Adherex Technologies (NASDAQ:FENC) Posts Earnings Results, Misses Estimates By $0.18 EPS

Adherex Technologies (NASDAQ:FENC) issued its earnings results on Thursday. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.18), Zacks reports.

Adherex Technologies Stock Performance

Shares of NASDAQ FENC traded down $0.09 during trading on Thursday, reaching $7.69. The company had a trading volume of 71,277 shares, compared to its average volume of 76,638. Adherex Technologies has a 52 week low of $3.96 and a 52 week high of $9.92. The business’s 50 day moving average price is $8.74 and its 200-day moving average price is $8.28. The stock has a market cap of $215.80 million, a PE ratio of -18.31 and a beta of 0.71.

Insider Activity at Adherex Technologies

In related news, Director Rosty Raykov sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $8.10, for a total value of $81,000.00. Following the completion of the sale, the director owned 82,318 shares of the company’s stock, valued at $666,775.80. This trade represents a 10.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Southpoint Capital Advisors Lp sold 20,609 shares of the company’s stock in a transaction on Thursday, October 9th. The stock was sold at an average price of $9.35, for a total value of $192,694.15. Following the transaction, the insider directly owned 4,010,100 shares in the company, valued at approximately $37,494,435. This represents a 0.51% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 88,889 shares of company stock worth $831,526 over the last three months. 10.98% of the stock is owned by insiders.

Institutional Trading of Adherex Technologies

A hedge fund recently bought a new stake in Adherex Technologies stock. AQR Capital Management LLC acquired a new position in shares of Adherex Technologies Inc. (NASDAQ:FENC) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 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.

Analyst Ratings Changes

A number of equities research analysts have weighed in on FENC shares. Craig Hallum lifted their price objective on Adherex Technologies from $13.00 to $14.00 and gave the company a “buy” rating in a report on Friday, August 15th. Zacks Research lowered Adherex Technologies from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a research note on Wednesday, October 8th. HC Wainwright reissued a “buy” rating and set a $13.00 price objective on shares of Adherex Technologies in a report on Thursday, August 21st. Finally, Wall Street Zen raised shares of Adherex Technologies from a “hold” rating to a “buy” rating in a report on Saturday, November 1st. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Adherex Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $13.33.

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.