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

Shares of Fennec Pharmaceuticals Inc. (TSE:FRX) passed below its fifty day moving average during trading on Monday. The stock has a fifty day moving average of C$15.73 and traded as low as C$15.28. Fennec Pharmaceuticals shares last traded at C$15.43, with a volume of 327 shares trading hands.

Fennec Pharmaceuticals Price Performance

The stock has a market capitalization of C$541.08 million, a PE ratio of -128.58 and a beta of 3.72. The firm has a 50 day moving average price of C$15.75 and a 200-day moving average price of C$13.12.

Insider Buying and Selling

In other news, insider Pierre Sayad sold 12,000 shares of the company’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of C$17.18, for a total value of C$206,160.00. Following the sale, the insider directly owned 9,519 shares of the company’s stock, valued at C$163,536.42. This represents a 55.76% decrease in their position. Also, insider Robert Christopher Andrade sold 106,844 shares of the company’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of C$16.63, for a total transaction of C$1,776,815.72. Following the completion of the sale, the insider directly owned 217,675 shares in the company, valued at C$3,619,935.25. This trade represents a 32.92% decrease in their ownership of the stock. Company insiders own 16.20% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Fennec Pharmaceuticals stock. Cornerstone Capital Inc. bought a new stake in shares of Fennec Pharmaceuticals Inc. (TSE:FRX) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 105,000 shares of the biopharmaceutical company’s stock, valued at approximately $1,129,000. Cornerstone Capital Inc. owned 0.30% of Fennec Pharmaceuticals at the end of the most recent reporting period. Institutional investors and hedge funds own 15.48% of the company’s stock.

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.