Adherex Technologies (NASDAQ:FENC) Stock Rating Upgraded by Wall Street Zen

Wall Street Zen upgraded shares of Adherex Technologies (NASDAQ:FENC) from a hold rating to a buy rating in a research note released on Friday morning.

Several other research firms have also recently issued reports on FENC. HC Wainwright reiterated a “buy” rating and issued a $13.00 price objective on shares of Adherex Technologies in a report on Thursday, August 21st. Craig Hallum upped their target price on Adherex Technologies from $13.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, August 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a research report on Saturday, September 27th. Finally, Zacks Research downgraded Adherex Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 15th. One analyst has rated the stock with a Strong Buy rating, three 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 MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $13.33.

Adherex Technologies Stock Up 2.2%

Shares of NASDAQ FENC opened at $9.88 on Friday. The stock has a market cap of $275.75 million, a P/E ratio of -23.52 and a beta of 0.64. The firm’s 50-day simple moving average is $8.72 and its 200 day simple moving average is $7.70. Adherex Technologies has a fifty-two week low of $3.96 and a fifty-two week high of $9.89.

Adherex Technologies (NASDAQ:FENC) last announced its earnings results on Thursday, August 14th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.05). The company had revenue of $9.76 million for the quarter, compared to analysts’ expectations of $9.52 million. On average, sell-side analysts anticipate that Adherex Technologies will post -0.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Rosty Raykov sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $8.09, for a total transaction of $80,900.00. Following the completion of the sale, the director directly owned 55,878 shares of the company’s stock, valued at $452,053.02. This trade represents a 15.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 10.98% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FENC. Bank of America Corp DE raised its holdings in Adherex Technologies by 32.1% during the fourth quarter. Bank of America Corp DE now owns 35,827 shares of the company’s stock valued at $226,000 after buying an additional 8,703 shares in the last quarter. AIGH Capital Management LLC acquired a new position in shares of Adherex Technologies during the first quarter worth approximately $2,199,000. Nuveen LLC bought a new stake in Adherex Technologies in the 1st quarter valued at $158,000. AQR Capital Management LLC acquired a new stake in Adherex Technologies during the first quarter worth about $66,000. Finally, Jane Street Group LLC acquired a new position in shares of Adherex Technologies in the first quarter valued at $90,000. 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.