Brokerages Set Adherex Technologies Inc. (NASDAQ:FENC) Target Price at $15.40

Shares of Adherex Technologies Inc. (NASDAQ:FENC) have been given an average recommendation of “Moderate Buy” by the seven ratings firms that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $15.40.

A number of analysts have issued reports on FENC shares. Zacks Research raised Adherex Technologies from a “strong sell” rating to a “hold” rating in a research report on Monday, May 25th. Wall Street Zen raised Adherex Technologies from a “hold” rating to a “strong-buy” rating in a research report on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adherex Technologies in a research report on Tuesday, April 21st. Wedbush reaffirmed an “outperform” rating and set a $13.00 price objective on shares of Adherex Technologies in a research report on Thursday, April 16th. Finally, HC Wainwright upped their price objective on Adherex Technologies from $13.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, May 22nd.

Adherex Technologies Price Performance

Shares of NASDAQ FENC opened at $9.06 on Monday. The firm has a market cap of $316.08 million, a price-to-earnings ratio of -31.24 and a beta of 1.08. Adherex Technologies has a 52-week low of $5.65 and a 52-week high of $10.45. The business’s 50 day moving average is $8.13 and its two-hundred day moving average is $7.80.

Adherex Technologies (NASDAQ:FENC) last announced its earnings results on Thursday, May 14th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.03. The company had revenue of $15.11 million for the quarter, compared to analyst estimates of $13.90 million. Adherex Technologies had a negative return on equity of 43.87% and a negative net margin of 17.12%. Analysts anticipate that Adherex Technologies will post 0.26 EPS for the current fiscal year.

Insider Buying and Selling at Adherex Technologies

In other news, Director Rosty Raykov sold 10,781 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $6.47, for a total transaction of $69,753.07. Following the sale, the director owned 121,451 shares of the company’s stock, valued at approximately $785,787.97. This represents a 8.15% 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 10.73% of the company’s stock.

Institutional Trading of Adherex Technologies

A hedge fund recently bought a new stake in Adherex Technologies stock. Jane Street Group LLC bought a new position in shares of Adherex Technologies Inc. (NASDAQ:FENC) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 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 quarter. 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.