Insider Selling: Adherex Technologies (NASDAQ:FENC) Major Shareholder Sells 160,100 Shares of Stock

Adherex Technologies Inc. (NASDAQ:FENC) major shareholder Southpoint Capital Advisors Lp sold 160,100 shares of the stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $8.00, for a total value of $1,280,800.00. Following the sale, the insider owned 3,850,000 shares in the company, valued at approximately $30,800,000. This trade represents a 3.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions 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 stock was sold at an average price of $8.79, for a total value of $755,219.22.
• On Thursday, October 9th, Southpoint Capital Advisors Lp sold 20,609 shares of Adherex Technologies stock. The stock was sold at an average price of $9.35, for a total value 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 shares were sold at an average price of $9.59, for a total value of $257,971.00.

Adherex Technologies Trading Up 11.3%

NASDAQ FENC traded up $0.89 on Monday, hitting $8.75. 514,729 shares of the company were exchanged, compared to its average volume of 82,434. The firm has a 50 day moving average of $8.68 and a two-hundred day moving average of $8.33. The company has a market cap of $245.90 million, a P/E ratio of -20.83 and a beta of 0.71. Adherex Technologies Inc. has a 1-year low of $3.96 and a 1-year high of $9.92.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in FENC. AIGH Capital Management LLC bought a new stake in Adherex Technologies during the 1st quarter worth approximately $2,199,000. Nuveen LLC acquired a new position in shares of Adherex Technologies in the first quarter valued at approximately $158,000. Jane Street Group LLC acquired a new position in shares of Adherex Technologies in the first quarter valued at approximately $90,000. Finally, AQR Capital Management LLC bought a new stake in shares of Adherex Technologies during the first quarter worth $66,000. Institutional investors and hedge funds own 55.51% of the company’s stock.

Analyst Upgrades and Downgrades

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