Adherex Technologies (NASDAQ:FENC) Major Shareholder Sells $170,007.39 in Stock

Adherex Technologies Inc. (NASDAQ:FENC) major shareholder Southpoint Capital Advisors Lp sold 19,341 shares of the firm’s stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $8.79, for a total transaction of $170,007.39. Following the transaction, the insider directly owned 3,744,741 shares of the company’s stock, valued at $32,916,273.39. The trade was a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Southpoint Capital Advisors Lp also recently made the following trade(s):

• On Monday, November 17th, Southpoint Capital Advisors Lp sold 85,918 shares of Adherex Technologies stock. The shares were sold at an average price of $8.79, for a total transaction of $755,219.22.
• On Friday, November 14th, Southpoint Capital Advisors Lp sold 160,100 shares of Adherex Technologies stock. The stock was sold at an average price of $8.00, for a total transaction of $1,280,800.00.
• On Thursday, October 9th, Southpoint Capital Advisors Lp sold 20,609 shares of Adherex Technologies stock. The shares were sold at an average price of $9.35, for a total transaction of $192,694.15.
• On Wednesday, October 8th, Southpoint Capital Advisors Lp sold 19,605 shares of Adherex Technologies stock. The shares were sold at an average price of $9.47, for a total value of $185,659.35.
• On Tuesday, October 7th, Southpoint Capital Advisors Lp sold 26,900 shares of Adherex Technologies stock. The stock was sold at an average price of $9.59, for a total value of $257,971.00.

Adherex Technologies Trading Down 4.2%

Shares of NASDAQ:FENC traded down $0.34 during mid-day trading on Thursday, reaching $7.84. The stock had a trading volume of 153,210 shares, compared to its average volume of 83,480. The business’s 50 day moving average price is $8.66 and its 200 day moving average price is $8.35. Adherex Technologies Inc. has a 1 year low of $4.60 and a 1 year high of $9.92. The company has a market cap of $220.44 million, a P/E ratio of -18.67 and a beta of 0.71.

Adherex Technologies (NASDAQ:FENC) last released its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.06. The firm had revenue of $12.46 million during the quarter, compared to the consensus estimate of $13.43 million. Analysts predict that Adherex Technologies Inc. will post -0.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Adherex Technologies

Several institutional investors have recently made changes to their positions in FENC. Jane Street Group LLC bought a new position in Adherex Technologies during the 1st quarter valued at about $90,000. AQR Capital Management LLC bought a new stake in Adherex Technologies in the first quarter worth about $66,000. Finally, Nuveen LLC bought a new stake in Adherex Technologies in the first quarter worth about $158,000. Institutional investors own 55.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on FENC shares. Zacks Research cut shares of Adherex Technologies from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. HC Wainwright reissued a “buy” rating and issued a $13.00 price objective on shares of Adherex Technologies in a research note on Thursday, August 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Adherex Technologies in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Adherex Technologies from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 15th. Finally, Craig Hallum boosted their price objective on Adherex Technologies from $13.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, August 15th. Three investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price 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.