Adherex Technologies (NASDAQ:FENC) Major Shareholder Sells $192,694.15 in Stock

Key Points

• Major shareholder Southpoint Capital Advisors sold 20,609 shares of Adherex Technologies for $192,694.15, decreasing their position by 0.51% and leaving them with approximately $37.5 million in shares.
• Adherex Technologies reported a loss of ($0.11) earnings per share for the most recent quarter, missing the consensus estimate, although they generated $9.76 million in revenue, slightly exceeding expectations.
• Analyst ratings for Adherex Technologies vary, with the consensus being a "Moderate Buy" and an average price target of $13.33, reflecting differing opinions among research firms.

Adherex Technologies Inc. (NASDAQ:FENC - Get Free Report) major shareholder Southpoint Capital Advisors Lp sold 20,609 shares of the firm's stock in a transaction dated Thursday, October 9th. The shares were sold at an average price of $9.35, for a total value of $192,694.15. Following the transaction, the insider owned 4,010,100 shares of the company's stock, valued at approximately $37,494,435. The trade was a 0.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 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 value 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 Performance

NASDAQ:FENC traded up $0.11 during trading hours on Thursday, reaching $9.33. The company's stock had a trading volume of 67,251 shares, compared to its average volume of 77,973. The company has a market capitalization of $260.40 million, a P/E ratio of -22.21 and a beta of 0.64. Adherex Technologies Inc. has a 12 month low of $3.96 and a 12 month high of $9.92. The stock has a 50 day moving average price of $8.77 and a two-hundred day moving average price of $7.74.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last released its earnings results on Thursday, August 14th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.05). The company had revenue of $9.76 million during the quarter, compared to analysts' expectations of $9.52 million. As a group, analysts predict that Adherex Technologies Inc. will post -0.11 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have commented on FENC. Weiss Ratings reiterated a "sell (d-)" rating on shares of Adherex Technologies in a report on Wednesday. HC Wainwright reiterated a "buy" rating and set a $13.00 price target on shares of Adherex Technologies in a research note on Thursday, August 21st. 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. Zacks Research downgraded shares of Adherex Technologies from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. Finally, Wall Street Zen raised shares of Adherex Technologies from a "hold" rating to a "buy" rating in a report on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $13.33.

Institutional Trading of Adherex Technologies

Several large investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC bought a new stake in shares of Adherex Technologies during the 1st quarter worth $66,000. Jane Street Group LLC acquired a new position in shares of Adherex Technologies in the 1st quarter valued at $90,000. Nuveen LLC bought a new stake in shares of Adherex Technologies in the 1st quarter worth about $158,000. Bank of America Corp DE grew its holdings in Adherex Technologies by 32.1% during the 4th 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 during the last quarter. Finally, AIGH Capital Management LLC bought a new stake in Adherex Technologies during the 1st quarter worth about $2,199,000. 55.51% of the stock is owned by 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.

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