Short Interest in Fennec Pharmaceuticals Inc (NASDAQ:FENC) Rises By 5.1%

Fennec Pharmaceuticals Inc (NASDAQ:FENC) was the target of a large increase in short interest in November. As of November 15th, there was short interest totalling 1,870,000 shares, an increase of 5.1% from the October 31st total of 1,780,000 shares. Approximately 8.1% of the company’s stock are sold short. Based on an average daily volume of 104,500 shares, the days-to-cover ratio is presently 17.9 days.

Wall Street Analysts Forecast Growth

FENC has been the topic of several analyst reports. HC Wainwright reduced their target price on shares of Fennec Pharmaceuticals from $15.00 to $13.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Wedbush reaffirmed an “outperform” rating and issued a $13.00 target price (down from $14.00) on shares of Fennec Pharmaceuticals in a report on Thursday, November 7th. Stephens raised shares of Fennec Pharmaceuticals to a “strong-buy” rating in a report on Monday, November 18th. Finally, Craig Hallum lowered their price objective on shares of Fennec Pharmaceuticals from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th.

Insider Activity

In other Fennec Pharmaceuticals news, Director Chris A. Rallis sold 6,409 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $6.14, for a total transaction of $39,351.26. Following the completion of the transaction, the director now directly owns 52,214 shares in the company, valued at approximately $320,593.96. This represents a 10.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 12,677 shares of company stock worth $68,207. 10.98% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fennec Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. Acadian Asset Management LLC bought a new stake in Fennec Pharmaceuticals in the second quarter worth about $49,000. The Manufacturers Life Insurance Company acquired a new stake in Fennec Pharmaceuticals in the 2nd quarter worth approximately $69,000. Franklin Resources Inc. lifted its holdings in shares of Fennec Pharmaceuticals by 18.7% during the third quarter. Franklin Resources Inc. now owns 14,799 shares of the company’s stock worth $74,000 after buying an additional 2,330 shares during the last quarter. Rhumbline Advisers increased its position in shares of Fennec Pharmaceuticals by 44.7% during the second quarter. Rhumbline Advisers now owns 29,110 shares of the company’s stock valued at $178,000 after purchasing an additional 8,987 shares during the period. Finally, Barclays PLC increased its position in shares of Fennec Pharmaceuticals by 274.3% during the third quarter. Barclays PLC now owns 31,319 shares of the company’s stock valued at $157,000 after purchasing an additional 22,951 shares during the period. Institutional investors and hedge funds own 55.51% of the company’s stock.

Fennec Pharmaceuticals Trading Down 0.2 %

Shares of NASDAQ:FENC traded down $0.01 during trading on Tuesday, reaching $6.23. 314,932 shares of the stock were exchanged, compared to its average volume of 119,419. Fennec Pharmaceuticals has a 12-month low of $3.96 and a 12-month high of $11.92. The firm’s 50-day moving average price is $4.75 and its 200 day moving average price is $5.66. The company has a quick ratio of 7.64, a current ratio of 7.80 and a debt-to-equity ratio of 9.86.

Fennec Pharmaceuticals 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.