Fennec Pharmaceuticals Inc (NASDAQ:FENC) Short Interest Update

Fennec Pharmaceuticals Inc (NASDAQ:FENC) was the target of a significant drop in short interest in the month of March. As of March 15th, there was short interest totalling 1,440,000 shares, a drop of 25.4% from the February 28th total of 1,930,000 shares. Based on an average daily volume of 80,700 shares, the short-interest ratio is currently 17.8 days. Currently, 6.3% of the company’s shares are sold short.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Wedbush restated an “outperform” rating and issued a $13.00 price target on shares of Fennec Pharmaceuticals in a report on Monday, March 10th. HC Wainwright reaffirmed a “buy” rating and issued a $13.00 target price on shares of Fennec Pharmaceuticals in a research report on Tuesday, March 11th.

Fennec Pharmaceuticals Stock Down 5.8 %

FENC traded down $0.38 during trading on Monday, hitting $6.12. 76,081 shares of the company’s stock were exchanged, compared to its average volume of 110,761. The stock has a market cap of $168.84 million, a P/E ratio of -61.60 and a beta of 0.36. The business’s 50 day moving average is $6.53 and its two-hundred day moving average is $5.71. Fennec Pharmaceuticals has a fifty-two week low of $3.96 and a fifty-two week high of $11.29.

Insider Buying and Selling

In other Fennec Pharmaceuticals news, Director Rosty Raykov sold 10,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $6.79, for a total transaction of $67,900.00. Following the transaction, the director now directly owns 68,725 shares in the company, valued at approximately $466,642.75. This represents a 12.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 31,186 shares of company stock valued at $203,389 over the last 90 days. Company insiders own 10.98% of the company’s stock.

Hedge Funds Weigh In On Fennec Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the business. Intech Investment Management LLC purchased a new stake in shares of Fennec Pharmaceuticals in the fourth quarter worth approximately $69,000. Wells Fargo & Company MN raised its position in Fennec Pharmaceuticals by 31.6% in the 4th quarter. Wells Fargo & Company MN now owns 13,152 shares of the company’s stock valued at $83,000 after buying an additional 3,155 shares during the last quarter. Franklin Resources Inc. raised its position in Fennec Pharmaceuticals by 18.7% in the 3rd quarter. Franklin Resources Inc. now owns 14,799 shares of the company’s stock valued at $74,000 after buying an additional 2,330 shares during the last quarter. Pinnacle Wealth Planning Services Inc. bought a new position in Fennec Pharmaceuticals during the 4th quarter valued at $97,000. Finally, MetLife Investment Management LLC purchased a new position in Fennec Pharmaceuticals during the 4th quarter worth $99,000. Institutional investors own 55.51% of the company’s stock.

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.