Fennec Pharmaceuticals Inc (NASDAQ:FENC) Short Interest Down 25.4% in March

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

Fennec Pharmaceuticals Trading Down 3.3 %

NASDAQ:FENC traded down $0.20 during mid-day trading on Tuesday, hitting $5.89. The stock had a trading volume of 21,605 shares, compared to its average volume of 110,506. Fennec Pharmaceuticals has a twelve month low of $3.96 and a twelve month high of $11.29. The stock has a 50-day simple moving average of $6.54 and a two-hundred day simple moving average of $5.72. The company has a market capitalization of $162.49 million, a PE ratio of -58.88 and a beta of 0.36.

Insiders Place Their Bets

In other news, Director Rosty Raykov sold 10,000 shares of the firm’s stock in a transaction that occurred 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 owns 83,863 shares in the company, valued at $509,887.04. This trade represents a 10.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 31,186 shares of company stock valued at $203,389 over the last ninety days. Company insiders own 10.98% of the company’s stock.

Institutional Investors Weigh In On Fennec Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Pinnacle Wealth Planning Services Inc. purchased a new position in Fennec Pharmaceuticals in the fourth quarter valued at $97,000. Bank of America Corp DE boosted its position in shares of Fennec Pharmaceuticals by 32.1% during the 4th quarter. Bank of America Corp DE now owns 35,827 shares of the company’s stock worth $226,000 after acquiring an additional 8,703 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Fennec Pharmaceuticals by 11.5% in the 4th quarter. BNP Paribas Financial Markets now owns 44,626 shares of the company’s stock valued at $282,000 after acquiring an additional 4,610 shares during the last quarter. Solas Capital Management LLC raised its position in shares of Fennec Pharmaceuticals by 17.0% during the 4th quarter. Solas Capital Management LLC now owns 2,250,919 shares of the company’s stock worth $14,226,000 after acquiring an additional 327,383 shares in the last quarter. Finally, MetLife Investment Management LLC purchased a new stake in Fennec Pharmaceuticals during the fourth quarter worth approximately $99,000. 55.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

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.