Adherex Technologies Inc. (NASDAQ:FENC) has been assigned a consensus rating of “Hold” from five brokerage firms currently covering the company, according to MarketBeat.com. This rating reflects a mix of opinions from analysts, with one recommending a sell, one suggesting a hold, and three issuing buy recommendations.
The average price target for Adherex Technologies among these brokers is set at $13.33 for the next twelve months. Recently, analysts have provided varying insights into the company’s performance. For instance, on December 12, Zacks Research upgraded Adherex Technologies from a “strong sell” to a “hold” rating. Conversely, Weiss Ratings reiterated a “sell (d-)” rating on October 8, 2023, while Wall Street Zen elevated the stock from a “buy” to a “strong buy” on December 13, 2023.
Quarterly Earnings Report Highlights
Adherex Technologies announced its quarterly earnings on November 13, 2023. The company reported an earnings per share (EPS) of ($0.02), surpassing the consensus estimate of ($0.08) by $0.06. However, its revenue for the quarter was $12.46 million, falling short of the consensus estimate of $13.43 million. Analysts predict that the company will post an EPS of ($0.11) for the current fiscal year.
Insider Trading Activity
In recent developments related to insider trading, major shareholder Southpoint Capital Advisors Lp sold 19,341 shares of Adherex stock on November 18, 2023, at an average price of $8.79, resulting in a total transaction value of $170,007.39. Following this transaction, the firm’s ownership decreased by 0.51%, leaving them with 3,744,741 shares valued at approximately $32.92 million.
Additionally, Director Rosty Raykov sold 10,000 shares on December 5, 2023, at an average price of $7.54, totaling $75,400. Post-sale, Raykov holds 77,526 shares, valued at around $584,546.04, marking an 11.43% reduction in his holdings. In total, insiders sold 364,248 shares over the past ninety days, amounting to $3.11 million, with insiders currently holding 10.98% of the company’s stock.
Institutional Investors Make Moves
Recent activity among institutional investors indicates a shift in holdings for Adherex Technologies. In the first quarter, AQR Capital Management LLC acquired a new stake valued at approximately $66,000. Jane Street Group LLC also made a new investment in the same quarter worth $90,000, while Nuveen LLC purchased a position valued at $158,000. Currently, institutional investors own 55.51% of the company’s stock.
Adherex Technologies, which rebranded as Fennec Pharmaceuticals Inc. in September 2014, focuses on developing biopharmaceutical products aimed at treating cancer. Its flagship product, Sodium Thiosulfate, has successfully completed a Phase III clinical trial for preventing cisplatin-induced hearing loss in children. Founded in 1996, the company operates out of Research Triangle Park, North Carolina.
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