Fennec Pharmaceuticals (TSE:FRX) Stock Breaks Above 50 Day Moving Average – What’s Next?

Fennec Pharmaceuticals Inc. (TSE:FRX) crossed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of C$14.99 and traded as high as C$16.50. Fennec Pharmaceuticals shares last traded at C$16.05, with a volume of 2,430 shares trading hands.

Fennec Pharmaceuticals Stock Up 20.8%

The business has a 50-day simple moving average of C$14.99 and a two-hundred day simple moving average of C$12.99. The company has a market cap of C$562.83 million, a price-to-earnings ratio of -133.75 and a beta of 3.90.

Insider Transactions at Fennec Pharmaceuticals

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

Hedge Funds Weigh In On Fennec Pharmaceuticals

A hedge fund recently bought a new stake in Fennec Pharmaceuticals stock. Cornerstone Capital Inc. purchased a new stake in Fennec Pharmaceuticals Inc. (TSE:FRX) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 105,000 shares of the biopharmaceutical company’s stock, valued at approximately $1,129,000. Cornerstone Capital Inc. owned 0.30% of Fennec Pharmaceuticals as of its most recent SEC filing. Institutional investors and hedge funds own 16.82% of the company’s stock.

Fennec Pharmaceuticals Company Profile

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.