Adherex Technologies (NASDAQ:FENC) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of Adherex Technologies (NASDAQ:FENC) from a buy rating to a hold rating in a research report report published on Saturday morning.

A number of other brokerages also recently issued reports on FENC. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adherex Technologies in a report on Thursday, January 22nd. Piper Sandler initiated coverage on Adherex Technologies in a report on Friday, January 9th. They set an “overweight” rating and a $18.00 price target on the stock. Zacks Research downgraded Adherex Technologies from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 25th. Finally, B. Riley Financial initiated coverage on Adherex Technologies in a report on Thursday, February 12th. They set a “buy” rating and a $16.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $15.25.

Adherex Technologies Stock Performance

Adherex Technologies stock opened at $6.42 on Friday. The business’s fifty day simple moving average is $7.67 and its two-hundred day simple moving average is $7.97. Adherex Technologies has a 12 month low of $4.68 and a 12 month high of $9.92. The company has a market capitalization of $221.30 million, a price-to-earnings ratio of -18.88 and a beta of 0.93.

Adherex Technologies (NASDAQ:FENC) last released its earnings results on Friday, March 27th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.21). The company had revenue of $13.78 million during the quarter, compared to the consensus estimate of $14.75 million. Adherex Technologies had a negative return on equity of 183.18% and a negative net margin of 22.62%. On average, equities research analysts predict that Adherex Technologies will post -0.11 EPS for the current year.

Insiders Place Their Bets

In other Adherex Technologies news, Director Rosty Raykov sold 10,946 shares of the stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $6.31, for a total value of $69,069.26. Following the transaction, the director owned 113,856 shares of the company’s stock, valued at approximately $718,431.36. This represents a 8.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 11.76% of the company’s stock.

Institutional Inflows and Outflows

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