Adherex Technologies (NASDAQ:FENC) Shares Down 1.4% After Insider Selling

Key Points

• Adherex Technologies shares fell by 1.4% following a significant insider sale, where Director Rosty Raykov sold 10,000 shares at an average price of $9.78, reducing his stake by 10.81%.
• Analysts have mixed ratings on the stock, with HC Wainwright setting a price target of $13.00, while Zacks Research downgraded it to a "hold" rating.
• The company reported a quarterly EPS of ($0.11), missing analyst expectations, but exceeded revenue forecasts with $9.76 million, compared to estimates of $9.52 million.

Adherex Technologies Inc. (NASDAQ:FENC - Get Free Report) fell 1.4% on Monday following insider selling activity. The company traded as low as $9.63 and last traded at $9.74. 83,931 shares traded hands during mid-day trading, a decline of 5% from the average session volume of 88,623 shares. The stock had previously closed at $9.88.

Specifically, Director Rosty Raykov sold 10,000 shares of the business's stock in a transaction on Monday, October 6th. The stock was sold at an average price of $9.78, for a total value of $97,800.00. Following the sale, the director owned 82,501 shares in the company, valued at approximately $806,859.78. The trade was a 10.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analysts Set New Price Targets

Several research firms have recently commented on FENC. 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. Wall Street Zen upgraded Adherex Technologies from a "hold" rating to a "buy" rating in a report on Friday. Craig Hallum upped their price target on Adherex Technologies from $13.00 to $14.00 and gave the stock a "buy" rating in a report on Friday, August 15th. Zacks Research cut Adherex Technologies from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Adherex Technologies in a report on Saturday, September 27th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Adherex Technologies has an average rating of "Moderate Buy" and a consensus price target of $13.33.

Adherex Technologies Stock Performance

The company has a market capitalization of $271.85 million, a PE ratio of -23.19 and a beta of 0.64. The company's 50-day simple moving average is $8.74 and its 200-day simple moving average is $7.72.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last announced its earnings results on Thursday, August 14th. The company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.05). The firm had revenue of $9.76 million for the quarter, compared to analyst estimates of $9.52 million. Analysts expect that Adherex Technologies Inc. will post -0.11 EPS for the current year.

Institutional Trading of Adherex Technologies

A number of hedge funds have recently added to or reduced their stakes in FENC. AQR Capital Management LLC purchased a new position in shares of Adherex Technologies in the 1st quarter valued at approximately $66,000. Jane Street Group LLC acquired a new stake in shares of Adherex Technologies during the first quarter worth $90,000. Nuveen LLC purchased a new position in Adherex Technologies in the 1st quarter valued at $158,000. Bank of America Corp DE grew 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 buying an additional 8,703 shares during the last quarter. Finally, AIGH Capital Management LLC acquired a new position in Adherex Technologies in the 1st quarter valued at $2,199,000. 55.51% of the stock is owned by institutional investors and hedge funds.

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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