Southpoint Capital Advisors Lp Sells 20,609 Shares of Adherex Technologies (NASDAQ:FENC) Stock

Adherex Technologies Inc. (NASDAQ:FENC) major shareholder Southpoint Capital Advisors Lp sold 20,609 shares of the firm’s stock in a transaction dated Thursday, October 9th. The stock was sold at an average price of $9.35, for a total transaction of $192,694.15. Following the sale, the insider directly owned 4,010,100 shares in the company, valued at $37,494,435. This represents a 0.51% 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 the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Southpoint Capital Advisors Lp also recently made the following trade(s):

• On Wednesday, October 8th, Southpoint Capital Advisors Lp sold 19,605 shares of Adherex Technologies stock. The stock was 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 Down 8.1%

Shares of Adherex Technologies stock opened at $8.57 on Friday. Adherex Technologies Inc. has a fifty-two week low of $3.96 and a fifty-two week high of $9.92. The firm has a market cap of $239.19 million, a PE ratio of -20.40 and a beta of 0.64. The business’s fifty day moving average is $8.81 and its two-hundred day moving average is $7.78.

Adherex Technologies (NASDAQ:FENC) last issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.05). The business had revenue of $9.76 million during the quarter, compared to the consensus estimate of $9.52 million. Equities research analysts anticipate that Adherex Technologies Inc. will post -0.11 EPS for the current year.

Hedge Funds Weigh In On Adherex Technologies

A number of hedge funds have recently made changes to their positions in FENC. Bank of America Corp DE raised its stake in shares of Adherex Technologies by 32.1% in the 4th quarter. Bank of America Corp DE now owns 35,827 shares of the company’s stock valued at $226,000 after acquiring an additional 8,703 shares during the period. AIGH Capital Management LLC acquired a new stake in shares of Adherex Technologies in the first quarter valued at about $2,199,000. Nuveen LLC acquired a new stake in shares of Adherex Technologies in the first quarter valued at about $158,000. AQR Capital Management LLC acquired a new stake in shares of Adherex Technologies in the first quarter valued at about $66,000. Finally, Jane Street Group LLC acquired a new stake in shares of Adherex Technologies in the first quarter valued at about $90,000. Hedge funds and other institutional investors own 55.51% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on FENC shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adherex Technologies in a research note on Wednesday. Wall Street Zen raised shares of Adherex Technologies from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. HC Wainwright reissued a “buy” rating and set a $13.00 price objective on shares of Adherex Technologies in a research note on Thursday, August 21st. Craig Hallum boosted their price objective on shares of Adherex Technologies from $13.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, August 15th. Finally, Zacks Research cut shares of Adherex Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Adherex Technologies currently has a consensus rating of “Moderate Buy” 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.