Brokerages Set Fennec Pharmaceuticals Inc (NASDAQ:FENC) PT at $16.50

Shares of Fennec Pharmaceuticals Inc (NASDAQ:FENC) have earned an average rating of “Buy” from the six ratings firms that are presently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $16.50.

Several research analysts have commented on the company. HC Wainwright set a $17.00 price target on Fennec Pharmaceuticals and gave the stock a “buy” rating in a research report on Tuesday, May 28th. Zacks Investment Research upgraded Fennec Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Tuesday, July 30th. Finally, Wedbush reiterated an “outperform” rating and issued a $16.00 target price on shares of Fennec Pharmaceuticals in a research note on Friday, May 10th.

FENC traded down $0.07 during trading on Wednesday, hitting $4.70. 30,597 shares of the stock were exchanged, compared to its average volume of 53,150. The company has a market cap of $87.94 million, a price-to-earnings ratio of -9.40 and a beta of -0.17. Fennec Pharmaceuticals has a 1-year low of $3.26 and a 1-year high of $10.61. The company’s fifty day simple moving average is $4.12.

Fennec Pharmaceuticals (NASDAQ:FENC) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.01. As a group, research analysts forecast that Fennec Pharmaceuticals will post -0.59 earnings per share for the current fiscal year.

Hedge funds have recently made changes to their positions in the business. Hartford Financial Management Inc. boosted its position in Fennec Pharmaceuticals by 65.0% during the second quarter. Hartford Financial Management Inc. now owns 20,300 shares of the company’s stock worth $81,000 after purchasing an additional 8,000 shares in the last quarter. Atria Investments LLC bought a new position in Fennec Pharmaceuticals in the 2nd quarter valued at approximately $215,000. Geode Capital Management LLC lifted its stake in Fennec Pharmaceuticals by 16.0% in the 4th quarter. Geode Capital Management LLC now owns 39,489 shares of the company’s stock valued at $251,000 after purchasing an additional 5,441 shares during the last quarter. Finally, BlackRock Inc. lifted its stake in Fennec Pharmaceuticals by 0.4% in the 4th quarter. BlackRock Inc. now owns 562,216 shares of the company’s stock valued at $3,588,000 after purchasing an additional 2,429 shares during the last quarter. Institutional investors own 48.45% 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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