Fennec Pharmaceuticals Inc (FENC) Receives Consensus Recommendation of “Buy” from Brokerages

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Shares of Fennec Pharmaceuticals Inc (NASDAQ:FENC) have earned an average recommendation of “Buy” from the seven ratings firms that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $18.67.

A number of brokerages have recently issued reports on FENC. Goldman Sachs Group began coverage on shares of Fennec Pharmaceuticals in a research note on Thursday, October 11th. They issued a “buy” rating on the stock. Dawson James began coverage on shares of Fennec Pharmaceuticals in a research note on Thursday, October 11th. They issued a “buy” rating on the stock. Wedbush cut their target price on shares of Fennec Pharmaceuticals from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Monday, September 17th. ValuEngine lowered shares of Fennec Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Tuesday, September 11th. Finally, Zacks Investment Research lowered shares of Fennec Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Wednesday, August 15th.

FENC stock traded down $0.50 during trading on Monday, reaching $7.61. The stock had a trading volume of 37,935 shares, compared to its average volume of 82,533. Fennec Pharmaceuticals has a 1-year low of $6.28 and a 1-year high of $14.99. The firm has a market capitalization of $144.43 million, a P/E ratio of -16.19 and a beta of -0.46.

Fennec Pharmaceuticals (NASDAQ:FENC) last issued its earnings results on Monday, August 13th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.04). Research analysts predict that Fennec Pharmaceuticals will post -0.52 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Opaleye Management Inc. raised its stake in Fennec Pharmaceuticals by 8.2% during the second quarter. Opaleye Management Inc. now owns 945,000 shares of the company’s stock worth $9,865,000 after acquiring an additional 72,000 shares during the period. BlackRock Inc. acquired a new stake in Fennec Pharmaceuticals during the second quarter worth about $5,795,000. Northern Trust Corp acquired a new stake in Fennec Pharmaceuticals during the second quarter worth about $1,058,000. Granahan Investment Management Inc. MA raised its stake in Fennec Pharmaceuticals by 20.3% during the second quarter. Granahan Investment Management Inc. MA now owns 57,002 shares of the company’s stock worth $595,000 after acquiring an additional 9,626 shares during the period. Finally, United Services Automobile Association raised its stake in Fennec Pharmaceuticals by 20.7% during the second quarter. United Services Automobile Association now owns 55,348 shares of the company’s stock worth $578,000 after acquiring an additional 9,500 shares during the period. Hedge funds and other institutional investors own 49.21% of the company’s stock.

About Fennec Pharmaceuticals

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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Analyst Recommendations for Fennec Pharmaceuticals (NASDAQ:FENC)

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