Adherex Technologies (NASDAQ:FENC) CFO Robert Andrade Sells 75,000 Shares

Adherex Technologies Inc. (NASDAQ:FENC) CFO Robert Andrade sold 75,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $11.78, for a total transaction of $883,500.00. Following the transaction, the chief financial officer directly owned 217,675 shares of the company’s stock, valued at $2,564,211.50. This represents a 25.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Adherex Technologies Price Performance

FENC stock opened at $12.27 on Friday. The firm’s fifty day simple moving average is $10.81 and its 200-day simple moving average is $8.91. The company has a market capitalization of $430.19 million, a P/E ratio of -94.38 and a beta of 1.09. Adherex Technologies Inc. has a 12 month low of $5.65 and a 12 month high of $13.25.

Adherex Technologies (NASDAQ:FENC) last issued its earnings results on Thursday, August 13th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.03. The firm had revenue of $17.87 million during the quarter, compared to analysts’ expectations of $16.21 million. Adherex Technologies had a negative net margin of 6.09% and a negative return on equity of 5.71%. As a group, sell-side analysts forecast that Adherex Technologies Inc. will post 0.29 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on FENC. HC Wainwright lifted their price objective on Adherex Technologies from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, May 22nd. Zacks Research upgraded Adherex Technologies from a “strong sell” rating to a “hold” rating in a research note on Monday, May 25th. Wedbush raised their target price on Adherex Technologies from $13.00 to $16.00 and gave the stock an “outperform” rating in a report on Wednesday, August 12th. B. Riley Financial reiterated a “buy” rating and set a $18.00 price target (up from $16.00) on shares of Adherex Technologies in a research report on Wednesday, August 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a research report on Friday, July 17th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Institutional Trading of Adherex Technologies

A hedge fund recently bought a new position in Adherex Technologies stock. AQR Capital Management LLC acquired a new position in Adherex Technologies Inc. (NASDAQ:FENC) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 10,897 shares of the company’s stock, valued at approximately $66,000. Hedge funds and other institutional investors own 55.51% of the company’s stock.

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. The company was formerly known as Adherex Technologies Inc and changed its name to Fennec Pharmaceuticals Inc in September 2014. Fennec Pharmaceuticals Inc was founded in 1996 and is based in Research Triangle Park, North Carolina.