Adherex Technologies Shares Downgraded Amid Mixed Analyst Ratings

Wall Street Zen has downgraded shares of Adherex Technologies (NASDAQ:FENC) from a buy rating to a hold rating, according to a research report published on October 7, 2023. This adjustment comes amidst a backdrop of mixed assessments from various analysts regarding the stock’s performance and potential.

Analyst Ratings Overview

Several research firms have recently provided insights on Adherex Technologies. Weiss Ratings reaffirmed a “sell (D-)” rating on October 8, while Craig Hallum raised its price target from $13.00 to $14.00, maintaining a buy rating on August 15. Meanwhile, Zacks Research lowered its rating from “hold” to “strong sell” on October 14. Notably, HC Wainwright retained a buy rating and set a price objective of $13.00 on August 21. Currently, one analyst rates the stock as a Strong Buy, three have given it a Buy rating, and two have issued Sell ratings, resulting in a consensus rating of “Moderate Buy” with an average price target of $13.33, according to data from MarketBeat.com.

Recent Earnings and Insider Transactions

In its latest earnings report released on August 14, Adherex Technologies posted a loss of $0.11 earnings per share (EPS), falling short of the consensus estimate of $0.06 by $0.05. The company reported revenue of $9.76 million, surpassing analysts’ expectations of $9.52 million. Analysts project that Adherex Technologies will continue to face challenges, forecasting an EPS of $-0.11 for the current fiscal year.

In related news, Director Rosty Raykov sold 10,000 shares of the company’s stock on October 6 at an average price of $9.78, totaling $97,800. This sale reduced Raykov’s holdings to 82,501 shares, valued at approximately $806,859.78. Additionally, major shareholder Southpoint Capital Advisors LP sold 26,900 shares at an average price of $9.59, amounting to $257,971. Following this transaction, Southpoint Capital owns 4,050,314 shares, valued at around $38,842,511.26. Over the past 90 days, insiders have sold 88,889 shares worth approximately $831,426, with company insiders owning 10.98% of the stock.

Institutional Investor Activity

Institutional investors are significantly involved in Adherex Technologies as well. Recent reports indicate that AIGH Capital Management LLC acquired a new stake worth approximately $2.2 million during the first quarter. Other firms, including Nuveen LLC and AQR Capital Management LLC, also established new stakes in the company, valued at approximately $158,000 and $66,000, respectively. Currently, institutional investors hold 55.51% of the company’s stock.

Adherex Technologies is a biopharmaceutical company that focuses on developing products to treat cancer. Its lead candidate, Sodium Thiosulfate, has successfully completed a Phase III clinical trial aimed at preventing cisplatin-induced hearing loss in children.

As market dynamics evolve, stakeholders are urged to closely monitor these developments, particularly in light of the mixed ratings and ongoing insider transactions affecting Adherex Technologies.