Adherex Technologies (NASDAQ:FENC) Releases Earnings Results, Beats Expectations By $0.06 EPS

Adherex Technologies (NASDAQ:FENC) posted its quarterly earnings data on Thursday. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.06, Zacks reports. The firm had revenue of $12.46 million during the quarter, compared to analysts’ expectations of $13.43 million.

Adherex Technologies Trading Up 2.2%

Shares of NASDAQ:FENC opened at $7.86 on Friday. Adherex Technologies has a 52 week low of $3.96 and a 52 week high of $9.92. The company’s 50 day moving average is $8.69 and its two-hundred day moving average is $8.29. The company has a market cap of $220.89 million, a PE ratio of -18.71 and a beta of 0.71.

Insiders Place Their Bets

In related news, Director Rosty Raykov sold 10,000 shares of the business’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $8.10, for a total transaction of $81,000.00. Following the completion of the transaction, the director owned 82,318 shares in the company, valued at approximately $666,775.80. The trade was a 10.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Southpoint Capital Advisors Lp sold 26,900 shares of the stock in a transaction on Tuesday, October 7th. The shares were sold at an average price of $9.59, for a total value of $257,971.00. Following the completion of the transaction, the insider directly owned 4,050,314 shares in the company, valued at $38,842,511.26. This trade represents a 0.66% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 88,889 shares of company stock valued at $831,526. Insiders own 11.76% of the company’s stock.

Institutional Investors Weigh In On Adherex Technologies

An institutional investor recently bought a new position in Adherex Technologies stock. Jane Street Group LLC purchased a new stake in Adherex Technologies Inc. (NASDAQ:FENC) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 14,718 shares of the company’s stock, valued at approximately $90,000. Jane Street Group LLC owned approximately 0.05% of Adherex Technologies as of its most recent SEC filing. Hedge funds and other institutional investors own 55.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. HC Wainwright restated a “buy” rating and set a $13.00 target price on shares of Adherex Technologies in a report on Thursday, August 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a research note on Wednesday, October 8th. Craig Hallum lifted their price objective on shares of Adherex Technologies from $13.00 to $14.00 and gave the company a “buy” rating in a report on Friday, August 15th. Wall Street Zen raised shares of Adherex Technologies from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Finally, Zacks Research cut shares of Adherex Technologies from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, Adherex Technologies currently has an average rating of “Moderate Buy” and an average 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.