Insider Selling: Adherex Technologies (NASDAQ:FENC) Director Sells $16,401.00 in Stock

Adherex Technologies Inc. (NASDAQ:FENC) Director Chris Rallis sold 1,775 shares of the business’s stock in a transaction that occurred on Friday, October 10th. The shares were sold at an average price of $9.24, for a total value of $16,401.00. Following the completion of the sale, the director owned 57,079 shares of the company’s stock, valued at $527,409.96. This trade represents a 3.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Adherex Technologies Price Performance

Adherex Technologies stock opened at $8.64 on Friday. The stock has a market capitalization of $241.14 million, a PE ratio of -20.57 and a beta of 0.64. Adherex Technologies Inc. has a 12 month low of $3.96 and a 12 month high of $9.92. The business has a 50 day simple moving average of $8.84 and a 200-day simple moving average of $7.83.

Adherex Technologies (NASDAQ:FENC) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.05). The firm had revenue of $9.76 million during the quarter, compared to analyst estimates of $9.52 million. On average, equities research analysts anticipate that Adherex Technologies Inc. will post -0.11 EPS for the current fiscal year.

Institutional Trading of Adherex Technologies

Large investors have recently added to or reduced their stakes in the stock. AIGH Capital Management LLC acquired a new position in shares of Adherex Technologies in the 1st quarter valued at $2,199,000. Nuveen LLC acquired a new position in shares of Adherex Technologies in the 1st quarter valued at $158,000. Jane Street Group LLC acquired a new position in shares of Adherex Technologies in the 1st quarter valued at $90,000. Finally, AQR Capital Management LLC acquired a new position in shares of Adherex Technologies in the 1st quarter valued at $66,000. 55.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on FENC. Craig Hallum boosted their price target on Adherex Technologies from $13.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, August 15th. HC Wainwright reiterated a “buy” rating and set a $13.00 price target on shares of Adherex Technologies in a research report on Thursday, August 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a research report on Wednesday, October 8th. Zacks Research cut Adherex Technologies from a “hold” rating to a “strong sell” rating in a research report on Tuesday. Finally, Wall Street Zen upgraded Adherex Technologies from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $13.33.

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.