Adherex Technologies (NASDAQ:FENC) Announces Quarterly Earnings Results

Adherex Technologies (NASDAQ:FENC) announced its earnings results on Thursday. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.18), Zacks reports.

Adherex Technologies Trading Down 1.2%

Shares of NASDAQ FENC opened at $7.69 on Friday. The stock has a market cap of $215.80 million, a P/E ratio of -18.31 and a beta of 0.71. The business’s fifty day simple moving average is $8.71 and its 200-day simple moving average is $8.27. Adherex Technologies has a 12-month low of $3.96 and a 12-month high of $9.92.

Analysts Set New Price Targets

Several equities analysts have recently commented on FENC shares. Craig Hallum upped their price objective on shares of Adherex Technologies from $13.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, August 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a research report on Wednesday, October 8th. HC Wainwright restated a “buy” rating and set a $13.00 price target on shares of Adherex Technologies in a research report on Thursday, August 21st. Wall Street Zen raised Adherex Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, November 1st. Finally, Zacks Research lowered Adherex Technologies from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.33.

Insider Transactions at Adherex Technologies

In other news, major shareholder Southpoint Capital Advisors Lp sold 20,609 shares of Adherex Technologies stock in a transaction dated Thursday, October 9th. The stock was sold at an average price of $9.35, for a total value of $192,694.15. Following the completion of the transaction, the insider owned 4,010,100 shares in the company, valued at approximately $37,494,435. This trade represents a 0.51% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Rosty Raykov sold 10,000 shares of the business’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $8.10, for a total value of $81,000.00. Following the transaction, the director directly owned 82,318 shares of the company’s stock, valued at approximately $666,775.80. This represents a 10.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 88,889 shares of company stock worth $831,526 in the last ninety days. 10.98% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Adherex Technologies

A hedge fund recently bought a new stake in Adherex Technologies stock. AQR Capital Management LLC acquired a new stake in Adherex Technologies Inc. (NASDAQ:FENC) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 10,897 shares of the company’s stock, valued at approximately $66,000. 55.51% of the stock is currently owned by hedge funds and other institutional investors.

About Adherex Technologies

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.