Fennec Pharmaceuticals (TSE:FRX) Shares Cross Below 50 Day Moving Average – Time to Sell?

Shares of Fennec Pharmaceuticals Inc. (TSE:FRX) crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of C$10.80 and traded as low as C$10.18. Fennec Pharmaceuticals shares last traded at C$10.18, with a volume of 101 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, B. Riley Financial raised Fennec Pharmaceuticals to a “strong-buy” rating in a research note on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, Fennec Pharmaceuticals presently has a consensus rating of “Strong Buy”.

Fennec Pharmaceuticals Stock Down 5.0%

The stock has a market cap of C$347.68 million, a price-to-earnings ratio of -39.15 and a beta of 3.01. The company has a debt-to-equity ratio of -403.07, a quick ratio of 10.17 and a current ratio of 4.69. The firm’s 50-day simple moving average is C$10.80 and its two-hundred day simple moving average is C$11.33.

Insider Activity at Fennec Pharmaceuticals

In other Fennec Pharmaceuticals news, insider Southpoint Capital Advisors Lp sold 1,000,000 shares of the company’s stock in a transaction on Wednesday, December 24th. The stock was sold at an average price of C$10.35, for a total transaction of C$10,350,000.00. Following the transaction, the insider owned 2,744,741 shares of the company’s stock, valued at approximately C$28,408,069.35. This represents a 26.70% decrease in their position. Also, Director Rostislav Christov Raykov sold 10,349 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of C$10.69, for a total value of C$110,630.81. Following the transaction, the director directly owned 2,709,294 shares in the company, valued at approximately C$28,962,352.86. This represents a 0.38% decrease in their position. 16.20% of the stock is owned by corporate insiders.

About Fennec Pharmaceuticals

Fennec Pharmaceuticals Inc is a clinical-stage biotechnology company. It is primarily engaged in research and development activities. The company is developing Sodium Thiosulfate (STS), a chemo-protectant against hearing loss associated with platinum-based chemotherapy. Its lead product candidate is PEDMARK which is sodium thiosulfate in a novel formulation for the prevention of cisplatin induced hearing loss, or ototoxicity in children.