Fennec Pharmaceuticals Inc (NASDAQ:FENC) Sees Significant Decline in Short Interest

Fennec Pharmaceuticals Inc (NASDAQ:FENC) was the target of a significant decline in short interest during the month of December. As of December 31st, there was short interest totalling 1,980,000 shares, a decline of 6.2% from the December 15th total of 2,110,000 shares. Currently, 8.7% of the company’s stock are sold short. Based on an average trading volume of 118,500 shares, the short-interest ratio is currently 16.7 days.

Fennec Pharmaceuticals Stock Performance

Shares of FENC traded down $0.09 during trading hours on Friday, hitting $5.54. The stock had a trading volume of 36,236 shares, compared to its average volume of 72,604. The firm has a 50-day moving average price of $5.71 and a 200 day moving average price of $5.50. Fennec Pharmaceuticals has a fifty-two week low of $3.96 and a fifty-two week high of $11.49. The firm has a market capitalization of $152.52 million, a price-to-earnings ratio of -55.39 and a beta of 0.34.

Insider Transactions at Fennec Pharmaceuticals

In related news, Director Chris A. Rallis sold 6,409 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $6.14, for a total value of $39,351.26. Following the completion of the transaction, the director now owns 52,214 shares in the company, valued at $320,593.96. This trade represents a 10.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Rosty Raykov sold 10,000 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $6.08, for a total value of $60,800.00. Following the completion of the transaction, the director now directly owns 83,863 shares in the company, valued at $509,887.04. This represents a 10.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,636 shares of company stock worth $115,437. Insiders own 10.98% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FENC. Acadian Asset Management LLC purchased a new position in Fennec Pharmaceuticals during the second quarter worth approximately $49,000. The Manufacturers Life Insurance Company purchased a new position in shares of Fennec Pharmaceuticals during the 2nd quarter valued at approximately $69,000. Franklin Resources Inc. grew its stake in Fennec Pharmaceuticals by 18.7% in the 3rd quarter. Franklin Resources Inc. now owns 14,799 shares of the company’s stock valued at $74,000 after acquiring an additional 2,330 shares during the period. Rhumbline Advisers increased its holdings in Fennec Pharmaceuticals by 44.7% in the 2nd quarter. Rhumbline Advisers now owns 29,110 shares of the company’s stock worth $178,000 after acquiring an additional 8,987 shares in the last quarter. Finally, Barclays PLC raised its position in Fennec Pharmaceuticals by 274.3% during the third quarter. Barclays PLC now owns 31,319 shares of the company’s stock worth $157,000 after acquiring an additional 22,951 shares during the period. Institutional investors and hedge funds own 55.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. HC Wainwright reiterated a “buy” rating and issued a $13.00 price objective on shares of Fennec Pharmaceuticals in a research note on Tuesday, December 17th. Stephens raised Fennec Pharmaceuticals to a “strong-buy” rating in a research report on Monday, November 18th. Finally, Wedbush reissued an “outperform” rating and issued a $13.00 price objective on shares of Fennec Pharmaceuticals in a report on Friday, December 20th.

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.