Fennec Pharmaceuticals (NASDAQ:FENC) Rating Lowered to Sell at Zacks Investment Research

Fennec Pharmaceuticals (NASDAQ:FENC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday, 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. “

FENC has been the topic of a number of other research reports. HC Wainwright set a $55.00 target price on Acer Therapeutics and gave the company a “buy” rating in a report on Tuesday, May 28th. Wedbush set a $38.00 target price on Obseva and gave the company a “buy” rating in a report on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $12.50.

Shares of FENC stock opened at $4.25 on Thursday. The firm has a fifty day simple moving average of $3.88. The firm has a market cap of $82.39 million, a P/E ratio of -8.50 and a beta of -0.15. Fennec Pharmaceuticals has a fifty-two week low of $3.26 and a fifty-two week high of $10.61.

Fennec Pharmaceuticals (NASDAQ:FENC) last issued its earnings results on Thursday, May 9th. The company reported ($0.13) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.01. Equities analysts expect that Fennec Pharmaceuticals will post -0.59 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of FENC. Rhumbline Advisers acquired a new stake in shares of Fennec Pharmaceuticals in the 4th quarter valued at $87,000. Weiss Multi Strategy Advisers LLC acquired a new stake in shares of Fennec Pharmaceuticals during the 4th quarter valued at $160,000. Geode Capital Management LLC boosted its holdings in shares of Fennec Pharmaceuticals by 16.0% during the 4th quarter. Geode Capital Management LLC now owns 39,489 shares of the company’s stock valued at $251,000 after acquiring an additional 5,441 shares in the last quarter. United Services Automobile Association boosted its holdings in shares of Fennec Pharmaceuticals by 87.4% during the 4th quarter. United Services Automobile Association now owns 154,190 shares of the company’s stock valued at $984,000 after acquiring an additional 71,922 shares in the last quarter. Finally, BlackRock Inc. boosted its holdings in shares of Fennec Pharmaceuticals by 0.4% during the 4th quarter. BlackRock Inc. now owns 562,216 shares of the company’s stock valued at $3,588,000 after acquiring an additional 2,429 shares in the last quarter. 48.46% of the stock is currently owned by hedge funds and other institutional investors.

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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