Southpoint Capital Advisors Lp Sells 160,100 Shares of Adherex Technologies (NASDAQ:FENC) Stock

Adherex Technologies Inc. (NASDAQ:FENC) major shareholder Southpoint Capital Advisors Lp sold 160,100 shares of the business’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $8.00, for a total transaction of $1,280,800.00. Following the transaction, the insider owned 3,850,000 shares in the company, valued at approximately $30,800,000. The trade was a 3.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 Monday, November 17th, Southpoint Capital Advisors Lp sold 85,918 shares of Adherex Technologies stock. The shares were sold at an average price of $8.79, for a total transaction of $755,219.22.
• On Thursday, October 9th, Southpoint Capital Advisors Lp sold 20,609 shares of Adherex Technologies stock. The shares were sold at an average price of $9.35, for a total value of $192,694.15.
• On Wednesday, October 8th, Southpoint Capital Advisors Lp sold 19,605 shares of Adherex Technologies stock. The shares were sold at an average price of $9.47, for a total value 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 Performance

Shares of NASDAQ:FENC opened at $8.75 on Wednesday. The firm has a market capitalization of $246.02 million, a PE ratio of -20.83 and a beta of 0.71. Adherex Technologies Inc. has a 1-year low of $4.00 and a 1-year high of $9.92. The business’s 50 day moving average is $8.67 and its 200-day moving average is $8.35.

Adherex Technologies (NASDAQ:FENC) last issued its earnings results on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.06. The firm had revenue of $12.46 million during the quarter, compared to the consensus estimate of $13.43 million. On average, sell-side analysts predict that Adherex Technologies Inc. will post -0.11 EPS for the current year.

Analyst Ratings Changes

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

Institutional Trading of Adherex Technologies

Hedge funds have recently modified their holdings of the company. AQR Capital Management LLC bought a new position in shares of Adherex Technologies in the first quarter valued at approximately $66,000. Jane Street Group LLC acquired a new stake in Adherex Technologies during the 1st quarter valued at $90,000. Nuveen LLC acquired a new stake in Adherex Technologies during the 1st quarter valued at $158,000. Finally, AIGH Capital Management LLC bought a new position in Adherex Technologies in the 1st quarter valued at $2,199,000. Institutional investors and hedge funds own 55.51% of the company’s stock.

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.