Fennec Pharmaceuticals (TSE:FRX) Shares Break Below Fifty Day Moving Average – Time to Sell?

Fennec Pharmaceuticals Inc. (TSE:FRX) passed below its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of C$15.81 and traded as low as C$14.75. Fennec Pharmaceuticals shares last traded at C$14.75, with a volume of 162 shares traded.

Fennec Pharmaceuticals Price Performance

The business’s 50 day simple moving average is C$15.84 and its 200 day simple moving average is C$13.33. The stock has a market cap of C$521.10 million, a price-to-earnings ratio of -123.83 and a beta of 3.82.

Insider Buying and Selling

In other Fennec Pharmaceuticals news, insider Pierre Sayad sold 12,000 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of C$17.18, for a total transaction of C$206,160.00. Following the transaction, the insider owned 9,519 shares of the company’s stock, valued at C$163,536.42. The trade was a 55.76% decrease in their ownership of the stock. Also, insider Robert Christopher Andrade sold 106,844 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of C$16.63, for a total value of C$1,776,815.72. Following the completion of the sale, the insider directly owned 217,675 shares of the company’s stock, valued at approximately C$3,619,935.25. The trade was a 32.92% decrease in their ownership of the stock. 16.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Fennec Pharmaceuticals

An institutional investor recently bought a new position in Fennec Pharmaceuticals stock. Cornerstone Capital Inc. acquired a new position in shares of Fennec Pharmaceuticals Inc. (TSE:FRX) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 105,000 shares of the biopharmaceutical company’s stock, valued at approximately $1,129,000. Cornerstone Capital Inc. owned 0.30% of Fennec Pharmaceuticals at the end of the most recent reporting period. Institutional investors and hedge funds own 15.52% of the company’s stock.

Fennec Pharmaceuticals Company Profile

Fennec Pharmaceuticals Inc is a specialty pharmaceutical company committed to the fight against ototoxicity in cancer patients who receive cisplatin-based chemotherapy. Fennec is focused on the commercialization of PEDMARK® to reduce the risk of platinum-induced ototoxicity in cancer patients. PEDMARK received FDA approval in September 2022 and European Commission approval in June 2023 and United Kingdom ( U.K. ) approval in October 2023 under the brand name PEDMARQSI®. In March 2024, Fennec entered into an exclusive licensing agreement under which Norgine Pharmaceuticals Ltd., a leading European specialist pharmaceutical company, with rights to commercialize PEDMARQSI® in Europe, U.K., Australia and New Zealand.