Zacks Investment Research lowered shares of Fennec Pharmaceuticals (NASDAQ:FENC) from a buy rating to a hold rating in a research report sent to investors on Wednesday, May 30th.
According to Zacks, “Fennec Pharmaceuticals Inc. is a clinical-stage biotechnology company. It is focused on the development of Sodium Thiosulfate for the prevention of ototoxicity from cisplatin in pediatric patients. The Company’s products include Eniluracil and Sodium Thiosulfate (STS). Fennec Pharmaceuticals Inc., formerly known as Adherex Technologies Inc., is based in United States. “
Other analysts have also recently issued research reports about the company. ValuEngine raised Fennec Pharmaceuticals from a sell rating to a hold rating in a research report on Monday, April 2nd. HC Wainwright reaffirmed a buy rating and issued a $18.00 price target on shares of Fennec Pharmaceuticals in a report on Monday, April 2nd. Finally, Wedbush initiated coverage on Fennec Pharmaceuticals in a report on Monday, March 12th. They issued an outperform rating and a $17.00 price target for the company. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $17.25.
Fennec Pharmaceuticals (NASDAQ:FENC) last issued its quarterly earnings results on Monday, May 14th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.03. research analysts expect that Fennec Pharmaceuticals will post -0.41 earnings per share for the current fiscal year.
In other news, major shareholder Manchester Management Pr, Llc sold 914,745 shares of the stock in a transaction on Wednesday, March 28th. The stock was sold at an average price of $10.61, for a total value of $9,705,444.45. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 9.88% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Cardinal Capital Management bought a new position in Fennec Pharmaceuticals during the fourth quarter worth about $120,000. Opaleye Management Inc. acquired a new stake in Fennec Pharmaceuticals during the fourth quarter worth approximately $8,486,000. Finally, 683 Capital Management LLC lifted its position in Fennec Pharmaceuticals by 7.3% during the fourth quarter. 683 Capital Management LLC now owns 867,185 shares of the company’s stock worth $8,689,000 after acquiring an additional 58,820 shares during the last quarter. Institutional investors own 41.23% 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.
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