Adherex Technologies (NASDAQ:FENC) Research Coverage Started at Piper Sandler

Piper Sandler assumed coverage on shares of Adherex Technologies (NASDAQ:FENC) in a research note published on Friday, Marketbeat.com reports. The firm issued an overweight rating and a $18.00 price target on the stock.

Other equities research analysts have also issued reports about the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a research note on Wednesday, October 8th. Wall Street Zen upgraded Adherex Technologies from a “buy” rating to a “strong-buy” rating in a research report on Saturday, December 13th. Finally, Zacks Research raised Adherex Technologies from a “strong sell” rating to a “hold” rating in a research report on Friday, December 12th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.50.

Adherex Technologies Stock Performance

FENC opened at $7.77 on Friday. The company’s 50-day simple moving average is $7.79 and its two-hundred day simple moving average is $8.38. The stock has a market capitalization of $265.37 million, a P/E ratio of -33.78 and a beta of 0.78. Adherex Technologies has a 52-week low of $4.68 and a 52-week high of $9.92.

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

Insider Transactions at Adherex Technologies

In related news, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 24th. The stock was sold at an average price of $7.50, for a total transaction of $7,500,000.00. Following the completion of the transaction, the insider directly owned 2,744,741 shares in the company, valued at approximately $20,585,557.50. The trade was a 26.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Rosty Raykov sold 10,000 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $7.54, for a total transaction of $75,400.00. Following the completion of the sale, the director directly owned 77,526 shares of the company’s stock, valued at $584,546.04. This represents a 11.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 1,285,359 shares of company stock valued at $9,862,427. Company insiders own 11.76% of the company’s stock.

Hedge Funds Weigh In On Adherex Technologies

An institutional investor recently bought a new position in Adherex Technologies stock. AQR Capital Management LLC acquired a new position in Adherex Technologies Inc. (NASDAQ:FENC) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 10,897 shares of the company’s stock, valued at approximately $66,000. 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.