Adherex Technologies (NASDAQ:FENC) Lowered to “Buy” Rating by Wall Street Zen

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

Other analysts have also recently issued reports about the company. B. Riley Financial assumed coverage on Adherex Technologies in a report on Thursday, February 12th. They set a “buy” rating and a $16.00 price objective for the company. 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 on the stock. Zacks Research upgraded shares of Adherex Technologies from a “strong sell” rating to a “hold” rating in a research report on Friday, December 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $15.25.

Adherex Technologies Trading Down 1.4%

Shares of FENC stock opened at $7.52 on Friday. Adherex Technologies has a 1 year low of $4.68 and a 1 year high of $9.92. The firm’s 50 day moving average is $7.95 and its 200-day moving average is $8.22. The firm has a market capitalization of $257.33 million, a price-to-earnings ratio of -32.70 and a beta of 0.75.

Insider Transactions at Adherex Technologies

In other 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 stock was 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 $20,585,557.50. This represents a 26.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Rosty Raykov sold 10,349 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $7.76, for a total transaction of $80,308.24. Following the completion of the sale, the director owned 98,477 shares in the company, valued at $764,181.52. This represents a 9.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 11.76% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Adherex Technologies stock. Jane Street Group LLC purchased a new position in Adherex Technologies Inc. (NASDAQ:FENC) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent reporting period. 55.51% of the stock is owned by institutional investors and hedge funds.

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.