Zacks Investment Research Lowers Fennec Pharmaceuticals (NASDAQ:FENC) to Sell

Zacks Investment Research downgraded shares of Fennec Pharmaceuticals (NASDAQ:FENC) from a hold rating to a sell rating in a report published on Thursday morning, 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. “

A number of other brokerages also recently commented on FENC. Wedbush set a $38.00 price objective on Obseva and gave the stock a buy rating in a research report on Friday, May 10th. HC Wainwright set a $55.00 price objective on Acer Therapeutics and gave the stock a buy rating in a research report on Tuesday, May 28th. 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’s stock. Fennec Pharmaceuticals presently has a consensus rating of Buy and a consensus price target of $12.50.

Shares of NASDAQ:FENC opened at $4.25 on Thursday. The stock has a 50 day moving average price of $3.88. Fennec Pharmaceuticals has a 1 year low of $3.26 and a 1 year high of $10.61.

Fennec Pharmaceuticals (NASDAQ:FENC) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.13) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.14) by $0.01. Research analysts predict that Fennec Pharmaceuticals will post -0.59 EPS for the current fiscal year.

Large investors have recently bought and sold shares of the business. Rhumbline Advisers purchased a new stake in shares of Fennec Pharmaceuticals in the 4th quarter valued at $87,000. Weiss Multi Strategy Advisers LLC purchased a new stake in shares of Fennec Pharmaceuticals in the 4th quarter valued at $160,000. Geode Capital Management LLC raised its holdings in shares of Fennec Pharmaceuticals by 16.0% in the 4th quarter. Geode Capital Management LLC now owns 39,489 shares of the company’s stock valued at $251,000 after buying an additional 5,441 shares during the period. United Services Automobile Association raised its holdings in shares of Fennec Pharmaceuticals by 87.4% in the 4th quarter. United Services Automobile Association now owns 154,190 shares of the company’s stock valued at $984,000 after buying an additional 71,922 shares during the period. Finally, BlackRock Inc. raised its holdings in shares of Fennec Pharmaceuticals by 0.4% in the 4th quarter. BlackRock Inc. now owns 562,216 shares of the company’s stock valued at $3,588,000 after buying an additional 2,429 shares during the period. Institutional investors own 48.46% 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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