Adherex Technologies (NASDAQ:FENC) Rating Lowered to Strong Sell at Zacks Research

Adherex Technologies (NASDAQ:FENC) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. B. Riley Financial assumed coverage on shares of Adherex Technologies in a research report on Thursday, February 12th. They set a “buy” rating and a $16.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a research report on Thursday, January 22nd. Piper Sandler assumed coverage on Adherex Technologies in a report on Friday, January 9th. They set an “overweight” rating and a $18.00 price target for the company. Finally, Wall Street Zen downgraded Adherex Technologies from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Adherex Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $15.25.

Adherex Technologies Trading Up 5.5%

FENC opened at $6.51 on Wednesday. The company’s 50 day moving average is $7.87 and its 200 day moving average is $8.11. The company has a market cap of $223.68 million, a price-to-earnings ratio of -19.15 and a beta of 0.75. Adherex Technologies has a 12-month low of $4.68 and a 12-month high of $9.92.

Adherex Technologies (NASDAQ:FENC) last announced its earnings results on Tuesday, March 24th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.20). The business had revenue of $13.78 million for the quarter, compared to analyst estimates of $14.73 million. As a group, analysts predict that Adherex Technologies will post -0.11 EPS for the current fiscal year.

Insider Transactions at Adherex Technologies

In related news, Director Rosty Raykov sold 10,349 shares of the business’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 value of $80,308.24. Following the transaction, the director directly owned 98,477 shares of the company’s stock, valued at approximately $764,181.52. The trade was a 9.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 11.76% of the company’s stock.

Institutional Investors Weigh In On Adherex Technologies

A hedge fund recently bought a new stake in Adherex Technologies stock. AQR Capital Management LLC bought a new position in Adherex Technologies Inc. (NASDAQ:FENC) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 10,897 shares of the company’s stock, valued at approximately $66,000. Hedge funds and other 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. 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.