Adherex Technologies (NASDAQ:FENC) Now Covered by B. Riley Securities

Equities researchers at B. Riley Securities started coverage on shares of Adherex Technologies (NASDAQ:FENC) in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The firm set a “buy” rating and a $16.00 price target on the stock. B. Riley Securities’ price objective indicates a potential upside of 104.60% from the stock’s current price.

FENC has been the subject of several other research reports. Piper Sandler initiated coverage on Adherex Technologies in a research report on Friday, January 9th. They set an “overweight” rating and a $18.00 target price for the company. Wall Street Zen downgraded shares of Adherex Technologies from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a report on Thursday, January 22nd. Finally, Zacks Research upgraded Adherex Technologies from a “strong sell” rating to a “hold” rating in a report on Friday, December 12th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $14.80.

Adherex Technologies Price Performance

FENC stock opened at $7.82 on Thursday. Adherex Technologies has a 1-year low of $4.68 and a 1-year high of $9.92. The business has a 50 day simple moving average of $7.66 and a two-hundred day simple moving average of $8.24. The company has a market capitalization of $267.60 million, a price-to-earnings ratio of -34.00 and a beta of 0.77.

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

Insiders Place Their Bets

In other news, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of the stock in a transaction dated Wednesday, December 24th. The shares were sold at an average price of $7.50, for a total transaction of $7,500,000.00. Following the sale, the insider owned 2,744,741 shares of the company’s stock, valued at approximately $20,585,557.50. This represents a 26.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rosty Raykov sold 10,349 shares of the business’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $7.76, for a total value of $80,308.24. Following the transaction, the director directly owned 98,477 shares of the company’s stock, valued at $764,181.52. The trade was a 9.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,285,708 shares of company stock worth $9,861,735 in the last 90 days. Company insiders own 11.76% of the company’s stock.

Hedge Funds Weigh In On Adherex Technologies

A hedge fund recently bought a new stake in Adherex Technologies stock. AQR Capital Management LLC bought a new stake in Adherex Technologies Inc. (NASDAQ:FENC) during the first quarter, according to its most recent disclosure with the SEC. The firm bought 10,897 shares of the company’s stock, valued at approximately $66,000. 55.51% of the stock is 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.