Fennec Pharmaceuticals (TSE:FRX) Stock Crosses Below 50 Day Moving Average - Time to Sell?

Key Points

• Fennec Pharmaceuticals shares fell below their 50-day moving average, reaching C$14.75 versus a C$15.81 average, though they were reported as trading up 2.4%. The stock’s 200-day moving average was C$13.26.
• Two company insiders sold shares, including Robert Christopher Andrade’s C$1.78 million sale and Pierre Sayad’s C$206,160 sale. Insiders currently own 16.20% of the company.
• Cornerstone Capital initiated a position by purchasing 105,000 shares worth approximately C$1.13 million. Institutional investors and hedge funds collectively own 15.52% of Fennec.

Shares of Fennec Pharmaceuticals Inc. (TSE:FRX - ) crossed below its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of C$15.81 and traded as low as C$14.75. Fennec Pharmaceuticals shares last traded at C$14.75, with a volume of 162 shares changing hands.

Fennec Pharmaceuticals Trading Up 2.4%

The company's 50 day moving average price is C$15.81 and its two-hundred day moving average price is C$13.26. The firm has a market cap of C$517.24 million, a PE ratio of -122.92 and a beta of 3.82.

Insiders Place Their Bets

In related news, insider Robert Christopher Andrade sold 106,844 shares of Fennec Pharmaceuticals stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of C$16.63, for a total transaction of C$1,776,815.72. Following the sale, the insider owned 217,675 shares of the company's stock, valued at approximately 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 business's stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of C$17.18, for a total value of C$206,160.00. Following the completion of the transaction, the insider directly owned 9,519 shares in the company, valued at approximately C$163,536.42. This represents a 55.76% decrease in their ownership of the stock. 16.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fennec Pharmaceuticals

A hedge fund recently bought a new position in Fennec Pharmaceuticals stock. Cornerstone Capital Inc. bought a new stake in shares of Fennec Pharmaceuticals Inc. (TSE:FRX - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 105,000 shares of the biopharmaceutical company's stock, valued at approximately $1,129,000. Cornerstone Capital Inc. owned approximately 0.30% of Fennec Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission. 15.52% of the stock is currently owned by hedge funds and other institutional investors.

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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