Zacks Investment Research Downgrades Fennec Pharmaceuticals (NASDAQ:FENC) to Hold

Fennec Pharmaceuticals (NASDAQ:FENC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Fennec Pharmaceuticals Inc. is a clinical-stage biotechnology company. It is focused on the development of Sodium Thiosulfate for the prevention of ototoxicity from cisplatin in pediatric patients. The Company’s products include Eniluracil and Sodium Thiosulfate (STS). Fennec Pharmaceuticals Inc., formerly known as Adherex Technologies Inc., is based in United States. “

Separately, HC Wainwright restated a “buy” rating on shares of Fennec Pharmaceuticals in a report on Thursday, June 24th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $12.75.

Fennec Pharmaceuticals stock traded down $0.12 during mid-day trading on Wednesday, hitting $9.36. 55,616 shares of the company were exchanged, compared to its average volume of 105,040. The company has a quick ratio of 33.11, a current ratio of 33.11 and a debt-to-equity ratio of 0.22. The business has a fifty day moving average of $8.23 and a 200 day moving average of $7.22. Fennec Pharmaceuticals has a 1-year low of $5.80 and a 1-year high of $9.83. The company has a market capitalization of $243.43 million, a PE ratio of -13.37 and a beta of 0.07.

Fennec Pharmaceuticals (NASDAQ:FENC) last announced its earnings results on Tuesday, August 10th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.04. Research analysts expect that Fennec Pharmaceuticals will post 0.57 earnings per share for the current year.

A number of institutional investors have recently bought and sold shares of FENC. DG Capital Management LLC bought a new position in Fennec Pharmaceuticals in the second quarter valued at about $4,292,000. Millennium Management LLC bought a new position in Fennec Pharmaceuticals during the second quarter worth about $2,951,000. Harbert Fund Advisors Inc. bought a new position in Fennec Pharmaceuticals during the second quarter worth about $881,000. Ergoteles LLC bought a new position in Fennec Pharmaceuticals during the second quarter worth about $673,000. Finally, Tibra Equities Europe Ltd bought a new position in Fennec Pharmaceuticals during the second quarter worth about $338,000. Institutional investors and hedge funds own 46.45% 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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