Fennec Pharmaceuticals (NASDAQ:FENC)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a research report issued to clients and investors on Wednesday, May 23rd. They presently have a $18.00 price objective on the stock. HC Wainwright’s price objective points to a potential upside of 73.08% from the company’s current price.
The analysts wrote, “We remind investors that Fennec has guided towards the completion of the New Drug Application (NDA) submission to the FDA by late this year. In addition, we note that the agency previously granted PEDMARK (a unique formulation of sodium thiosulfate) the prized Breakthrough Therapy Designation (BTD) for prevention of cisplatin-related ototoxicity in pediatric patients with standard risk hepatoblastoma (SR-HB). There are currently no drugs approved in the U.S. for this condition. BTD is intended to facilitate development and expedite review of drugs to treat serious and life-threatening conditions for which there are no existing effective therapies. Given its Orphan Drug classification, BTD and Fast Track status, along with the unmet need in the pediatric oncology patient population, we continue to believe that PEDMARK could be approved in mid-2019 and launched in the U.S.””
Several other research analysts have also weighed in on FENC. ValuEngine upgraded shares of Fennec Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, May 17th. Wedbush started coverage on shares of Fennec Pharmaceuticals in a research note on Monday, March 12th. They issued an “outperform” rating and a $17.00 price objective on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $17.25.
Shares of NASDAQ:FENC traded down $0.21 during mid-day trading on Wednesday, hitting $10.40. The stock had a trading volume of 35,500 shares, compared to its average volume of 63,165. The company has a market cap of $204.73 million, a PE ratio of -22.12 and a beta of -0.16. Fennec Pharmaceuticals has a 12-month low of $7.55 and a 12-month high of $14.99.
Fennec Pharmaceuticals (NASDAQ:FENC) last issued its quarterly earnings results on Monday, May 14th. The company reported ($0.09) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.12) by $0.03. sell-side analysts predict that Fennec Pharmaceuticals will post -0.41 EPS for the current year.
In other news, major shareholder Manchester Management Pr, Llc sold 914,745 shares of the stock in a transaction on Wednesday, March 28th. The shares were sold at an average price of $10.61, for a total transaction of $9,705,444.45. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 9.88% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Opaleye Management Inc. increased its stake in shares of Fennec Pharmaceuticals by 3.1% during the 1st quarter. Opaleye Management Inc. now owns 873,000 shares of the company’s stock worth $10,559,000 after purchasing an additional 26,100 shares during the last quarter. 683 Capital Management LLC increased its stake in shares of Fennec Pharmaceuticals by 7.3% during the 4th quarter. 683 Capital Management LLC now owns 867,185 shares of the company’s stock worth $8,689,000 after purchasing an additional 58,820 shares during the last quarter. Finally, Cardinal Capital Management acquired a new position in shares of Fennec Pharmaceuticals during the 4th quarter worth $120,000. Institutional investors own 41.23% of the company’s stock.
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.
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