DG Capital Management LLC Sells 1,030,479 Shares of Adherex Technologies Inc. $FENC

Key Points

• DG Capital Management LLC reduced its holdings in Adherex Technologies Inc. by 92.4% in the first quarter, lowering its ownership to approximately 0.2% of the company’s total shares.
• Multiple hedge funds have shown interest in Adherex Technologies, with Wells Fargo & Company MN increasing its stake by 31.6% and several others acquiring new positions in the 4th quarter.
• Adherex Technologies reported a loss of ($0.11) earnings per share, missing estimates, but achieved a revenue of $9.76 million compared to expected revenue of $9.52 million.

DG Capital Management LLC reduced its position in shares of Adherex Technologies Inc. (NASDAQ:FENC - Free Report) by 92.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 84,213 shares of the company's stock after selling 1,030,479 shares during the period. Adherex Technologies accounts for approximately 0.2% of DG Capital Management LLC's holdings, making the stock its 14th biggest position. DG Capital Management LLC owned about 0.31% of Adherex Technologies worth $513,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of FENC. AIGH Capital Management LLC bought a new stake in shares of Adherex Technologies during the 1st quarter worth $2,199,000. Solas Capital Management LLC boosted its holdings in 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 period. Nuveen LLC bought a new stake in Adherex Technologies in the 1st quarter valued at $158,000. MetLife Investment Management LLC bought a new stake in Adherex Technologies in the 4th quarter valued at $99,000. Finally, Pinnacle Wealth Planning Services Inc. bought a new stake in Adherex Technologies in the 4th quarter valued at $97,000. 55.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on FENC shares. Craig Hallum increased their price objective on shares of Adherex Technologies from $13.00 to $14.00 and gave the company a "buy" rating in a research note on Friday, August 15th. HC Wainwright restated a "buy" rating and issued a $13.00 price objective on shares of Adherex Technologies in a research note on Thursday, August 21st. Zacks Research cut shares of Adherex Technologies from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. Finally, Wall Street Zen upgraded shares of Adherex Technologies from a "hold" rating to a "buy" rating in a research report on Sunday, August 17th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $13.33.

Adherex Technologies Price Performance

Shares of NASDAQ FENC traded up $0.03 during mid-day trading on Tuesday, hitting $8.68. The company's stock had a trading volume of 49,964 shares, compared to its average volume of 66,512. The stock has a market cap of $241.39 million, a price-to-earnings ratio of -20.67 and a beta of 0.40. Adherex Technologies Inc. has a one year low of $3.96 and a one year high of $9.42. The company's fifty day simple moving average is $8.45 and its 200-day simple moving average is $7.23.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last issued its earnings results 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 firm had revenue of $9.76 million for the quarter, compared to the consensus estimate of $9.52 million. On average, sell-side analysts predict that Adherex Technologies Inc. will post -0.11 EPS for the current year.

Insider Activity

In other news, Director Rosty Raykov sold 10,000 shares of the firm's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $8.09, for a total value of $80,900.00. Following the transaction, the director owned 55,878 shares of the company's stock, valued at approximately $452,053.02. This trade represents a 15.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders have sold 31,119 shares of company stock valued at $254,546. 10.98% of the stock is currently owned by company insiders.

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.