Adherex Technologies (NASDAQ:FENC) Upgraded to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Adherex Technologies (NASDAQ:FENC) from a buy rating to a strong-buy rating in a research report released on Saturday morning.

Other analysts have also recently issued research reports about the stock. Craig Hallum boosted their target price on shares of Adherex Technologies from $13.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, August 15th. Zacks Research cut shares of Adherex Technologies from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a report on Wednesday, October 8th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $13.00 price target on shares of Adherex Technologies in a report on Thursday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.33.

Adherex Technologies Price Performance

Adherex Technologies stock traded up $0.17 during trading hours on Friday, hitting $7.86. 911,773 shares of the stock traded hands, compared to its average volume of 80,461. Adherex Technologies has a 1 year low of $3.96 and a 1 year high of $9.92. The stock has a market capitalization of $220.89 million, a price-to-earnings ratio of -18.71 and a beta of 0.71. The firm’s 50 day moving average price is $8.69 and its 200-day moving average price is $8.30.

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

Insider Activity

In other news, Director Rosty Raykov sold 10,000 shares of Adherex Technologies stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $8.10, for a total transaction of $81,000.00. Following the completion of the sale, the director directly owned 82,318 shares in the company, valued at approximately $666,775.80. This trade represents a 10.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Southpoint Capital Advisors Lp sold 26,900 shares of the firm’s stock in a transaction on Tuesday, October 7th. The shares were sold at an average price of $9.59, for a total value of $257,971.00. Following the completion of the transaction, the insider owned 4,050,314 shares of the company’s stock, valued at approximately $38,842,511.26. This represents a 0.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 88,889 shares of company stock worth $831,526 over the last 90 days. 11.76% of the stock is currently owned by company insiders.

Institutional Trading of Adherex Technologies

Institutional investors have recently modified their holdings of the company. Jane Street Group LLC purchased a new position in Adherex Technologies in the first quarter valued at about $90,000. AQR Capital Management LLC acquired a new position in Adherex Technologies during the 1st quarter worth approximately $66,000. Nuveen LLC purchased a new position in Adherex Technologies in the 1st quarter worth approximately $158,000. Finally, AIGH Capital Management LLC purchased a new position in Adherex Technologies in the 1st quarter worth approximately $2,199,000. Hedge funds and other institutional investors own 55.51% of the company’s stock.

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.