Adherex Technologies (NASDAQ:FENC) Upgraded at B.Riley Securit

B.Riley Securit upgraded shares of Adherex Technologies (NASDAQ:FENC) to a strong-buy rating in a report published on Wednesday morning,Zacks.com reports.

Several other brokerages also recently commented on FENC. Wall Street Zen raised shares of Adherex Technologies from a “buy” rating to a “strong-buy” rating in a research note on Saturday. B. Riley Securities started coverage on Adherex Technologies in a report on Thursday. They issued a “buy” rating and a $16.00 price objective for the company. Zacks Research raised Adherex Technologies from a “strong sell” rating to a “hold” rating in a research note on Friday, December 12th. Piper Sandler started coverage on Adherex Technologies in a research note on Friday, January 9th. They issued an “overweight” rating and a $18.00 price target for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $14.80.

Adherex Technologies Stock Performance

NASDAQ:FENC opened at $8.42 on Wednesday. Adherex Technologies has a fifty-two week low of $4.68 and a fifty-two week high of $9.92. The firm has a market cap of $288.13 million, a PE ratio of -36.61 and a beta of 0.77. The business has a 50 day moving average price of $7.69 and a 200-day moving average price of $8.23.

Adherex Technologies (NASDAQ:FENC) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.06. The firm had revenue of $12.46 million for the quarter, compared to the consensus estimate of $13.43 million. Research analysts predict that Adherex Technologies will post -0.11 EPS for the current year.

Insider Buying and Selling at Adherex Technologies

In related news, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of the business’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 sale, the insider owned 2,744,741 shares of the company’s stock, valued at $20,585,557.50. The trade was a 26.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Rosty Raykov sold 10,349 shares of the company’s stock in a transaction dated 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 sale, the director owned 98,477 shares in the company, valued at approximately $764,181.52. This trade represents a 9.51% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,125,608 shares of company stock valued at $8,580,935 in the last three months. Insiders own 11.76% of the company’s stock.

Institutional Trading of Adherex Technologies

An institutional investor recently bought a new position in Adherex Technologies stock. AQR Capital Management LLC purchased a new stake in shares of Adherex Technologies Inc. (NASDAQ:FENC) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 10,897 shares of the company’s stock, valued at approximately $66,000. 55.51% of the stock is currently owned by hedge funds and other institutional investors.

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.