Fennec Pharmaceuticals Inc (NASDAQ:FENC) Sees Large Decrease in Short Interest

Fennec Pharmaceuticals Inc (NASDAQ:FENC - Get Free Report) saw a significant decline in short interest in the month of December. As of December 31st, there was short interest totalling 1,980,000 shares, a decline of 6.2% from the December 15th total of 2,110,000 shares. Currently, 8.7% of the company's shares are sold short. Based on an average daily trading volume, of 118,500 shares, the days-to-cover ratio is presently 16.7 days.

Fennec Pharmaceuticals Stock Performance

NASDAQ FENC traded down $0.09 on Friday, reaching $5.54. 36,236 shares of the stock traded hands, compared to its average volume of 72,604. Fennec Pharmaceuticals has a 12 month low of $3.96 and a 12 month high of $11.49. The company has a market cap of $152.52 million, a price-to-earnings ratio of -55.39 and a beta of 0.34. The company has a fifty day moving average price of $5.71 and a 200-day moving average price of $5.50.

Wall Street Analyst Weigh In

FENC has been the topic of a number of recent analyst reports. Stephens upgraded Fennec Pharmaceuticals to a "strong-buy" rating in a research note on Monday, November 18th. HC Wainwright reaffirmed a "buy" rating and issued a $13.00 price target on shares of Fennec Pharmaceuticals in a research note on Tuesday, December 17th. Finally, Wedbush reiterated an "outperform" rating and set a $13.00 price objective on shares of Fennec Pharmaceuticals in a report on Friday, December 20th.

Insiders Place Their Bets

In other news, Director Chris A. Rallis sold 6,409 shares of the company's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $6.14, for a total transaction of $39,351.26. Following the transaction, the director now owns 52,214 shares of the company's stock, valued at approximately $320,593.96. This represents a 10.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Rosty Raykov sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $6.08, for a total value of $60,800.00. Following the sale, the director now directly owns 83,863 shares of the company's stock, valued at $509,887.04. This represents a 10.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,636 shares of company stock valued at $115,437 over the last three months. 10.98% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fennec Pharmaceuticals

Institutional investors have recently bought and sold shares of the business. Acadian Asset Management LLC bought a new position in Fennec Pharmaceuticals in the second quarter worth about $49,000. The Manufacturers Life Insurance Company bought a new position in shares of Fennec Pharmaceuticals during the 2nd quarter worth approximately $69,000. Franklin Resources Inc. lifted its position in Fennec Pharmaceuticals by 18.7% during the third quarter. Franklin Resources Inc. now owns 14,799 shares of the company's stock valued at $74,000 after acquiring an additional 2,330 shares during the last quarter. Barclays PLC boosted its stake in Fennec Pharmaceuticals by 274.3% in the third quarter. Barclays PLC now owns 31,319 shares of the company's stock valued at $157,000 after acquiring an additional 22,951 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in Fennec Pharmaceuticals by 44.7% in the second quarter. Rhumbline Advisers now owns 29,110 shares of the company's stock worth $178,000 after purchasing an additional 8,987 shares during the last quarter. 55.51% of the stock is owned by hedge funds and other institutional investors.

Fennec Pharmaceuticals Company Profile

Fennec Pharmaceuticals Inc, a biopharmaceutical company, develops product candidates for use in the treatment of cancer in the United States. Its lead product candidate is the Sodium Thiosulfate, which has completed the Phase III clinical trial for the prevention of cisplatin induced hearing loss or ototoxicity in children.

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