Zacks Investment Research upgraded shares of Fennec Pharmaceuticals (NASDAQ:FENC) from a hold rating to a buy rating in a research note released on Tuesday morning, Zacks.com reports. The firm currently has $4.50 price target on the stock.
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 reiterated an outperform rating and set a $16.00 price target on shares of Fennec Pharmaceuticals in a report on Friday, May 10th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Fennec Pharmaceuticals has a consensus rating of Buy and a consensus price target of $12.83.
Fennec Pharmaceuticals (NASDAQ:FENC) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.01. Equities research analysts expect that Fennec Pharmaceuticals will post -0.66 earnings per share for the current fiscal year.
Institutional investors have recently modified their holdings of the stock. State of Wisconsin Investment Board grew its stake in shares of Fennec Pharmaceuticals by 30.0% in the first quarter. State of Wisconsin Investment Board now owns 15,600 shares of the company’s stock worth $76,000 after purchasing an additional 3,600 shares during the last quarter. Rhumbline Advisers bought a new stake in shares of Fennec Pharmaceuticals in the fourth quarter worth $87,000. Charles Schwab Investment Management Inc. grew its stake in shares of Fennec Pharmaceuticals by 29.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 27,211 shares of the company’s stock worth $132,000 after purchasing an additional 6,111 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Fennec Pharmaceuticals in the first quarter worth $151,000. Finally, Weiss Multi Strategy Advisers LLC bought a new stake in shares of Fennec Pharmaceuticals in the fourth quarter worth $160,000. 48.99% of the stock is currently owned by 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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