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

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

Fennec Pharmaceuticals Stock Performance

The firm’s fifty day simple moving average is C$15.23 and its two-hundred day simple moving average is C$12.92. The company has a market capitalization of C$466.04 million, a price-to-earnings ratio of -110.75 and a beta of 3.90.

Insider Activity at Fennec Pharmaceuticals

In other Fennec Pharmaceuticals news, 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 completion of the sale, the insider owned 9,519 shares of the company’s stock, valued at C$163,536.42. This trade represents a 55.76% decrease in their ownership of the stock. Also, insider Robert Christopher Andrade sold 106,844 shares of Fennec Pharmaceuticals stock in a transaction 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 sale, the insider owned 217,675 shares in the company, valued at C$3,619,935.25. This represents a 32.92% decrease in their position. Corporate insiders own 16.20% of the company’s stock.

Hedge Funds Weigh In On Fennec Pharmaceuticals

An institutional investor recently bought a new stake in Fennec Pharmaceuticals stock. Cornerstone Capital Inc. acquired a new stake in Fennec Pharmaceuticals Inc. (TSE:FRX) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 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. 16.79% of the stock is currently owned by institutional investors and hedge funds.

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.