Adherex Technologies (NASDAQ:FENC) Major Shareholder Sells $7,500,000.00 in Stock

Adherex Technologies Inc. (NASDAQ:FENC) major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of the business’s stock in a transaction on Wednesday, December 24th. The stock was sold at an average price of $7.50, for a total value of $7,500,000.00. Following the sale, the insider owned 2,744,741 shares in the company, valued at $20,585,557.50. This represents a 26.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 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 Tuesday, November 18th, Southpoint Capital Advisors Lp sold 19,341 shares of Adherex Technologies stock. The shares were sold at an average price of $8.79, for a total value of $170,007.39.
• 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 value 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 value 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 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 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 transaction of $257,971.00.

Adherex Technologies Stock Down 4.9%

NASDAQ FENC traded down $0.40 on Monday, hitting $7.69. The company’s stock had a trading volume of 193,133 shares, compared to its average volume of 94,436. Adherex Technologies Inc. has a 1-year low of $4.68 and a 1-year high of $9.92. The company’s 50-day moving average is $8.00 and its 200 day moving average is $8.41. The firm has a market cap of $262.61 million, a PE ratio of -33.43 and a beta of 0.75.

Adherex Technologies (NASDAQ:FENC) last issued 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 during the quarter, compared to the consensus estimate of $13.43 million. On average, equities analysts expect that Adherex Technologies Inc. will post -0.11 EPS for the current year.

Hedge Funds Weigh In On Adherex Technologies

Several institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC acquired a new stake in shares of Adherex Technologies in the 1st quarter worth about $66,000. Jane Street Group LLC purchased a new position in Adherex Technologies in the first quarter worth $90,000. Finally, Nuveen LLC bought a new position in Adherex Technologies during the first quarter valued at about $158,000. 55.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on FENC shares. Wall Street Zen upgraded Adherex Technologies from a “buy” rating to a “strong-buy” rating in a research report on Saturday, December 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a research report on Wednesday, October 8th. Finally, Zacks Research upgraded shares of Adherex Technologies from a “strong sell” rating to a “hold” rating in a report on Friday, December 12th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” 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. 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.