Fennec Pharmaceuticals Inc (NASDAQ:FENC – Get Free Report) was the target of a significant drop in short interest in December. As of December 31st, there was short interest totalling 1,980,000 shares, a drop of 6.2% from the December 15th total of 2,110,000 shares. Currently, 8.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 118,500 shares, the days-to-cover ratio is currently 16.7 days.
Wall Street Analyst Weigh In
A number of research firms have recently commented on FENC. HC Wainwright restated a “buy” rating and issued a $13.00 price objective on shares of Fennec Pharmaceuticals in a report on Tuesday, December 17th. Stephens upgraded shares of Fennec Pharmaceuticals to a “strong-buy” rating in a report on Monday, November 18th. Finally, Wedbush reiterated an “outperform” rating and set a $13.00 price objective on shares of Fennec Pharmaceuticals in a research note on Friday, December 20th.
View Our Latest Report on FENC
Fennec Pharmaceuticals Price Performance
Insider Activity
In other news, Director Chris A. Rallis sold 6,409 shares of the business’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 directly owns 52,214 shares of the company’s stock, valued at $320,593.96. The trade was a 10.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Rosty Raykov sold 10,000 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 83,863 shares of the company’s stock, valued at $509,887.04. The trade was a 10.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,636 shares of company stock worth $115,437 over the last 90 days. 10.98% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Fennec Pharmaceuticals
Several large investors have recently made changes to their positions in the company. Acadian Asset Management LLC bought a new position in shares of Fennec Pharmaceuticals in the second quarter valued at approximately $49,000. The Manufacturers Life Insurance Company acquired a new stake in Fennec Pharmaceuticals in the second quarter worth approximately $69,000. Franklin Resources Inc. boosted its stake in Fennec Pharmaceuticals by 18.7% during the 3rd quarter. Franklin Resources Inc. now owns 14,799 shares of the company’s stock valued at $74,000 after purchasing an additional 2,330 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 in the last quarter. Finally, Rhumbline Advisers increased its position in shares of Fennec Pharmaceuticals by 44.7% during the 2nd quarter. Rhumbline Advisers now owns 29,110 shares of the company’s stock valued at $178,000 after purchasing an additional 8,987 shares during the period. Institutional investors and hedge funds own 55.51% 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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