Short Interest in Adherex Technologies Inc. (NASDAQ:FENC) Declines By 41.2%

Adherex Technologies Inc. (NASDAQ:FENC) saw 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 short sold. Based on an average daily trading volume, of 386,241 shares, the days-to-cover ratio is currently 1.6 days.

Wall Street Analysts Forecast Growth

FENC has been the subject of several research reports. Wedbush restated an “outperform” rating and set a $13.00 price target on shares of Adherex Technologies in a research report on Thursday, April 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adherex Technologies in a report on Tuesday, April 21st. B. Riley Financial assumed coverage on shares of Adherex Technologies in a report on Thursday, February 12th. They set a “buy” rating and a $16.00 price objective on the stock. Zacks Research raised shares of Adherex Technologies from a “strong sell” rating to a “hold” rating in a report on Monday, May 25th. Finally, HC Wainwright upped their price objective on shares of Adherex Technologies from $13.00 to $16.00 and gave the company a “buy” rating in a report 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 stock. According to data from MarketBeat.com, Adherex Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.40.

Insiders Place Their Bets

In related news, Director Rosty Raykov sold 10,946 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $6.31, for a total transaction of $69,069.26. Following the completion of the transaction, the director owned 113,856 shares in the company, valued at approximately $718,431.36. This represents a 8.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 10.73% of the company’s stock.

Institutional Investors Weigh In On Adherex Technologies

A hedge fund recently bought a new stake in Adherex Technologies stock. Jane Street Group LLC purchased a new position in Adherex Technologies Inc. (NASDAQ:FENC) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 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. 55.51% of the stock is currently owned by institutional investors and hedge funds.

Adherex Technologies Stock Down 0.5%

NASDAQ FENC opened at $9.88 on Tuesday. The company has a market cap of $341.27 million, a PE ratio of -34.07 and a beta of 0.91. Adherex Technologies has a 52 week low of $5.65 and a 52 week high of $10.45. The firm’s 50-day simple moving average is $7.39 and its two-hundred day simple moving average is $7.70.

Adherex Technologies (NASDAQ:FENC) last announced its quarterly earnings results on Thursday, May 14th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03. Adherex Technologies had a negative net margin of 17.12% and a negative return on equity of 43.87%. The firm had revenue of $15.11 million for the quarter, compared to the consensus estimate of $13.90 million. As a group, equities research analysts anticipate that Adherex Technologies will post 0.26 EPS for the current year.

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.