Key Points
- Southpoint Capital Advisors LP sold 1,000,000 shares of Adherex (NASDAQ:FENC) on Dec. 24 at an average price of $7.50, generating $7.5M and reducing its position by 26.70% to 2,744,741 shares (SEC Form 4 filed).
- This transaction continues a recent pattern of dispositions by Southpoint (multiple sales in Oct–Nov totaling hundreds of thousands of shares), indicating sustained insider selling pressure.
- Adherex (FENC) has a market cap of about $262.6M, a 52‑week range of $4.68–$9.92, and a MarketBeat consensus rating of Hold with an average price target of $13.33.
Adherex Technologies Inc. (NASDAQ:FENC - Get Free Report) major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of the stock in a transaction that occurred on Wednesday, December 24th. The stock was sold at an average price of $7.50, for a total transaction of $7,500,000.00. Following the completion of the transaction, the insider owned 2,744,741 shares in the company, valued at $20,585,557.50. This trade represents a 26.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 transaction 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 transaction 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 stock was 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
NASDAQ FENC opened at $7.69 on Tuesday. The business's fifty day moving average is $7.98 and its 200 day moving average is $8.41. Adherex Technologies Inc. has a fifty-two week low of $4.68 and a fifty-two week high of $9.92. The company has a market capitalization of $262.61 million, a PE ratio of -33.43 and a beta of 0.75.
Adherex Technologies (NASDAQ:FENC - Get Free Report) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.06. The company had revenue of $12.46 million during the quarter, compared to the consensus estimate of $13.43 million. On average, sell-side analysts forecast that Adherex Technologies Inc. will post -0.11 EPS for the current year.
Analyst Upgrades and Downgrades
FENC has been the topic of several analyst reports. Zacks Research raised shares of Adherex Technologies from a "strong sell" rating to a "hold" rating in a report on Friday, December 12th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Adherex Technologies in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded Adherex Technologies from a "buy" rating to a "strong-buy" rating in a research note on Saturday, December 13th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $13.33.
View Our Latest Report on FENC
Hedge Funds Weigh In On Adherex Technologies
Several hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC bought a new position in shares of Adherex Technologies during the first quarter worth $66,000. Jane Street Group LLC bought a new stake in Adherex Technologies in the 1st quarter valued at $90,000. Finally, Nuveen LLC bought a new stake in Adherex Technologies in the 1st quarter valued at $158,000. Hedge funds and other institutional investors own 55.51% of the company's stock.
Adherex Technologies Company Profile
(
Get Free Report)
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.
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