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

Fennec Pharmaceuticals Inc (NASDAQ:FENC) was the recipient of a large decrease in short interest in March. As of March 15th, there was short interest totalling 1,440,000 shares, a decrease of 25.4% from the February 28th total of 1,930,000 shares. Based on an average trading volume of 80,700 shares, the short-interest ratio is presently 17.8 days. Approximately 6.3% of the company’s stock are sold short.

Fennec Pharmaceuticals Price Performance

FENC opened at $6.50 on Friday. The firm has a market cap of $179.32 million, a PE ratio of -64.99 and a beta of 0.36. The stock has a 50-day moving average price of $6.53 and a 200-day moving average price of $5.71. Fennec Pharmaceuticals has a 1 year low of $3.96 and a 1 year high of $11.29.

Analyst Upgrades and Downgrades

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

Insider Transactions at Fennec Pharmaceuticals

In related news, Director Rosty Raykov sold 10,000 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $6.08, for a total value of $60,800.00. Following the sale, the director now directly owns 83,863 shares of the company’s stock, valued at $509,887.04. This represents a 10.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In 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.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. State Street Corp increased its position in shares of Fennec Pharmaceuticals by 2.2% during the third quarter. State Street Corp now owns 328,259 shares of the company’s stock valued at $1,641,000 after acquiring an additional 7,053 shares in the last quarter. Barclays PLC boosted its stake in Fennec Pharmaceuticals by 274.3% during the 3rd quarter. Barclays PLC now owns 31,319 shares of the company’s stock valued at $157,000 after purchasing an additional 22,951 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of Fennec Pharmaceuticals by 18.7% in the 3rd quarter. Franklin Resources Inc. now owns 14,799 shares of the company’s stock worth $74,000 after purchasing an additional 2,330 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Fennec Pharmaceuticals by 12.9% in the fourth quarter. Rhumbline Advisers now owns 34,299 shares of the company’s stock worth $217,000 after purchasing an additional 3,911 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Fennec Pharmaceuticals by 10.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 61,146 shares of the company’s stock valued at $386,000 after purchasing an additional 5,694 shares in the last quarter. 55.51% of the stock is owned by hedge funds and other institutional investors.

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.