Fennec Pharmaceuticals (TSE:FRX) Stock Crosses Below 50-Day Moving Average – Here’s What Happened

Fennec Pharmaceuticals Inc. (TSE:FRX)’s share price crossed below its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of C$15.89 and traded as low as C$14.47. Fennec Pharmaceuticals shares last traded at C$14.47, with a volume of 102 shares.

Fennec Pharmaceuticals Trading Up 5.6%

The firm’s 50-day simple moving average is C$15.86 and its two-hundred day simple moving average is C$13.53. The stock has a market capitalization of C$504.26 million, a PE ratio of -119.83 and a beta of 3.82.

Insiders Place Their Bets

In related news, insider Robert Christopher Andrade sold 106,844 shares of the company’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of C$16.63, for a total transaction of C$1,776,815.72. Following 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 ownership of the stock. Also, insider Pierre Sayad sold 12,000 shares of the firm’s stock in a transaction dated 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 sale, the insider owned 9,519 shares of the company’s stock, valued at C$163,536.42. The trade was a 55.76% decrease in their ownership of the stock. Insiders own 16.20% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in Fennec Pharmaceuticals stock. Cornerstone Capital Inc. bought a new position in Fennec Pharmaceuticals Inc. (TSE:FRX) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent reporting period. 15.77% of the stock is owned by institutional investors.

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.