Adherex Technologies Inc. (NASDAQ:FENC) has been given an average rating of “Hold” by analysts following the company. According to MarketBeat.com, five ratings firms currently cover the stock, with one analyst recommending a sell, one holding, and three suggesting a buy. The consensus 12-month price target stands at approximately $13.33.
Recent analyst reports have provided a mixed view of Adherex Technologies. Zacks Research elevated its rating from “strong sell” to “hold” on December 12, 2023. In contrast, Weiss Ratings maintained a “sell (d-)” rating on October 8, 2023. Meanwhile, Wall Street Zen upgraded the stock from a “buy” to a “strong buy” on December 13, 2023. These changes reflect varying opinions on the company’s market performance and potential.
Quarterly Earnings and Insider Activity
On November 13, 2023, Adherex Technologies released its quarterly earnings report, revealing an earnings per share (EPS) of ($0.02). This figure surpassed analysts’ consensus estimate of ($0.08) by $0.06. The company’s revenue for the quarter was reported at $12.46 million, falling short of the expected $13.43 million. Analysts predict that Adherex Technologies is likely to report an EPS of ($0.11) for the current fiscal year.
In addition to earnings reports, significant insider trading activity has been noted. On November 18, 2023, major shareholder Southpoint Capital Advisors Lp sold 19,341 shares at an average price of $8.79, totaling approximately $170,007.39. Following this transaction, the firm holds 3,744,741 shares, valued at about $32.92 million, representing a reduction of 0.51% in their holdings.
On December 5, 2023, Director Rosty Raykov sold 10,000 shares at an average price of $7.54, amounting to $75,400. After this sale, Raykov’s remaining shares total 77,526, valued at approximately $584,546. In total, insiders sold 364,248 shares valued at $3.11 million over the past ninety days, with insiders owning 10.98% of the company’s stock.
Institutional Investors Show Interest
Recent activity among institutional investors has also influenced Adherex Technologies. AQR Capital Management LLC acquired a new stake worth about $66,000 during the first quarter. Similarly, Jane Street Group LLC purchased shares valued at $90,000, and Nuveen LLC acquired a stake worth $158,000 in the same period. Currently, institutional investors own approximately 55.51% of the company’s stock.
Founded in 1996 and based in Research Triangle Park, North Carolina, Adherex Technologies is now known as Fennec Pharmaceuticals Inc. The biopharmaceutical company focuses on developing treatment candidates for cancer, with its lead product being Sodium Thiosulfate, which has completed Phase III clinical trials aimed at preventing cisplatin-induced hearing loss in children.
As the company navigates its current financial landscape, the mixed ratings and insider trading activity suggest a period of cautious observation for potential investors.
