Insider Selling: Adherex Technologies Inc. (NASDAQ:FENC) Director Sells 10,000 Shares of Stock

Key Points

• Adherex Technologies Inc. Director Rosty Raykov sold 10,000 shares at an average price of $8.09, decreasing his position by 15.18% and leaving him with 55,878 shares valued at approximately $452,053.
• The stock offering FENC is currently trading at $8.17, down 1.8%, with a market cap of $227.21 million and a PE ratio of -16.02.
• A number of large investors have increased their stakes in Adherex Technologies, indicating confidence as institutional investors now hold about 55.51% of the stock.

Adherex Technologies Inc. (NASDAQ:FENC - Get Free Report) Director Rosty Raykov sold 10,000 shares of Adherex Technologies stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $8.09, for a total transaction of $80,900.00. Following the transaction, the director directly owned 55,878 shares in the company, valued at approximately $452,053.02. This represents a 15.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

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

• On Thursday, July 3rd, Rosty Raykov sold 10,000 shares of Adherex Technologies stock. The shares were sold at an average price of $8.61, for a total value of $86,100.00.
• On Thursday, June 5th, Rosty Raykov sold 10,000 shares of Adherex Technologies stock. The stock was sold at an average price of $7.78, for a total value of $77,800.00.

Adherex Technologies Price Performance

Shares of NASDAQ FENC traded up $0.26 during trading on Friday, reaching $8.33. 40,739 shares of the stock traded hands, compared to its average volume of 51,738. The stock has a market capitalization of $231.66 million, a P/E ratio of -16.33 and a beta of 0.40. Adherex Technologies Inc. has a 52-week low of $3.96 and a 52-week high of $9.30. The company has a 50-day moving average of $8.35 and a 200-day moving average of $7.06.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.08. The business had revenue of $8.51 million for the quarter, compared to analysts' expectations of $8.18 million. During the same period last year, the company earned $0.41 earnings per share. Analysts expect that Adherex Technologies Inc. will post -0.11 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Bank of America Corp DE lifted its position in shares of Adherex Technologies by 32.1% during the fourth quarter. Bank of America Corp DE now owns 35,827 shares of the company's stock worth $226,000 after acquiring an additional 8,703 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Adherex Technologies by 11.5% during the 4th quarter. BNP Paribas Financial Markets now owns 44,626 shares of the company's stock valued at $282,000 after purchasing an additional 4,610 shares during the period. Barclays PLC lifted its holdings in Adherex Technologies by 13.9% during the 4th quarter. Barclays PLC now owns 35,672 shares of the company's stock worth $225,000 after purchasing an additional 4,353 shares in the last quarter. Solas Capital Management LLC boosted its stake in Adherex Technologies by 17.0% in the 4th quarter. Solas Capital Management LLC now owns 2,250,919 shares of the company's stock worth $14,226,000 after purchasing an additional 327,383 shares during the period. Finally, Wells Fargo & Company MN increased its position in shares of Adherex Technologies by 31.6% during the fourth quarter. Wells Fargo & Company MN now owns 13,152 shares of the company's stock valued at $83,000 after buying an additional 3,155 shares during the period. 55.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Wall Street Zen lowered Adherex Technologies from a "buy" rating to a "hold" rating in a research report on Saturday. HC Wainwright restated a "buy" rating and set a $13.00 price objective on shares of Adherex Technologies in a report on Tuesday, May 20th. Finally, Craig Hallum boosted their target price on shares of Adherex Technologies from $12.00 to $13.00 and gave the company a "buy" rating in a research note on Wednesday, May 14th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Adherex Technologies has a consensus rating of "Buy" and an average price target of $13.00.

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.