Adherex Technologies (NASDAQ:FENC) has received a downgrade from Wall Street Zen, which shifted its rating from “buy” to “hold” in a research report released on October 8, 2023. This decision comes amid a series of mixed evaluations from other financial analysts regarding the company’s stock performance.
Several research firms have recently issued their assessments on Adherex Technologies. Weiss Ratings maintained a “sell (d-)” rating in a report also published on October 8. In contrast, Craig Hallum raised its price target for the company from $13.00 to $14.00, while assigning a “buy” rating on August 15, 2023. Meanwhile, Zacks Research downgraded the stock from “hold” to “strong sell” in a report on October 14. HC Wainwright, however, reaffirmed its “buy” rating and set a price objective of $13.00 in a report dated August 21.
Overall, one analyst has rated Adherex Technologies with a “Strong Buy,” three have given it a “Buy” rating, and two have issued a “Sell” rating. According to data from MarketBeat.com, the company currently holds a consensus rating of “Moderate Buy” with an average price target of $13.33.
Recent Financial Performance
Adherex Technologies reported its latest earnings results on August 14, 2023. The company posted a loss of ($0.11) earnings per share (EPS), falling short of the consensus estimate of ($0.06) by ($0.05). The firm recorded revenues of $9.76 million for the quarter, surpassing analysts’ expectations of $9.52 million. Analysts project that Adherex Technologies will report an EPS of ($0.11) for the current fiscal year.
Insider Activity and Institutional Investment
In related news, Director Rosty Raykov sold 10,000 shares of Adherex Technologies stock on October 6, 2023, at an average price of $9.78, totaling $97,800. Post-sale, Raykov holds 82,501 shares valued at approximately $806,859.78, marking a 10.81% decrease in his holdings.
Additionally, major shareholder Southpoint Capital Advisors Lp sold 26,900 shares on October 7, 2023, at an average price of $9.59, amounting to $257,971. Following this transaction, Southpoint retains 4,050,314 shares, valued at about $38,842,511.26, representing a 0.66% decrease in their position. In total, insiders have sold 88,889 shares of the company in the past 90 days, amounting to $831,426. Currently, company insiders own 10.98% of the stock.
A number of institutional investors have recently adjusted their positions in Adherex Technologies. AIGH Capital Management LLC acquired a new stake valued at approximately $2,199,000 in the first quarter. Other firms, including Nuveen LLC and AQR Capital Management LLC, have also made new investments, with stakes of approximately $158,000 and $66,000, respectively. Institutional ownership now comprises 55.51% of the company’s stock.
Adherex Technologies, which focuses on developing biopharmaceutical products for cancer treatment, is currently advancing its lead product candidate, Sodium Thiosulfate. This candidate has completed Phase III clinical trials aimed at preventing cisplatin-induced hearing loss in children.
Investors and analysts continue to monitor the company’s stock closely as it navigates these financial assessments and market movements.
