Fennec Pharmaceuticals (TSE:FRX) Stock Falls 8.1% – Here’s What Happened

Fennec Pharmaceuticals Inc. (TSE:FRX) shares traded down 8.1% during mid-day trading on Thursday. The company traded as low as C$13.29 and last traded at C$13.29. Approximately 300 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 1,096 shares. The stock had previously closed at C$14.46.

Fennec Pharmaceuticals Stock Performance

The company has a market capitalization of C$466.04 million, a PE ratio of -110.75 and a beta of 3.90. The company has a 50 day moving average price of C$15.30 and a 200 day moving average price of C$12.91.

Insider Buying and Selling at Fennec Pharmaceuticals

In other Fennec Pharmaceuticals news, insider Robert Christopher Andrade sold 106,844 shares of the stock in a transaction on Thursday, August 27th. The shares were sold at an average price of C$16.63, for a total transaction of C$1,776,815.72. Following the transaction, the insider directly owned 217,675 shares in the company, valued at C$3,619,935.25. This represents a 32.92% decrease in their position. Also, insider Pierre Sayad sold 12,000 shares of the firm’s stock in a transaction on Friday, September 4th. The stock was sold at an average price of C$17.18, for a total transaction of C$206,160.00. Following the transaction, the insider directly owned 9,519 shares of the company’s stock, valued at approximately C$163,536.42. This represents a 55.76% decrease in their ownership of the stock. Corporate insiders own 16.20% of the company’s stock.

Hedge Funds Weigh In On Fennec Pharmaceuticals

An institutional investor recently bought a new position in Fennec Pharmaceuticals stock. Cornerstone Capital Inc. acquired a new stake in Fennec Pharmaceuticals Inc. (TSE:FRX) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 105,000 shares of the biopharmaceutical company’s stock, valued at approximately $1,129,000. Cornerstone Capital Inc. owned about 0.30% of Fennec Pharmaceuticals as of its most recent SEC filing. Hedge funds and other institutional investors own 16.50% of the company’s stock.

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.