Adherex Technologies (NASDAQ:FENC) Releases Earnings Results, Misses Expectations By $0.05 EPS

Key Points

• Adherex Technologies reported an earnings per share (EPS) of ($0.11), missing the analysts' consensus estimate of ($0.06) by $0.05, despite exceeding revenue expectations with $9.76 million.
• The company's stock traded down 2.0% to $8.36 following the earnings announcement, with a market capitalization of $232.49 million.
• Insider trading activity included Director Rosty Raykov selling 10,000 shares, resulting in a 15.18% decrease in ownership, while CEO Jeffrey S. Hackman increased his stake by 1,349.28% through a recent purchase.

Adherex Technologies (NASDAQ:FENC - Get Free Report) announced its earnings results on Thursday. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.05), Zacks reports. The firm had revenue of $9.76 million during the quarter, compared to analyst estimates of $9.52 million.

Adherex Technologies Trading Down 2.0%

NASDAQ:FENC traded down $0.17 on Friday, hitting $8.36. The company had a trading volume of 70,817 shares, compared to its average volume of 77,845. The firm has a 50 day moving average of $8.42 and a two-hundred day moving average of $7.15. The stock has a market capitalization of $232.49 million, a price-to-earnings ratio of -16.39 and a beta of 0.40. Adherex Technologies has a 52 week low of $3.96 and a 52 week high of $9.42.

Insider Buying and Selling at Adherex Technologies

In other news, Director Rosty Raykov sold 10,000 shares of the stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $8.09, for a total transaction of $80,900.00. Following the completion of the sale, the director directly owned 55,878 shares in the company, valued at $452,053.02. This represents a 15.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jeffrey S. Hackman acquired 13,965 shares of the company's stock in a transaction on Monday, May 19th. The stock was acquired at an average cost of $6.99 per share, for a total transaction of $97,615.35. Following the completion of the purchase, the chief executive officer directly owned 15,000 shares of the company's stock, valued at approximately $104,850. This represents a 1,349.28% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 31,119 shares of company stock valued at $254,546. 11.76% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Adherex Technologies

A hedge fund recently bought a new stake in Adherex Technologies stock. AQR Capital Management LLC acquired a new stake in shares of Adherex Technologies Inc. (NASDAQ:FENC - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 10,897 shares of the company's stock, valued at approximately $66,000. 55.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on FENC shares. Wall Street Zen downgraded Adherex Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. HC Wainwright reaffirmed a "buy" rating and issued a $13.00 price target on shares of Adherex Technologies in a research note on Tuesday, May 20th. Finally, Craig Hallum lifted their target price on Adherex Technologies from $13.00 to $14.00 and gave the stock a "buy" rating in a research report on Friday. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Adherex Technologies presently has an average rating of "Buy" 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.

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