Fennec Pharmaceuticals (TSE:FRX) Share Price Breaks Below Fifty Day Moving Average - Here's Why

Fennec Pharmaceuticals Inc. (TSE:FRX - Get Free Report) shares crossed below its 50-day moving average during trading on Monday. The stock has a 50-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 firm's 50 day moving average price is C$15.73 and its 200-day moving average price is C$13.08. The firm has a market cap of C$541.08 million, a price-to-earnings ratio of -128.58 and a beta of 3.72.

Insider Buying and Selling at Fennec Pharmaceuticals

In other Fennec Pharmaceuticals news, insider Robert Christopher Andrade sold 106,844 shares of the firm's stock in a transaction on Thursday, August 27th. The shares were sold at an average price of C$16.63, for a total value of C$1,776,815.72. Following 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 position. Also, insider Pierre Sayad sold 12,000 shares of the stock in a transaction dated Friday, September 4th. The shares were sold at an average price of C$17.18, for a total transaction of C$206,160.00. Following the completion of the sale, the insider owned 9,519 shares of the company's stock, valued at approximately C$163,536.42. The trade was a 55.76% decrease in their position. Company insiders own 16.20% of the company's stock.

Hedge Funds Weigh In On Fennec Pharmaceuticals

A hedge fund recently bought a new stake in Fennec Pharmaceuticals stock. Cornerstone Capital Inc. acquired a new position in Fennec Pharmaceuticals Inc. (TSE:FRX - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 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 quarter. Institutional investors and hedge funds own 15.48% of the company's stock.

About Fennec Pharmaceuticals

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.

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