Zacks: Fennec Pharmaceuticals Inc (FENC) Receives Average Recommendation of “Strong Buy” from Brokerages

Shares of Fennec Pharmaceuticals Inc (NASDAQ:FENC) have been assigned a consensus broker rating score of 1.00 (Strong Buy) from the two analysts that cover the company, Zacks Investment Research reports. Two analysts have rated the stock with a strong buy recommendation.

Brokers have set a 1-year consensus price target of $17.50 for the company and are expecting that the company will post ($0.14) earnings per share for the current quarter, according to Zacks. Zacks has also given Fennec Pharmaceuticals an industry rank of 179 out of 265 based on the ratings given to related companies.

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Several analysts recently weighed in on the stock. ValuEngine raised shares of Fennec Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Monday. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 target price on shares of Fennec Pharmaceuticals in a report on Monday. Finally, Wedbush assumed coverage on shares of Fennec Pharmaceuticals in a report on Monday, March 12th. They issued an “outperform” rating and a $17.00 target price on the stock.

NASDAQ:FENC traded up $1.04 during mid-day trading on Friday, hitting $14.07. The stock had a trading volume of 123,091 shares, compared to its average volume of 48,024. The stock has a market cap of $232.29, a price-to-earnings ratio of -29.94 and a beta of -0.32. Fennec Pharmaceuticals has a twelve month low of $7.55 and a twelve month high of $14.34.

In related news, major shareholder Manchester Management Pr, Llc sold 914,745 shares of the firm’s stock in a transaction that occurred on Wednesday, March 28th. The shares were sold at an average price of $10.61, for a total value of $9,705,444.45. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 10.70% of the stock is owned by company insiders.

Institutional investors have recently made changes to their positions in the business. Cardinal Capital Management purchased a new position in Fennec Pharmaceuticals in the fourth quarter valued at approximately $120,000. Opaleye Management Inc. purchased a new position in Fennec Pharmaceuticals in the fourth quarter valued at approximately $8,486,000. Finally, 683 Capital Management LLC increased its stake in Fennec Pharmaceuticals by 7.3% in the fourth quarter. 683 Capital Management LLC now owns 867,185 shares of the company’s stock valued at $8,689,000 after purchasing an additional 58,820 shares during the last quarter. Institutional investors own 44.94% of the company’s stock.

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About Fennec Pharmaceuticals

Fennec Pharmaceuticals Inc, formerly Adherex Technologies Inc, is a biopharmaceutical company focused on cancer therapeutics. The Company’s lead product candidate in the clinical stage of development includes Sodium Thiosulfate (STS), which has completed patient enrollment of over two Phase III clinical trials for the prevention of cisplatin induced hearing loss, or ototoxicity in children.

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