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

Shares of Adherex Technologies Inc. (NASDAQ:FENC) have received a consensus rating of “Moderate Buy” from the seven ratings firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, four have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $15.40.

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

Insider Buying and Selling

In other Adherex Technologies news, Director Rosty Raykov sold 10,781 shares of the business’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 transaction, the director owned 121,451 shares of the company’s stock, valued at approximately $785,787.97. The trade was a 8.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 10.73% of the company’s stock.

Hedge Funds Weigh In On Adherex Technologies

A hedge fund recently bought a new position in Adherex Technologies stock. AQR Capital Management LLC bought a new position in shares of Adherex Technologies Inc. (NASDAQ:FENC) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 10,897 shares of the company’s stock, valued at approximately $66,000. Institutional investors own 55.51% of the company’s stock.

Adherex Technologies Stock Up 3.8%

Shares of NASDAQ:FENC opened at $11.16 on Friday. The stock has a market cap of $389.37 million, a P/E ratio of -38.48 and a beta of 1.07. Adherex Technologies has a 52-week low of $5.65 and a 52-week high of $11.31. The business’s 50 day moving average is $9.51 and its 200 day moving average is $8.15.

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

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.