Fennec Pharmaceuticals (TSE:FRX) Shares Down 8.1% – Time to Sell?

Fennec Pharmaceuticals Inc. (TSE:FRX) shares dropped 8.1% during mid-day trading on Thursday. The stock traded as low as C$13.29 and last traded at C$13.29. 300 shares traded hands 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 Price Performance

The business’s fifty day simple moving average is C$15.30 and its 200 day simple moving average is C$12.91. The stock has a market cap of C$466.04 million, a price-to-earnings ratio of -110.75 and a beta of 3.90.

Insider Transactions at Fennec Pharmaceuticals

In other news, insider Robert Christopher Andrade sold 106,844 shares of Fennec Pharmaceuticals stock in a transaction dated 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 of the company’s stock, valued at approximately C$3,619,935.25. The trade was a 32.92% decrease in their position. Also, insider Pierre Sayad sold 12,000 shares of the business’s stock in a transaction dated Friday, September 4th. The shares were sold at an average price of C$17.18, for a total transaction of C$206,160.00. Following the sale, the insider directly owned 9,519 shares of the company’s stock, valued at approximately C$163,536.42. This represents a 55.76% decrease in their position. Company insiders own 16.20% of the company’s stock.

Institutional Investors Weigh In On Fennec Pharmaceuticals

A hedge fund recently bought a new position in Fennec Pharmaceuticals stock. Cornerstone Capital Inc. bought a new position in Fennec Pharmaceuticals Inc. (TSE:FRX) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 105,000 shares of the biopharmaceutical company’s stock, valued at approximately $1,129,000. Cornerstone Capital Inc. owned about 0.30% of Fennec Pharmaceuticals as of its most recent SEC filing. Institutional investors own 16.50% of the company’s stock.

About Fennec Pharmaceuticals

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.