Adherex Technologies (NASDAQ:FENC) Shares Down 1.8% – Time to Sell?

Shares of Adherex Technologies Inc. (NASDAQ:FENC) dropped 1.8% during mid-day trading on Tuesday . The stock traded as low as $10.29 and last traded at $10.50. Approximately 172,002 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 256,197 shares. The stock had previously closed at $10.69.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on FENC shares. Zacks Research upgraded shares of Adherex Technologies from a “strong sell” rating to a “hold” rating in a report on Monday, May 25th. Wedbush reiterated an “outperform” rating and set a $13.00 price target on shares of Adherex Technologies in a research note on Thursday, April 16th. HC Wainwright increased their price objective on Adherex Technologies from $13.00 to $16.00 and gave the company a “buy” rating in a report on Friday, May 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a research note on Tuesday, April 21st. Finally, Wall Street Zen upgraded Adherex Technologies from a “hold” rating to a “strong-buy” rating in a report on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.40.

Adherex Technologies Price Performance

The firm has a market capitalization of $359.72 million, a P/E ratio of -35.55 and a beta of 1.07. The business has a 50 day moving average price of $9.18 and a 200 day moving average price of $8.07.

Adherex Technologies (NASDAQ:FENC) last announced its earnings results on Thursday, May 14th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.03. The firm had revenue of $15.11 million during the quarter, compared to the consensus estimate of $13.90 million. Adherex Technologies had a negative return on equity of 43.87% and a negative net margin of 17.12%. As a group, equities analysts expect that Adherex Technologies Inc. will post 0.26 EPS for the current year.

Insider Buying and Selling at Adherex Technologies

In other news, Director Rosty Raykov sold 10,781 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $6.47, for a total value of $69,753.07. Following the completion of the sale, the director directly owned 121,451 shares of the company’s stock, valued at approximately $785,787.97. This represents a 8.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 10.73% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Adherex Technologies stock. AQR Capital Management LLC acquired a new stake in Adherex Technologies Inc. (NASDAQ:FENC) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 10,897 shares of the company’s stock, valued at approximately $66,000. Hedge funds and other institutional investors own 55.51% of the company’s stock.

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. The company was formerly known as Adherex Technologies Inc and changed its name to Fennec Pharmaceuticals Inc in September 2014. Fennec Pharmaceuticals Inc was founded in 1996 and is based in Research Triangle Park, North Carolina.