Adherex Technologies (NASDAQ:FENC) Announces Quarterly Earnings Results

Adherex Technologies (NASDAQ:FENC) released its quarterly earnings data on Thursday. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.06, Zacks reports. The company had revenue of $12.46 million for the quarter, compared to analyst estimates of $13.43 million.

Adherex Technologies Trading Up 2.2%

Shares of NASDAQ:FENC traded up $0.17 during midday trading on Friday, hitting $7.86. The company had a trading volume of 911,416 shares, compared to its average volume of 79,328. Adherex Technologies has a 12 month low of $3.96 and a 12 month high of $9.92. The firm has a fifty day simple moving average of $8.71 and a 200 day simple moving average of $8.27. The stock has a market cap of $220.57 million, a price-to-earnings ratio of -18.71 and a beta of 0.71.

Insider Activity

In other Adherex Technologies news, major shareholder Southpoint Capital Advisors Lp sold 26,900 shares of the firm’s stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $9.59, for a total transaction of $257,971.00. Following the transaction, the insider owned 4,050,314 shares in the company, valued at approximately $38,842,511.26. This trade represents a 0.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rosty Raykov sold 10,000 shares of the business’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $8.10, for a total value of $81,000.00. Following the transaction, the director owned 82,318 shares of the company’s stock, valued at $666,775.80. The trade was a 10.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 88,889 shares of company stock worth $831,526 in the last three months. Insiders own 10.98% of the company’s stock.

Institutional Investors Weigh In On Adherex Technologies

An institutional investor recently bought a new position in Adherex Technologies stock. AQR Capital Management LLC purchased a new position in shares of Adherex Technologies Inc. (NASDAQ:FENC) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 10,897 shares of the company’s stock, valued at approximately $66,000. Institutional investors own 55.51% of the company’s stock.

Analysts Set New Price Targets

FENC has been the topic of a number of research analyst reports. Craig Hallum increased their price target on Adherex Technologies from $13.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, August 15th. Wall Street Zen upgraded Adherex Technologies from a “hold” rating to a “buy” rating in a report on Saturday, November 1st. HC Wainwright restated a “buy” rating and issued a $13.00 target price on shares of Adherex Technologies in a research note on Thursday, August 21st. Zacks Research downgraded shares of Adherex Technologies from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a report on Wednesday, October 8th. One equities 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 data from MarketBeat.com, Adherex Technologies has a consensus rating of “Moderate Buy” and a consensus 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.