Fennec Pharmaceuticals (TSE:FRX) Shares Pass Above Fifty Day Moving Average – Should You Sell?

Shares of Fennec Pharmaceuticals Inc. (TSE:FRX) passed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of C$13.98 and traded as high as C$14.88. Fennec Pharmaceuticals shares last traded at C$14.88, with a volume of 101 shares.

Fennec Pharmaceuticals Stock Up 6.8%

The stock has a market capitalization of C$556.49 million, a P/E ratio of -55.24 and a beta of 3.55. The business has a fifty day moving average price of C$14.06 and a 200-day moving average price of C$11.71.

Insider Activity

In related news, Director Chris Anigeron Rallis bought 14,344 shares of the stock in a transaction on Monday, May 11th. The shares were acquired at an average price of C$3.35 per share, for a total transaction of C$48,052.40. Following the purchase, the director owned 69,660 shares of the company’s stock, valued at approximately C$233,361. The trade was a 25.93% increase in their ownership of the stock. Also, Director Rostislav Christov Raykov purchased 15,597 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were bought at an average cost of C$3.37 per share, for a total transaction of C$52,561.89. Following the acquisition, the director owned 2,755,851 shares in the company, valued at approximately C$9,287,217.87. The trade was a 0.57% increase in their ownership of the stock. 16.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fennec Pharmaceuticals

A hedge fund recently bought a new stake in Fennec Pharmaceuticals stock. Cornerstone Capital Inc. bought a new stake in shares of Fennec Pharmaceuticals Inc. (TSE:FRX) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 105,000 shares of the biopharmaceutical company’s stock, valued at approximately $1,129,000. Cornerstone Capital Inc. owned about 0.30% of Fennec Pharmaceuticals at the end of the most recent quarter. 14.40% of the stock is owned by hedge funds and other institutional investors.

About Fennec Pharmaceuticals

Fennec Pharmaceuticals Inc is a specialty pharmaceutical company committed to the fight against ototoxicity in cancer patients who receive cisplatin-based chemotherapy. Fennec is focused on the commercialization of PEDMARK® to reduce the risk of platinum-induced ototoxicity in cancer patients. PEDMARK received FDA approval in September 2022 and European Commission approval in June 2023 and United Kingdom ( U.K. ) approval in October 2023 under the brand name PEDMARQSI®. In March 2024, Fennec entered into an exclusive licensing agreement under which Norgine Pharmaceuticals Ltd., a leading European specialist pharmaceutical company, with rights to commercialize PEDMARQSI® in Europe, U.K., Australia and New Zealand.