Fennec Pharmaceuticals (NASDAQ:FENC) Receives “Outperform” Rating from Wedbush

Wedbush reaffirmed their outperform rating on shares of Fennec Pharmaceuticals (NASDAQ:FENC) in a research note published on Thursday,RTT News reports. The firm currently has a $13.00 price target on the stock, down from their previous price target of $14.00.

Other equities research analysts have also recently issued reports about the stock. Craig Hallum decreased their target price 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. HC Wainwright decreased their target price on shares of Fennec Pharmaceuticals from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd.

Fennec Pharmaceuticals Price Performance

Shares of FENC traded down $0.12 during trading hours on Thursday, reaching $4.24. The company had a trading volume of 28,676 shares, compared to its average volume of 112,769. The company has a current ratio of 8.02, a quick ratio of 7.75 and a debt-to-equity ratio of 9.86. The firm has a 50 day simple moving average of $4.87 and a 200-day simple moving average of $6.17. Fennec Pharmaceuticals has a 12-month low of $4.09 and a 12-month high of $11.92. The company has a market capitalization of $116.26 million, a price-to-earnings ratio of 109.03 and a beta of 0.27.

Fennec Pharmaceuticals (NASDAQ:FENC) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.26). Fennec Pharmaceuticals had a negative return on equity of 53.38% and a net margin of 5.59%. The firm had revenue of $7.26 million for the quarter, compared to analyst estimates of $13.67 million. During the same period in the prior year, the business earned ($0.21) earnings per share. Research analysts expect that Fennec Pharmaceuticals will post 0.08 earnings per share for the current year.

Hedge Funds Weigh In On Fennec Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of FENC. Bank of New York Mellon Corp lifted its holdings in Fennec Pharmaceuticals by 42.8% in the second quarter. Bank of New York Mellon Corp now owns 68,724 shares of the company’s stock worth $420,000 after purchasing an additional 20,602 shares during the period. Russell Investments Group Ltd. lifted its holdings in Fennec Pharmaceuticals by 71,275.0% in the first quarter. Russell Investments Group Ltd. now owns 34,260 shares of the company’s stock worth $381,000 after purchasing an additional 34,212 shares during the period. Acadian Asset Management LLC acquired a new stake in Fennec Pharmaceuticals in the second quarter worth about $49,000. WINTON GROUP Ltd acquired a new stake in Fennec Pharmaceuticals in the second quarter worth about $409,000. Finally, Rhumbline Advisers lifted its holdings in Fennec Pharmaceuticals by 44.7% in the second quarter. Rhumbline Advisers now owns 29,110 shares of the company’s stock worth $178,000 after purchasing an additional 8,987 shares during the period. Institutional investors and hedge funds 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.