Short Interest in Adherex Technologies Inc. (NASDAQ:FENC) Declines By 41.2%
by Jessica Moore · The Cerbat GemAdherex Technologies Inc. (NASDAQ:FENC – Get Free Report) was the target of a significant decrease in short interest in the month of May. As of May 15th, there was short interest totaling 623,377 shares, a decrease of 41.2% from the April 30th total of 1,060,249 shares. Approximately 2.0% of the shares of the company are sold short. Based on an average trading volume of 386,241 shares, the days-to-cover ratio is presently 1.6 days.
Wall Street Analysts Forecast Growth
FENC has been the topic of a number of research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a report on Tuesday, April 21st. B. Riley Financial initiated coverage on Adherex Technologies in a report on Thursday, February 12th. They issued a “buy” rating and a $16.00 target price on the stock. Zacks Research raised Adherex Technologies from a “strong sell” rating to a “hold” rating in a report on Monday, May 25th. Wall Street Zen raised shares of Adherex Technologies from a “hold” rating to a “strong-buy” rating in a research note on Saturday, May 16th. Finally, HC Wainwright raised their target price on shares of Adherex Technologies from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Adherex Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $15.40.
Read Our Latest Stock Report on FENC
Adherex Technologies Stock Up 2.1%
Shares of Adherex Technologies stock traded up $0.19 during trading on Thursday, reaching $9.33. The company’s stock had a trading volume of 42,165 shares, compared to its average volume of 199,718. The business has a 50 day moving average price of $7.48 and a 200-day moving average price of $7.73. Adherex Technologies has a 12-month low of $5.65 and a 12-month high of $10.45. The company has a market capitalization of $323.98 million, a P/E ratio of -32.07 and a beta of 1.08.
Adherex Technologies (NASDAQ:FENC – Get Free Report) last released its earnings results on Thursday, May 14th. The company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.03. The company had revenue of $15.11 million during the quarter, compared to the consensus estimate of $13.90 million. Adherex Technologies had a negative return on equity of 43.87% and a negative net margin of 17.12%. Research analysts predict that Adherex Technologies will post 0.26 EPS for the current fiscal year.
Insider Activity
In other news, Director Rosty Raykov sold 10,946 shares of Adherex Technologies stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $6.31, for a total value of $69,069.26. Following the transaction, the director directly owned 113,856 shares of the company’s stock, valued at $718,431.36. The trade was a 8.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 10.73% of the company’s stock.
Institutional Inflows and Outflows
An institutional investor recently bought a new position in Adherex Technologies stock. Jane Street Group LLC bought a new stake in Adherex Technologies Inc. (NASDAQ:FENC – Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 14,718 shares of the company’s stock, valued at approximately $90,000. Jane Street Group LLC owned approximately 0.05% of Adherex Technologies at the end of the most recent quarter. 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.