Southpoint Capital Advisors Lp Sells 85,918 Shares of Adherex Technologies (NASDAQ:FENC) Stock

Adherex Technologies Inc. (NASDAQ:FENC) major shareholder Southpoint Capital Advisors Lp sold 85,918 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $8.79, for a total transaction of $755,219.22. Following the completion of the transaction, the insider owned 3,764,082 shares of the company’s stock, valued at $33,086,280.78. The trade was a 2.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Large shareholders that own 10% or more 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 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 transaction 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 Stock Performance

Shares of FENC stock opened at $8.75 on Wednesday. Adherex Technologies Inc. has a fifty-two week low of $4.00 and a fifty-two week high of $9.92. The stock’s fifty day moving average price is $8.67 and its two-hundred day moving average price is $8.35. The company has a market cap of $246.02 million, a PE ratio of -20.83 and a beta of 0.71.

Adherex Technologies (NASDAQ:FENC) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.06. The business had revenue of $12.46 million for the quarter, compared to the consensus estimate of $13.43 million. On average, equities analysts predict 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 added to or reduced their stakes in the business. AQR Capital Management LLC acquired a new stake in Adherex Technologies during the 1st quarter worth approximately $66,000. Jane Street Group LLC acquired a new position in Adherex Technologies in the 1st quarter valued at approximately $90,000. Nuveen LLC bought a new position in shares of Adherex Technologies during the first quarter valued at $158,000. Finally, AIGH Capital Management LLC acquired a new position in shares of Adherex Technologies during the first quarter worth $2,199,000. Institutional investors own 55.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. HC Wainwright reissued a “buy” rating and issued a $13.00 target price on shares of Adherex Technologies in a report on Thursday, August 21st. Zacks Research cut shares of Adherex Technologies from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. Wall Street Zen upgraded shares of Adherex Technologies from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adherex Technologies in a research note on Wednesday, October 8th. Finally, Craig Hallum upped their price target on shares of Adherex Technologies from $13.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, August 15th. Three investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average 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.