Adherex Technologies (NASDAQ:FENC) Issues Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Adherex Technologies (NASDAQ:FENC) issued its earnings results on Thursday. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.02, FiscalAI reports. The company had revenue of $19.61 million for the quarter, compared to analysts’ expectations of $18.87 million. Adherex Technologies had a negative net margin of 6.09% and a negative return on equity of 5.71%.

Here are the key takeaways from Adherex Technologies’ conference call:

• Revenue and demand accelerated: Q3 net product sales rose 56% year over year to $19.4 million, the company’s best commercial quarter. Fennec HEARS enrollments increased 23% and completed infusions rose 58% sequentially, while record patient and infusion carryover and a strong October supported management’s confidence in Q4.
• Profitability and cash generation improved: Adjusted EBITDA reached a record $5.8 million, up from $2.0 million a year earlier, and the company generated nearly $7 million in cash from operations. Fennec reported $48.7 million in cash, no debt, and Q3 EPS of $0.12.
• Commercial investments are expanding access: Management said new sales territories are boosting field productivity, with uptake in community oncology and a formulary win at a large Midwestern academic center. Newly available GPO data is helping the team identify potential patients and add or expand accounts.
• Broader patient populations remain an opportunity, but evidence is still developing: Investigator-sponsored studies are evaluating PEDMARK in adult and metastatic testicular cancer patients, with interim City of Hope data expected in January. Management said any potential change to adult NCCN guidance depends on the forthcoming evidence and gave no timing for a Japan licensing deal.

Adherex Technologies Stock Performance

Shares of NASDAQ:FENC traded up $0.19 on Thursday, reaching $10.83. The company’s stock had a trading volume of 228,299 shares, compared to its average volume of 199,564. The company has a 50-day simple moving average of $10.69 and a 200 day simple moving average of $9.33. Adherex Technologies has a 52-week low of $5.65 and a 52-week high of $13.25. The company has a market cap of $381.29 million, a P/E ratio of -83.28 and a beta of 1.29.

Insider Buying and Selling at Adherex Technologies

In other Adherex Technologies news, insider Pierre Sargis Sayad sold 12,000 shares of the firm’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $12.18, for a total value of $146,160.00. Following the completion of the sale, the insider owned 9,519 shares of the company’s stock, valued at $115,941.42. This trade represents a 55.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Robert Andrade sold 75,000 shares of Adherex Technologies stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $11.78, for a total value of $883,500.00. Following the sale, the chief financial officer owned 217,675 shares of the company’s stock, valued at approximately $2,564,211.50. This trade represents a 25.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 10.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on FENC shares. Wedbush upped their price objective on Adherex Technologies from $13.00 to $16.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a report on Thursday, October 15th. B. Riley Financial reissued a “buy” rating and set a $18.00 price target (up from $16.00) on shares of Adherex Technologies in a report on Wednesday, August 12th. Finally, HC Wainwright restated a “buy” rating and issued a $16.00 price target on shares of Adherex Technologies in a research report on Wednesday, September 9th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

About Adherex Technologies

Adherex Technologies was a biotechnology company focused on developing treatments for cancer. In 2014, the company changed its name to Fennec Pharmaceuticals Inc.; Fennec later adopted the Nasdaq ticker FENC. Fennec is a commercial-stage biopharmaceutical company focused on therapies that address complications of cancer treatment. Its principal product is PEDMARK, a sodium thiosulfate injection approved in the United States to reduce the risk of cisplatin-related hearing damage in certain pediatric patients with cancer.