Adherex Technologies (NASDAQ:FENC) Stock Rating Raised to “Strong-Buy” at Zacks Research

Adherex Technologies (NASDAQ:FENC) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday, Zacks reports.

A number of other analysts also recently weighed in on the company. HC Wainwright reiterated a “buy” rating and set a $16.00 target price on shares of Adherex Technologies in a research report on Wednesday, September 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Adherex Technologies in a research report on Thursday, October 15th. Wedbush boosted their price target on Adherex Technologies from $13.00 to $16.00 and gave the company an “outperform” rating in a research note on Wednesday, August 12th. Finally, B. Riley Financial reaffirmed a “buy” rating and issued a $18.00 price target (up from $16.00) on shares of Adherex Technologies in a research note on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $17.00.

Adherex Technologies Stock Performance

Shares of NASDAQ FENC traded up $0.72 during midday trading on Thursday, reaching $11.62. The company’s stock had a trading volume of 461,196 shares, compared to its average volume of 155,058. The company has a market cap of $409.20 million, a P/E ratio of 1,162.00 and a beta of 1.29. The business’s 50 day moving average price is $10.64 and its two-hundred day moving average price is $9.36. Adherex Technologies has a fifty-two week low of $5.65 and a fifty-two week high of $13.25.

Adherex Technologies (NASDAQ:FENC) last issued its quarterly earnings results on Thursday, November 12th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. Adherex Technologies had a return on equity of 9.58% and a net margin of 2.52%. The business had revenue of $19.61 million for the quarter, compared to the consensus estimate of $18.87 million. Sell-side analysts forecast that Adherex Technologies will post 0.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Pierre Sargis Sayad sold 12,000 shares of Adherex Technologies stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $12.18, for a total value of $146,160.00. Following the transaction, the insider directly owned 9,519 shares of the company’s stock, valued at $115,941.42. This trade represents a 55.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Robert Andrade sold 75,000 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $11.78, for a total transaction of $883,500.00. Following the transaction, the chief financial officer owned 217,675 shares of the company’s stock, valued at approximately $2,564,211.50. This represents a 25.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 10.73% of the company’s stock.

Adherex Technologies Company Profile

Adherex Technologies was a biotechnology company focused on developing treatments for cancer. In 2014, the company changed its name to Fennec Pharmaceuticals Inc.; Fennec later adopted the Nasdaq ticker FENC. Fennec is a commercial-stage biopharmaceutical company focused on therapies that address complications of cancer treatment. Its principal product is PEDMARK, a sodium thiosulfate injection approved in the United States to reduce the risk of cisplatin-related hearing damage in certain pediatric patients with cancer.