Fennec Pharmaceuticals (TSE:FRX) Stock Crosses 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 Friday . The stock has a 50 day moving average of C$15.44 and traded as high as C$17.42. Fennec Pharmaceuticals shares last traded at C$17.42, with a volume of 288 shares changing hands.

Fennec Pharmaceuticals Trading Up 0.8%

The business’s fifty day simple moving average is C$15.44 and its 200 day simple moving average is C$12.58. The stock has a market cap of C$610.87 million, a price-to-earnings ratio of -145.17 and a beta of 3.72.

Insider Activity at Fennec Pharmaceuticals

In related news, insider Robert Christopher Andrade sold 106,844 shares of Fennec Pharmaceuticals stock in a transaction on Thursday, August 27th. The stock was sold at an average price of C$16.63, for a total transaction of C$1,776,815.72. Following the completion of the sale, the insider directly owned 217,675 shares of the company’s stock, valued at C$3,619,935.25. The trade was a 32.92% decrease in their ownership of the stock. 16.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fennec Pharmaceuticals

A hedge fund recently bought a new position in Fennec Pharmaceuticals stock. Cornerstone Capital Inc. bought a new position in shares of Fennec Pharmaceuticals Inc. (TSE:FRX) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 105,000 shares of the biopharmaceutical company’s stock, valued at approximately $1,129,000. Cornerstone Capital Inc. owned 0.30% of Fennec Pharmaceuticals at the end of the most recent quarter. 15.40% of the stock is owned by institutional investors and hedge funds.

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.