20,585,557.50. The trade was a 26.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 1,285,359 shares of company stock worth $9,862,427. Company insiders own 11.76% of the company’s stock.

Institutional Investors Weigh In On Adherex Technologies

An institutional investor recently bought a new position in Adherex Technologies stock. Jane Street Group LLC acquired a new position in shares of Adherex Technologies Inc. (NASDAQ:FENC) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 14,718 shares of the company’s stock, valued at approximately $90,000. Jane Street Group LLC owned 0.05% of Adherex Technologies as of its most recent SEC filing. Institutional investors and hedge funds own 55.51% of the company’s stock.

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.