Adherex Technologies (NASDAQ:FENC) Major Shareholder Southpoint Capital Advisors Lp Sells 26,900 Shares

Key Points

• Southpoint Capital Advisors Lp, a major shareholder of Adherex Technologies, sold 26,900 shares at an average price of $9.59, totaling approximately $257,971, which reflects a 0.66% decrease in their ownership.
• Following the recent share sales, Southpoint Capital still owns 4,050,314 shares of Adherex Technologies, valued at around $38.84 million.
• The shares of Adherex Technologies traded up 1.2% to $9.33, with a market cap of $260.40 million and an average target price of $13.33 according to analysts.

Adherex Technologies Inc. (NASDAQ:FENC - Get Free Report) major shareholder Southpoint Capital Advisors Lp sold 26,900 shares of the stock in a transaction that occurred on Tuesday, October 7th. The shares were sold at an average price of $9.59, for a total transaction of $257,971.00. Following the completion of the sale, the insider directly owned 4,050,314 shares of the company's stock, valued at approximately $38,842,511.26. This trade represents a 0.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

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

• 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 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.

Adherex Technologies Trading Up 1.2%

FENC stock traded up $0.11 on Thursday, hitting $9.33. The company's stock had a trading volume of 67,251 shares, compared to its average volume of 77,973. The stock has a market cap of $260.40 million, a price-to-earnings ratio of -22.21 and a beta of 0.64. The firm has a 50 day moving average of $8.77 and a two-hundred day moving average of $7.74. Adherex Technologies Inc. has a 1 year low of $3.96 and a 1 year high of $9.92.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last released its quarterly earnings data 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 business had revenue of $9.76 million during the quarter, compared to analysts' expectations of $9.52 million. As a group, equities analysts forecast that Adherex Technologies Inc. will post -0.11 EPS for the current fiscal year.

Hedge Funds Weigh In On Adherex Technologies

Several institutional investors and hedge funds have recently made changes to their positions in FENC. AQR Capital Management LLC bought a new position in shares of Adherex Technologies in the first quarter worth approximately $66,000. Jane Street Group LLC bought a new position in Adherex Technologies in the 1st quarter valued at approximately $90,000. Nuveen LLC bought a new position in Adherex Technologies in the 1st quarter valued at approximately $158,000. Bank of America Corp DE lifted its position in Adherex Technologies by 32.1% in the 4th quarter. Bank of America Corp DE now owns 35,827 shares of the company's stock valued at $226,000 after acquiring an additional 8,703 shares in the last quarter. Finally, AIGH Capital Management LLC bought a new stake in shares of Adherex Technologies in the first quarter worth approximately $2,199,000. Institutional investors own 55.51% of the company's stock.

Analyst Ratings Changes

FENC has been the subject of a number of recent analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Adherex Technologies in a research report on Wednesday. Wall Street Zen upgraded Adherex Technologies from a "hold" rating to a "buy" rating in a research note on Friday, October 3rd. Zacks Research downgraded Adherex Technologies from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. Craig Hallum increased their price objective on shares of Adherex Technologies from $13.00 to $14.00 and gave the stock a "buy" rating in a research note on Friday, August 15th. Finally, HC Wainwright reissued a "buy" rating and issued a $13.00 price objective on shares of Adherex Technologies in a research note on Thursday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus 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.

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