Insider Selling: Adherex Technologies (NASDAQ:FENC) CFO Sells $883,500.00 in Stock

Adherex Technologies Inc. (NASDAQ:FENC) CFO Robert Andrade sold 75,000 shares of the firm’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $11.78, for a total transaction of $883,500.00. Following the completion of the sale, the chief financial officer owned 217,675 shares of the company’s stock, valued at $2,564,211.50. This trade represents a 25.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Adherex Technologies Trading Up 4.2%

Shares of FENC stock traded up $0.50 during midday trading on Friday, reaching $12.27. 421,668 shares of the stock were exchanged, compared to its average volume of 208,666. Adherex Technologies Inc. has a 1 year low of $5.65 and a 1 year high of $13.25. The company’s 50 day moving average is $10.75 and its two-hundred day moving average is $8.88. The firm has a market cap of $430.19 million, a PE ratio of -94.38 and a beta of 1.09.

Adherex Technologies (NASDAQ:FENC) last announced its earnings results on Tuesday, August 11th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.03. The firm had revenue of $17.87 million during the quarter, compared to analyst estimates of $16.21 million. Adherex Technologies had a negative return on equity of 5.71% and a negative net margin of 6.09%. As a group, equities analysts expect that Adherex Technologies Inc. will post 0.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on FENC shares. HC Wainwright increased their price objective on Adherex Technologies from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, May 22nd. Wedbush boosted their target price on shares of Adherex Technologies from $13.00 to $16.00 and gave the company an “outperform” rating in a report on Wednesday, August 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adherex Technologies in a research report on Friday, July 17th. B. Riley Financial reiterated a “buy” rating and issued a $18.00 price target (up from $16.00) on shares of Adherex Technologies in a research note on Wednesday, August 12th. Finally, Wall Street Zen raised shares of Adherex Technologies from a “hold” rating to a “strong-buy” rating in a research report on Saturday, May 16th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Adherex Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $17.00.

Institutional Trading of Adherex Technologies

An institutional investor recently bought a new position in Adherex Technologies stock. Jane Street Group LLC purchased a new position in Adherex Technologies Inc. (NASDAQ:FENC) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 14,718 shares of the company’s stock, valued at approximately $90,000. Jane Street Group LLC owned about 0.05% of Adherex Technologies as of its most recent SEC filing. 55.51% of the stock is currently owned by hedge funds and other institutional investors.

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.