Adherex Technologies (NASDAQ:FENC) Major Shareholder Southpoint Capital Advisors Lp Sells 19,341 Shares of Stock

Adherex Technologies Inc. (NASDAQ:FENC) major shareholder Southpoint Capital Advisors Lp sold 19,341 shares of the business’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $8.79, for a total transaction of $170,007.39. Following the completion of the transaction, the insider owned 3,744,741 shares of the company’s stock, valued at approximately $32,916,273.39. This trade represents a 0.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Southpoint Capital Advisors Lp also recently made the following trade(s):

• On Monday, November 17th, Southpoint Capital Advisors Lp sold 85,918 shares of Adherex Technologies stock. The stock was sold at an average price of $8.79, for a total transaction of $755,219.22.
• On Friday, November 14th, Southpoint Capital Advisors Lp sold 160,100 shares of Adherex Technologies stock. The stock was sold at an average price of $8.00, for a total transaction of $1,280,800.00.
• On Thursday, October 9th, Southpoint Capital Advisors Lp sold 20,609 shares of Adherex Technologies stock. The shares were sold at an average price of $9.35, for a total value of $192,694.15.
• On Wednesday, October 8th, Southpoint Capital Advisors Lp sold 19,605 shares of Adherex Technologies stock. The stock was sold at an average price of $9.47, for a total transaction of $185,659.35.
• On Tuesday, October 7th, Southpoint Capital Advisors Lp sold 26,900 shares of Adherex Technologies stock. The shares were sold at an average price of $9.59, for a total transaction of $257,971.00.

Adherex Technologies Stock Up 0.6%

FENC traded up $0.05 during trading on Friday, hitting $7.89. 22,145 shares of the stock were exchanged, compared to its average volume of 83,159. The firm has a market capitalization of $221.84 million, a P/E ratio of -18.79 and a beta of 0.71. Adherex Technologies Inc. has a 1-year low of $4.68 and a 1-year high of $9.92. The stock has a fifty day moving average price of $8.63 and a two-hundred day moving average price of $8.35.

Adherex Technologies (NASDAQ:FENC) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.06. The company had revenue of $12.46 million during the quarter, compared to analyst estimates of $13.43 million. Analysts predict that Adherex Technologies Inc. will post -0.11 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Jane Street Group LLC acquired a new position in shares of Adherex Technologies during the 1st quarter valued at $90,000. AQR Capital Management LLC acquired a new position in shares of Adherex Technologies in the first quarter worth about $66,000. Finally, Nuveen LLC purchased a new position in shares of Adherex Technologies in the first quarter worth approximately $158,000. 55.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Craig Hallum upped their price objective on Adherex Technologies from $13.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, August 15th. Zacks Research lowered shares of Adherex Technologies from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Wall Street Zen raised Adherex Technologies from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 15th. HC Wainwright reaffirmed a “buy” rating and set a $13.00 price target on shares of Adherex Technologies in a research note on Thursday, August 21st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Adherex Technologies presently has a consensus rating of “Hold” and an average target price of $13.33.

Adherex Technologies Company Profile

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.