Adherex Technologies (NASDAQ:FENC) CFO Sells $883,500.00 in Stock

Key Points

• CFO Robert Andrade sold 75,000 FENC shares at an average of $11.78, generating $883,500. The transaction was executed under a pre-arranged Rule 10b5-1 plan, reducing his ownership by 25.63% to 217,675 shares.
• FENC shares rose $0.50 to $12.27, near the upper end of their 12-month range of $5.65 to $13.25. The company recently exceeded quarterly earnings and revenue expectations, reporting $0.05 EPS and $17.87 million in revenue.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and a $17.00 price target. Institutional investors own 55.51% of the stock, while AQR Capital Management recently initiated a position.

Adherex Technologies Inc. (NASDAQ:FENC - Get Free Report) CFO Robert Andrade sold 75,000 shares of the stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $11.78, for a total value of $883,500.00. Following the sale, the chief financial officer owned 217,675 shares of the company's stock, valued at $2,564,211.50. This represents a 25.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Adherex Technologies Stock Performance

FENC traded up $0.50 on Friday, hitting $12.27. 421,668 shares of the company were exchanged, compared to its average volume of 208,666. The stock has a market capitalization of $430.19 million, a PE ratio of -94.38 and a beta of 1.09. Adherex Technologies Inc. has a 12 month low of $5.65 and a 12 month high of $13.25. The firm has a fifty day simple moving average of $10.75 and a two-hundred day simple moving average of $8.88.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last issued its earnings results on Tuesday, August 11th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.03. Adherex Technologies had a negative net margin of 6.09% and a negative return on equity of 5.71%. The firm had revenue of $17.87 million for the quarter, compared to analysts' expectations of $16.21 million. On average, equities analysts expect that Adherex Technologies Inc. will post 0.29 earnings per share for the current year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Adherex Technologies stock. AQR Capital Management LLC bought a new position in Adherex Technologies Inc. (NASDAQ:FENC - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The firm bought 10,897 shares of the company's stock, valued at approximately $66,000. 55.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Zacks Research upgraded shares of Adherex Technologies from a "strong sell" rating to a "hold" rating in a report on Monday, May 25th. Wall Street Zen upgraded Adherex Technologies from a "hold" rating to a "strong-buy" rating in a report on Saturday, May 16th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Adherex Technologies in a research report on Friday, July 17th. B. Riley Financial reiterated a "buy" rating and issued a $18.00 price objective (up from $16.00) on shares of Adherex Technologies in a report on Wednesday, August 12th. Finally, HC Wainwright lifted their price objective on Adherex Technologies from $13.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 22nd. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $17.00.

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. The company was formerly known as Adherex Technologies Inc and changed its name to Fennec Pharmaceuticals Inc in September 2014. Fennec Pharmaceuticals Inc was founded in 1996 and is based in Research Triangle Park, North Carolina.

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