Fennec Pharmaceuticals’ (FENC) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Fennec Pharmaceuticals (NASDAQ:FENC) in a report released on Tuesday,Benzinga reports. The firm currently has a $13.00 price target on the stock.

Several other research analysts also recently issued reports on the stock. Wedbush reissued an “outperform” rating and set a $13.00 price objective on shares of Fennec Pharmaceuticals in a research report on Monday, March 10th. Craig Hallum increased their target price on shares of Fennec Pharmaceuticals from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, May 14th.

Fennec Pharmaceuticals Stock Performance

Fennec Pharmaceuticals stock opened at $8.17 on Tuesday. The company has a market capitalization of $225.65 million, a P/E ratio of -81.69 and a beta of 0.32. Fennec Pharmaceuticals has a fifty-two week low of $3.96 and a fifty-two week high of $8.26. The stock has a 50-day simple moving average of $5.97 and a 200-day simple moving average of $5.99.

Fennec Pharmaceuticals (NASDAQ:FENC) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.08. The company had revenue of $8.51 million during the quarter, compared to analysts’ expectations of $8.18 million. Fennec Pharmaceuticals had a negative return on equity of 53.38% and a negative net margin of 2.30%. During the same quarter in the previous year, the business earned $0.41 earnings per share. As a group, analysts forecast that Fennec Pharmaceuticals will post -0.11 earnings per share for the current year.

Insider Activity at Fennec Pharmaceuticals

In other news, Director Rosty Raykov sold 10,000 shares of the firm’s stock in a transaction on Friday, April 4th. The shares were sold at an average price of $5.25, for a total value of $52,500.00. Following the completion of the sale, the director now owns 61,156 shares in the company, valued at approximately $321,069. This trade represents a 14.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jeffrey S. Hackman bought 13,965 shares of the stock in a transaction dated Monday, May 19th. The stock was purchased at an average cost of $6.99 per share, for a total transaction of $97,615.35. Following the acquisition, the chief executive officer now owns 15,000 shares of the company’s stock, valued at approximately $104,850. This represents a 1,349.28% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 30,000 shares of company stock worth $183,500 in the last three months. Insiders own 11.76% of the company’s stock.

Hedge Funds Weigh In On Fennec Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rosalind Advisors Inc. purchased a new stake in shares of Fennec Pharmaceuticals in the fourth quarter valued at approximately $7,962,000. AIGH Capital Management LLC acquired a new stake in Fennec Pharmaceuticals in the first quarter valued at $2,199,000. Solas Capital Management LLC boosted its position in shares of Fennec Pharmaceuticals by 17.0% during the 4th quarter. Solas Capital Management LLC now owns 2,250,919 shares of the company’s stock worth $14,226,000 after purchasing an additional 327,383 shares in the last quarter. Clayton Partners LLC purchased a new stake in shares of Fennec Pharmaceuticals during the 4th quarter worth $256,000. Finally, Nuveen LLC acquired a new position in shares of Fennec Pharmaceuticals during the 1st quarter worth $158,000. Institutional investors and hedge funds own 55.51% of the company’s stock.

About Fennec Pharmaceuticals

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.