Adherex Technologies (NASDAQ:FENC) Research Coverage Started at B. Riley Securities

B. Riley Securities initiated coverage on shares of Adherex Technologies (NASDAQ:FENC) in a report issued on Thursday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $16.00 price target on the stock.

Several other research firms have also recently commented on FENC. Wall Street Zen cut Adherex Technologies from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Adherex Technologies in a research note on Thursday, January 22nd. Zacks Research raised Adherex Technologies from a “strong sell” rating to a “hold” rating in a research report on Friday, December 12th. Finally, Piper Sandler assumed coverage on Adherex Technologies in a research note on Friday, January 9th. They set an “overweight” rating and a $18.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $14.80.

Adherex Technologies Trading Up 2.7%

Shares of FENC stock opened at $8.42 on Thursday. The company has a market capitalization of $288.13 million, a price-to-earnings ratio of -36.61 and a beta of 0.77. The firm has a 50-day moving average price of $7.69 and a 200 day moving average price of $8.23. Adherex Technologies has a twelve month low of $4.68 and a twelve month high of $9.92.

Adherex Technologies (NASDAQ:FENC) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.06. The company had revenue of $12.46 million for the quarter, compared to analysts’ expectations of $13.43 million. As a group, research analysts predict that Adherex Technologies will post -0.11 earnings per share for the current year.

Insider Transactions at Adherex Technologies

In other Adherex Technologies news, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of the company’s stock in a transaction dated Wednesday, December 24th. The shares were sold at an average price of $7.50, for a total transaction 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. This represents a 26.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Rosty Raykov sold 10,349 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $7.76, for a total transaction of $80,308.24. Following the completion of the transaction, the director directly owned 98,477 shares of the company’s stock, valued at $764,181.52. This represents a 9.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,125,608 shares of company stock valued at $8,580,935 over the last three months. 11.76% of the stock is owned by corporate insiders.

Institutional Trading of Adherex Technologies

An institutional investor recently bought a new position in Adherex Technologies stock. Jane Street Group LLC purchased a new stake in Adherex Technologies Inc. (NASDAQ:FENC) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 14,718 shares of the company’s stock, valued at approximately $90,000. Jane Street Group LLC owned approximately 0.05% of Adherex Technologies as of its most recent filing with the SEC. 55.51% of the stock is currently owned by hedge funds and other institutional investors.

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. 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.