Insider Selling: Adherex Technologies (NASDAQ:FENC) Major Shareholder Sells 19,341 Shares of Stock

Adherex Technologies Inc. (NASDAQ:FENC) major shareholder Southpoint Capital Advisors Lp sold 19,341 shares of the company’s stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $8.79, for a total value of $170,007.39. Following the completion of the transaction, the insider directly owned 3,744,741 shares in the company, valued at $32,916,273.39. This trade represents a 0.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own at least 10% 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 Monday, November 17th, Southpoint Capital Advisors Lp sold 85,918 shares of Adherex Technologies stock. The stock was 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 shares were 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 stock was 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 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 shares were sold at an average price of $9.59, for a total transaction of $257,971.00.

Adherex Technologies Stock Performance

Adherex Technologies stock traded down $0.34 during trading hours on Thursday, hitting $7.84. The company had a trading volume of 153,210 shares, compared to its average volume of 83,480. The firm has a market cap of $220.44 million, a P/E ratio of -18.67 and a beta of 0.71. The company has a 50-day moving average price of $8.66 and a two-hundred day moving average price of $8.35. Adherex Technologies Inc. has a 1 year low of $4.60 and a 1 year high of $9.92.

Adherex Technologies (NASDAQ:FENC) last issued its earnings results on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.06. The company had revenue of $12.46 million for the quarter, compared to analysts’ expectations of $13.43 million. As a group, equities research analysts anticipate that Adherex Technologies Inc. will post -0.11 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FENC. Zacks Research lowered Adherex Technologies from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Adherex Technologies in a report on Wednesday, October 8th. Craig Hallum upped their price objective on shares of Adherex Technologies from $13.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, August 15th. Wall Street Zen raised shares of Adherex Technologies from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 15th. Finally, HC Wainwright restated a “buy” rating and issued a $13.00 price target on shares of Adherex Technologies in a report on Thursday, August 21st. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $13.33.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Nuveen LLC purchased a new stake in shares of Adherex Technologies during the 1st quarter worth $158,000. AQR Capital Management LLC bought a new position in Adherex Technologies in the first quarter worth about $66,000. Finally, Jane Street Group LLC bought a new position in Adherex Technologies in the first quarter worth about $90,000. 55.51% of the stock is owned by institutional investors.

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.