Solas Capital Management LLC Buys 327,383 Shares of Fennec Pharmaceuticals Inc (NASDAQ:FENC)

Solas Capital Management LLC lifted its stake in shares of Fennec Pharmaceuticals Inc (NASDAQ:FENC - Free Report) by 17.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,250,919 shares of the company's stock after purchasing an additional 327,383 shares during the period. Fennec Pharmaceuticals makes up about 9.4% of Solas Capital Management LLC's investment portfolio, making the stock its 2nd biggest position. Solas Capital Management LLC owned approximately 8.17% of Fennec Pharmaceuticals worth $14,226,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Rosalind Advisors Inc. acquired a new position in Fennec Pharmaceuticals during the 4th quarter worth $7,962,000. Clayton Partners LLC bought a new position in Fennec Pharmaceuticals in the fourth quarter valued at about $256,000. Barclays PLC raised its holdings in Fennec Pharmaceuticals by 274.3% during the 3rd quarter. Barclays PLC now owns 31,319 shares of the company's stock worth $157,000 after purchasing an additional 22,951 shares during the last quarter. MetLife Investment Management LLC bought a new position in shares of Fennec Pharmaceuticals in the 4th quarter valued at about $99,000. Finally, Pinnacle Wealth Planning Services Inc. acquired a new stake in shares of Fennec Pharmaceuticals during the 4th quarter worth approximately $97,000. 55.51% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Fennec Pharmaceuticals news, Director Rosty Raykov sold 10,000 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $6.79, for a total value of $67,900.00. Following the completion of the sale, the director now directly owns 68,725 shares in the company, valued at $466,642.75. This represents a 12.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 31,186 shares of company stock valued at $195,089. 10.98% of the stock is owned by company insiders.

Fennec Pharmaceuticals Price Performance

FENC traded down $0.18 during mid-day trading on Thursday, hitting $5.86. The stock had a trading volume of 9,430 shares, compared to its average volume of 105,173. The stock's fifty day simple moving average is $6.01 and its 200-day simple moving average is $5.79. The firm has a market capitalization of $161.70 million, a price-to-earnings ratio of -58.59 and a beta of 0.32. Fennec Pharmaceuticals Inc has a 1-year low of $3.96 and a 1-year high of $10.07.

Analyst Ratings Changes

A number of analysts have commented on the stock. Wedbush reaffirmed an "outperform" rating and set a $13.00 target price on shares of Fennec Pharmaceuticals in a report on Monday, March 10th. HC Wainwright reaffirmed a "buy" rating and set a $13.00 price objective on shares of Fennec Pharmaceuticals in a research note on Tuesday, March 11th.

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.