Adherex Technologies (NASDAQ:FENC) Stock Price Up 6.1% - Here's What Happened

Key Points

• Adherex Technologies shares increased by 6.1% on Monday, reaching a trading price of $8.32, supported by a trading volume significantly above the daily average.
• Wall Street analysts have raised their ratings on Adherex Technologies, with a consensus price target of $13.00 and most analysts assigning a "buy" rating.
• CEO Jeffrey S. Hackman increased his stake in the company by purchasing 13,965 shares, indicating confidence in its future performance.

Adherex Technologies Inc. (NASDAQ:FENC - Get Free Report)'s share price rose 6.1% during mid-day trading on Monday . The company traded as high as $8.36 and last traded at $8.32. Approximately 70,609 shares were traded during mid-day trading, an increase of 31% from the average daily volume of 53,871 shares. The stock had previously closed at $7.84.

Analyst Ratings Changes

FENC has been the subject of a number of research analyst reports. Wall Street Zen raised shares of Adherex Technologies from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. Craig Hallum increased their target price on shares of Adherex Technologies from $12.00 to $13.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $13.00 target price on shares of Adherex Technologies in a report on Tuesday, May 20th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Adherex Technologies currently has an average rating of "Buy" and an average target price of $13.00.

Adherex Technologies Price Performance

The firm's 50-day moving average price is $8.34 and its 200 day moving average price is $7.04. The firm has a market capitalization of $229.99 million, a price-to-earnings ratio of -16.17 and a beta of 0.40.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last released its quarterly earnings results 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 during the quarter, compared to analyst estimates of $8.18 million. During the same quarter in the prior year, the company earned $0.41 earnings per share. On average, analysts predict that Adherex Technologies Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Jeffrey S. Hackman bought 13,965 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The shares were purchased at an average price of $6.99 per share, for a total transaction of $97,615.35. Following the completion of the transaction, the chief executive officer owned 15,000 shares in the company, valued at $104,850. The trade was a 1,349.28% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Rosty Raykov sold 10,000 shares of the firm's 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 sale, the director owned 55,878 shares in the company, valued at approximately $452,053.02. This trade represents a 15.18% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,119 shares of company stock worth $254,546. 11.76% of the stock is owned by company insiders.

Institutional Trading of Adherex Technologies

Hedge funds have recently bought and sold shares of the company. Bank of America Corp DE boosted its position in 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 during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Adherex Technologies by 11.5% in 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 last quarter. Barclays PLC boosted its holdings in shares of Adherex Technologies by 13.9% in the 4th quarter. Barclays PLC now owns 35,672 shares of the company's stock valued at $225,000 after purchasing an additional 4,353 shares during the last quarter. Solas Capital Management LLC boosted its holdings in shares of Adherex Technologies by 17.0% in the 4th quarter. Solas Capital Management LLC now owns 2,250,919 shares of the company's stock valued at $14,226,000 after purchasing an additional 327,383 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in shares of Adherex Technologies by 31.6% in the 4th quarter. Wells Fargo & Company MN now owns 13,152 shares of the company's stock valued at $83,000 after purchasing an additional 3,155 shares during the last quarter. Institutional investors and hedge funds own 55.51% of the company's stock.

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.