Adherex Technologies’ (FENC) “Buy” Rating Reiterated at HC Wainwright

Adherex Technologies (NASDAQ:FENC)‘s stock had its “buy” rating restated by HC Wainwright in a note issued to investors on Wednesday, Benzinga reports. They currently have a $16.00 price objective on the stock. HC Wainwright’s target price points to a potential upside of 28.51% from the stock’s current price.

A number of other equities analysts also recently weighed in on the stock. Wedbush boosted their target price on shares of Adherex Technologies from $13.00 to $16.00 and gave the stock an “outperform” rating in a report on Wednesday, August 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a research note on Friday, July 17th. Zacks Research upgraded Adherex Technologies from a “strong sell” rating to a “hold” rating in a research note on Monday, May 25th. Wall Street Zen raised shares of Adherex Technologies from a “hold” rating to a “strong-buy” rating in a research report on Saturday, May 16th. Finally, B. Riley Financial reaffirmed a “buy” rating and set a $18.00 target price (up from $16.00) on shares of Adherex Technologies in a report on Wednesday, August 12th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $17.00.

Adherex Technologies Price Performance

Shares of NASDAQ:FENC opened at $12.45 on Wednesday. The company’s 50-day moving average price is $11.07 and its two-hundred day moving average price is $9.11. Adherex Technologies has a one year low of $5.65 and a one year high of $13.25. The stock has a market capitalization of $436.50 million, a PE ratio of -95.77 and a beta of 1.10.

Adherex Technologies (NASDAQ:FENC) last released its earnings results on Thursday, August 13th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.03. Adherex Technologies had a negative return on equity of 5.71% and a negative net margin of 6.09%.The business had revenue of $17.87 million for the quarter, compared to the consensus estimate of $16.21 million. On average, analysts anticipate that Adherex Technologies will post 0.29 earnings per share for the current fiscal year.

Insider Activity

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

Hedge Funds Weigh In On Adherex Technologies

A hedge fund recently bought a new stake in Adherex Technologies stock. AQR Capital Management LLC acquired a new position in shares of Adherex Technologies Inc. (NASDAQ:FENC) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 10,897 shares of the company’s stock, valued at approximately $66,000. 55.51% of the stock is currently owned by institutional investors and hedge funds.

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.