Insider Selling: Adherex Technologies (NASDAQ:FENC) Major Shareholder Sells $755,219.22 in Stock

Adherex Technologies Inc. (NASDAQ:FENC) major shareholder Southpoint Capital Advisors Lp sold 85,918 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $8.79, for a total transaction of $755,219.22. Following the sale, the insider owned 3,764,082 shares of the company’s stock, valued at $33,086,280.78. This represents a 2.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

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

• On Friday, November 14th, Southpoint Capital Advisors Lp sold 160,100 shares of Adherex Technologies stock. The shares were 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 stock was sold at an average price of $9.35, for a total transaction of $192,694.15.
• On Wednesday, October 8th, Southpoint Capital Advisors Lp sold 19,605 shares of Adherex Technologies stock. The shares were 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 stock was sold at an average price of $9.59, for a total value of $257,971.00.

Adherex Technologies Stock Performance

FENC opened at $8.18 on Thursday. Adherex Technologies Inc. has a one year low of $4.21 and a one year high of $9.92. The stock has a market capitalization of $230.00 million, a P/E ratio of -19.48 and a beta of 0.71. The business’s 50-day simple moving average is $8.66 and its 200-day simple moving average is $8.35.

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

Analysts Set New Price Targets

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

Institutional Trading of Adherex Technologies

Hedge funds have recently made changes to their positions in the company. AIGH Capital Management LLC purchased a new stake in shares of Adherex Technologies in the first quarter valued at about $2,199,000. Nuveen LLC acquired a new stake in Adherex Technologies in the first quarter valued at about $158,000. Jane Street Group LLC purchased a new stake in Adherex Technologies in the 1st quarter valued at approximately $90,000. Finally, AQR Capital Management LLC acquired a new position in Adherex Technologies during the 1st quarter worth approximately $66,000. Institutional investors and hedge funds own 55.51% of the company’s stock.

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.