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

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

Fennec Pharmaceuticals Trading Down 1.6 %

FENC stock traded down $0.09 during trading on Friday, hitting $5.54. 36,236 shares of the company’s stock were exchanged, compared to its average volume of 72,604. The business has a 50-day moving average price of $5.71 and a two-hundred day moving average price of $5.50. The stock has a market capitalization of $152.52 million, a price-to-earnings ratio of -55.39 and a beta of 0.34. Fennec Pharmaceuticals has a 52-week low of $3.96 and a 52-week high of $11.49.

Wall Street Analyst Weigh In

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

Insider Transactions at Fennec Pharmaceuticals

In other news, Director Rosty Raykov sold 10,000 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $6.08, for a total transaction of $60,800.00. Following the completion of the sale, the director now owns 83,863 shares of the company’s stock, valued at $509,887.04. The trade was a 10.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Chris A. Rallis sold 6,409 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 52,214 shares of the company’s stock, valued at approximately $320,593.96. This trade represents a 10.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,636 shares of company stock valued at $115,437 in the last ninety days. 10.98% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fennec Pharmaceuticals

A number of hedge funds have recently modified their holdings of FENC. Advantage Alpha Capital Partners LP purchased a new stake in Fennec Pharmaceuticals in the 3rd quarter valued at approximately $264,000. Barclays PLC grew its holdings 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. Bank of New York Mellon Corp raised its position 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 acquiring an additional 20,602 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Fennec Pharmaceuticals in the second quarter valued at $69,000. Finally, Rhumbline Advisers boosted its position in shares of Fennec Pharmaceuticals by 44.7% during the 2nd quarter. Rhumbline Advisers now owns 29,110 shares of the company’s stock worth $178,000 after purchasing an additional 8,987 shares in the last quarter. 55.51% of the stock is currently owned by hedge funds and other institutional investors.

About Fennec Pharmaceuticals

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.