Adherex Technologies (NASDAQ:FENC) Director Rosty Raykov Sells 10,000 Shares

Adherex Technologies Inc. (NASDAQ:FENC) Director Rosty Raykov sold 10,000 shares of the stock in a transaction on Friday, December 5th. The stock was sold at an average price of $7.54, for a total transaction of $75,400.00. Following the completion of the sale, the director directly owned 77,526 shares of the company’s stock, valued at approximately $584,546.04. This trade represents a 11.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Rosty Raykov also recently made the following trade(s):

• On Wednesday, November 5th, Rosty Raykov sold 10,000 shares of Adherex Technologies stock. The stock was sold at an average price of $8.10, for a total value of $81,000.00.
• On Monday, October 6th, Rosty Raykov sold 10,000 shares of Adherex Technologies stock. The stock was sold at an average price of $9.78, for a total value of $97,800.00.

Adherex Technologies Stock Down 3.0%

NASDAQ FENC traded down $0.23 during trading hours on Friday, reaching $7.55. The company’s stock had a trading volume of 71,135 shares, compared to its average volume of 87,097. Adherex Technologies Inc. has a 1 year low of $4.68 and a 1 year high of $9.92. The firm’s 50-day moving average price is $8.46 and its 200-day moving average price is $8.45. The company has a market capitalization of $257.76 million, a price-to-earnings ratio of -32.83 and a beta of 0.75.

Adherex Technologies (NASDAQ:FENC) last released its earnings results on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.06. The company had revenue of $12.46 million during the quarter, compared to analysts’ expectations of $13.43 million. Equities research analysts anticipate that Adherex Technologies Inc. will post -0.11 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Nuveen LLC bought a new position in shares of Adherex Technologies during the first quarter valued at approximately $158,000. Jane Street Group LLC purchased a new stake in Adherex Technologies in the first quarter worth $90,000. Finally, AQR Capital Management LLC purchased a new stake in Adherex Technologies in the first quarter worth $66,000. Hedge funds and other institutional investors own 55.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. HC Wainwright restated a “buy” rating and set a $13.00 price objective on shares of Adherex Technologies in a research report on Thursday, August 21st. Craig Hallum boosted their price target on shares of Adherex Technologies from $13.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, August 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a research note on Wednesday, October 8th. Zacks Research lowered Adherex Technologies from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. Finally, Wall Street Zen cut Adherex Technologies from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 23rd. Three investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $13.33.

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.