Short Interest in Fennec Pharmaceuticals Inc (NASDAQ:FENC) Declines By 6.2%

Fennec Pharmaceuticals Inc (NASDAQ:FENC) was the target of a large 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. Based on an average daily trading volume, of 118,500 shares, the days-to-cover ratio is currently 16.7 days. Currently, 8.7% of the shares of the company are short sold.

Fennec Pharmaceuticals Stock Performance

Shares of NASDAQ FENC traded down $0.09 during midday trading on Monday, reaching $5.54. The stock had a trading volume of 36,236 shares, compared to its average volume of 72,604. Fennec Pharmaceuticals has a 12-month low of $3.96 and a 12-month high of $11.49. The stock has a 50-day moving average of $5.71 and a 200-day moving average of $5.50. The company has a market capitalization of $152.52 million, a price-to-earnings ratio of -55.39 and a beta of 0.34.

Analyst Ratings Changes

FENC has been the subject of a number of research reports. Wedbush reaffirmed an “outperform” rating and set a $13.00 target price on shares of Fennec Pharmaceuticals in a report on Friday, December 20th. HC Wainwright restated a “buy” rating and issued a $13.00 price objective on shares of Fennec Pharmaceuticals in a research note on Tuesday, December 17th. Finally, Stephens upgraded Fennec Pharmaceuticals to a “strong-buy” rating in a research report on Monday, November 18th.

Insiders Place Their Bets

In other Fennec Pharmaceuticals news, Director Rosty Raykov sold 10,000 shares of the business’s stock in a transaction on 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 directly owns 83,863 shares in the company, valued at approximately $509,887.04. The trade was a 10.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 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. In the last 90 days, insiders sold 19,636 shares of company stock valued at $115,437. 10.98% of the stock is owned by insiders.

Institutional Investors Weigh In On Fennec Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. Franklin Resources Inc. grew its position in shares of Fennec Pharmaceuticals by 18.7% during the third 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. State Street Corp boosted its stake in Fennec Pharmaceuticals by 2.2% in the 3rd quarter. State Street Corp now owns 328,259 shares of the company’s stock worth $1,641,000 after purchasing an additional 7,053 shares during the period. Acadian Asset Management LLC purchased a new stake in Fennec Pharmaceuticals during the 2nd quarter valued at approximately $49,000. Rhumbline Advisers raised its position in shares of Fennec Pharmaceuticals by 44.7% during the second quarter. Rhumbline Advisers now owns 29,110 shares of the company’s stock valued at $178,000 after buying an additional 8,987 shares during the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Fennec Pharmaceuticals in the second quarter worth $69,000. 55.51% of the stock is owned by 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.