Short Interest in Fennec Pharmaceuticals Inc (NASDAQ:FENC) Drops By 25.4%

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

Analyst Upgrades and Downgrades

FENC has been the subject of several research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $13.00 target price on shares of Fennec Pharmaceuticals in a research note on Tuesday, March 11th. Wedbush restated an “outperform” rating and set a $13.00 price objective on shares of Fennec Pharmaceuticals in a research report on Monday, March 10th.

Insider Buying and Selling at Fennec Pharmaceuticals

In other news, Director Rosty Raykov sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $6.66, for a total transaction of $66,600.00. Following the sale, the director now directly owns 76,294 shares in the company, valued at $508,118.04. This trade represents a 11.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders sold 31,186 shares of company stock valued at $203,389. Corporate insiders own 10.98% of the company’s stock.

Hedge Funds Weigh In On Fennec Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of FENC. Intech Investment Management LLC purchased a new stake in Fennec Pharmaceuticals during the 4th quarter valued at about $69,000. Franklin Resources Inc. grew its position in shares of Fennec Pharmaceuticals by 18.7% in the third quarter. Franklin Resources Inc. now owns 14,799 shares of the company’s stock valued at $74,000 after purchasing an additional 2,330 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of Fennec Pharmaceuticals by 31.6% in the fourth quarter. Wells Fargo & Company MN now owns 13,152 shares of the company’s stock valued at $83,000 after purchasing an additional 3,155 shares during the last quarter. Pinnacle Wealth Planning Services Inc. purchased a new position in Fennec Pharmaceuticals during the fourth quarter worth approximately $97,000. Finally, MetLife Investment Management LLC purchased a new stake in Fennec Pharmaceuticals in the 4th quarter valued at $99,000. 55.51% of the stock is owned by hedge funds and other institutional investors.

Fennec Pharmaceuticals Stock Down 3.3 %

Shares of NASDAQ FENC traded down $0.20 during midday trading on Tuesday, hitting $5.89. The stock had a trading volume of 21,605 shares, compared to its average volume of 110,506. Fennec Pharmaceuticals has a 1 year low of $3.96 and a 1 year high of $11.29. The company has a market capitalization of $162.49 million, a PE ratio of -58.88 and a beta of 0.36. The stock has a 50 day simple moving average of $6.54 and a 200-day simple moving average of $5.72.

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.