AIGH Capital Management LLC Buys New Holdings in Adherex Technologies Inc. (NASDAQ:FENC)

AIGH Capital Management LLC acquired a new position in shares of Adherex Technologies Inc. (NASDAQ:FENC - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 361,005 shares of the company's stock, valued at approximately $2,199,000. Adherex Technologies accounts for approximately 0.9% of AIGH Capital Management LLC's portfolio, making the stock its 28th largest position. AIGH Capital Management LLC owned approximately 1.31% of Adherex Technologies at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Intech Investment Management LLC bought a new stake in shares of Adherex Technologies during the fourth quarter worth $69,000. Wells Fargo & Company MN raised its stake in Adherex Technologies by 31.6% during the 4th quarter. Wells Fargo & Company MN now owns 13,152 shares of the company's stock worth $83,000 after buying an additional 3,155 shares during the period. Pinnacle Wealth Planning Services Inc. acquired a new stake in shares of Adherex Technologies in the 4th quarter worth about $97,000. MetLife Investment Management LLC purchased a new stake in Adherex Technologies in the 4th quarter valued at about $99,000. Finally, Barclays PLC grew its position in shares of Adherex Technologies by 13.9% during the 4th quarter. Barclays PLC now owns 35,672 shares of the company's stock valued at $225,000 after acquiring an additional 4,353 shares during the period. 55.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Rosty Raykov sold 10,000 shares of the business's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $8.61, for a total value of $86,100.00. Following the completion of the transaction, the director owned 60,670 shares of the company's stock, valued at approximately $522,368.70. The trade was a 14.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jeffrey S. Hackman acquired 13,965 shares of the company's stock in a transaction dated Monday, May 19th. The shares were bought at an average cost of $6.99 per share, with a total value of $97,615.35. Following the purchase, the chief executive officer owned 15,000 shares in the company, valued at approximately $104,850. The trade was a 1,349.28% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 31,119 shares of company stock worth $236,746. 11.76% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have commented on FENC. Craig Hallum raised their price target 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. Wall Street Zen raised shares of Adherex Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $13.00 target price on shares of Adherex Technologies in a research note on Tuesday, May 20th. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Adherex Technologies presently has a consensus rating of "Buy" and a consensus price target of $13.00.

Adherex Technologies Trading Up 3.8%

NASDAQ:FENC traded up $0.32 during trading hours on Tuesday, reaching $8.73. 22,108 shares of the company were exchanged, compared to its average volume of 92,043. Adherex Technologies Inc. has a twelve month low of $3.96 and a twelve month high of $9.30. The firm has a market cap of $240.95 million, a PE ratio of -17.12 and a beta of 0.39. The stock's 50-day moving average is $8.13 and its 200-day moving average is $6.83.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last posted its quarterly earnings data 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 analysts' expectations of $8.18 million. During the same period in the previous year, the business posted $0.41 EPS. As a group, research analysts anticipate that Adherex Technologies Inc. will post -0.11 EPS for the current year.

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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