Fennec Pharmaceuticals (FENC) Lifted to Buy at Zacks Investment Research

Fennec Pharmaceuticals (NASDAQ:FENC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The brokerage currently has a $4.50 price target on the stock. Zacks Investment Research‘s price target suggests a potential upside of 4.65% from the stock’s previous close.

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, Wedbush reissued an “outperform” rating and set a $16.00 price objective on shares of Fennec Pharmaceuticals in a research note on Thursday, March 14th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Fennec Pharmaceuticals has a consensus rating of “Buy” and a consensus target price of $12.83.

Shares of FENC opened at $4.30 on Tuesday. Fennec Pharmaceuticals has a one year low of $3.91 and a one year high of $12.51. The company has a market cap of $85.55 million, a P/E ratio of -8.60 and a beta of -0.33.

Fennec Pharmaceuticals (NASDAQ:FENC) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.13) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.14) by $0.01. As a group, analysts predict that Fennec Pharmaceuticals will post -0.66 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FENC. Vanguard Group Inc boosted its stake in Fennec Pharmaceuticals by 7.1% during the third quarter. Vanguard Group Inc now owns 43,488 shares of the company’s stock worth $357,000 after buying an additional 2,868 shares during the last quarter. Rhumbline Advisers acquired a new position in Fennec Pharmaceuticals during the fourth quarter worth $87,000. BlackRock Inc. boosted its stake in Fennec Pharmaceuticals by 0.4% during the fourth quarter. BlackRock Inc. now owns 562,216 shares of the company’s stock worth $3,588,000 after buying an additional 2,429 shares during the last quarter. United Services Automobile Association boosted its stake in Fennec Pharmaceuticals by 87.4% during the fourth quarter. United Services Automobile Association now owns 154,190 shares of the company’s stock worth $984,000 after buying an additional 71,922 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Fennec Pharmaceuticals by 16.0% during the fourth quarter. Geode Capital Management LLC now owns 39,489 shares of the company’s stock worth $251,000 after buying an additional 5,441 shares during the last quarter. 48.99% of the stock is currently owned by institutional investors.

Fennec Pharmaceuticals Company Profile

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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