Insider Selling: Adherex Technologies (NASDAQ:FENC) Major Shareholder Sells $7,500,000.00 in Stock

Adherex Technologies Inc. (NASDAQ:FENC) major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of Adherex Technologies stock in a transaction dated Wednesday, December 24th. The stock was sold at an average price of $7.50, for a total value of $7,500,000.00. Following the completion of the transaction, the insider directly owned 2,744,741 shares of the company’s stock, valued at approximately $20,585,557.50. This trade represents a 26.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Major shareholders that own more than 10% 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 Tuesday, November 18th, Southpoint Capital Advisors Lp sold 19,341 shares of Adherex Technologies stock. The shares were sold at an average price of $8.79, for a total transaction of $170,007.39.
• On Monday, November 17th, Southpoint Capital Advisors Lp sold 85,918 shares of Adherex Technologies stock. The stock was sold at an average price of $8.79, for a total value of $755,219.22.
• On Friday, November 14th, Southpoint Capital Advisors Lp sold 160,100 shares of Adherex Technologies stock. The stock was sold at an average price of $8.00, for a total value of $1,280,800.00.
• 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 transaction 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 transaction of $185,659.35.
• On Tuesday, October 7th, Southpoint Capital Advisors Lp sold 26,900 shares of Adherex Technologies stock. The shares were sold at an average price of $9.59, for a total value of $257,971.00.

Adherex Technologies Trading Down 0.8%

Shares of Adherex Technologies stock opened at $7.70 on Thursday. The company has a market capitalization of $262.96 million, a P/E ratio of -33.48 and a beta of 0.75. The stock has a fifty day simple moving average of $7.94 and a 200 day simple moving average of $8.40. Adherex Technologies Inc. has a 12-month low of $4.68 and a 12-month high of $9.92.

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

Analyst Ratings Changes

Several analysts have commented on the stock. Wall Street Zen raised shares of Adherex Technologies from a “buy” rating to a “strong-buy” rating in a research report on Saturday, December 13th. Zacks Research upgraded Adherex Technologies from a “strong sell” rating to a “hold” rating in a research note on Friday, December 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adherex Technologies in a report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $13.33.

Institutional Trading of Adherex Technologies

Institutional investors and hedge funds have recently made changes to their positions in the stock. Nuveen LLC purchased a new position in shares of Adherex Technologies during the first quarter worth approximately $158,000. Jane Street Group LLC purchased a new stake in shares of Adherex Technologies in the 1st quarter valued at $90,000. Finally, AQR Capital Management LLC bought a new position in shares of Adherex Technologies during the 1st quarter valued at $66,000. Hedge funds and other institutional investors 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. 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.