Insider Selling: Adherex Technologies (NASDAQ:FENC) Director Sells 10,781 Shares of Stock

Key Points

• Director Rosty Raykov sold 10,781 shares of Adherex (NASDAQ:FENC) at an average price of $6.47 under a pre-arranged Rule 10b5-1 plan, reducing his position by 8.15% to 121,451 shares (transaction valued at ~$69,753).
• The company reported a quarter that missed EPS expectations (EPS of -$0.17 vs. $0.04 expected), with negative net margin and ROE and revenue below estimates, indicating continued near-term profitability pressure.
• Analysts are mixed but moderately positive overall — the stock holds an average rating of "Moderate Buy" with a consensus target of $14.80, while institutional ownership is about 55.5% and AQR recently initiated a small stake.

Adherex Technologies Inc. (NASDAQ:FENC - Get Free Report) Director Rosty Raykov sold 10,781 shares of Adherex Technologies stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $6.47, for a total value of $69,753.07. Following the completion of the transaction, the director owned 121,451 shares in the company, valued at $785,787.97. This trade represents a 8.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rosty Raykov also recently made the following trade(s):

• On Wednesday, April 1st, Rosty Raykov sold 10,946 shares of Adherex Technologies stock. The shares were sold at an average price of $6.31, for a total value of $69,069.26.
• On Monday, February 2nd, Rosty Raykov sold 10,349 shares of Adherex Technologies stock. The shares were sold at an average price of $7.76, for a total value of $80,308.24.

Adherex Technologies Stock Performance

FENC traded up $0.05 on Friday, hitting $6.54. The company had a trading volume of 145,467 shares, compared to its average volume of 154,266. The stock has a fifty day moving average price of $7.11 and a 200-day moving average price of $7.66. Adherex Technologies Inc. has a 12-month low of $5.65 and a 12-month high of $9.92. The stock has a market capitalization of $225.89 million, a price-to-earnings ratio of -19.23 and a beta of 0.93.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last posted its earnings results on Saturday, March 28th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.21). Adherex Technologies had a negative net margin of 22.62% and a negative return on equity of 183.18%. The company had revenue of $13.78 million during the quarter, compared to analysts' expectations of $14.75 million. Analysts forecast that Adherex Technologies Inc. will post 0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Adherex Technologies

A hedge fund recently bought a new stake in Adherex Technologies stock. AQR Capital Management LLC purchased a new stake in Adherex Technologies Inc. (NASDAQ:FENC - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,897 shares of the company's stock, valued at approximately $66,000. 55.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have issued reports on FENC shares. Wall Street Zen lowered Adherex Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, April 4th. Wedbush restated an "outperform" rating and set a $13.00 price target on shares of Adherex Technologies in a research note on Thursday, April 16th. Piper Sandler assumed coverage on Adherex Technologies in a research note on Friday, January 9th. They set an "overweight" rating and a $18.00 price target on the stock. B. Riley Financial assumed coverage on Adherex Technologies in a research note on Thursday, February 12th. They set a "buy" rating and a $16.00 price target on the stock. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Adherex Technologies in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $14.80.

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. 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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