Fennec Pharmaceuticals (TSE:FRX) Shares Cross Above 50-Day Moving Average – Here’s Why

Fennec Pharmaceuticals Inc. (TSE:FRX) shares passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of C$10.82 and traded as high as C$11.42. Fennec Pharmaceuticals shares last traded at C$11.42, with a volume of 125 shares changing hands.

Analyst Ratings Changes

Separately, B. Riley Financial raised Fennec Pharmaceuticals to a “strong-buy” rating in a report on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, the company has an average rating of “Strong Buy”.

Fennec Pharmaceuticals Trading Up 4.3%

The company has a debt-to-equity ratio of -403.07, a current ratio of 4.69 and a quick ratio of 10.17. The company has a market cap of C$390.03 million, a price-to-earnings ratio of -43.92 and a beta of 2.97. The business’s fifty day moving average price is C$10.82 and its 200 day moving average price is C$11.43.

Insider Activity

In related news, Director Rostislav Christov Raykov acquired 15,598 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were bought at an average cost of C$3.37 per share, with a total value of C$52,565.26. Following the completion of the purchase, the director directly owned 2,719,643 shares in the company, valued at C$9,165,196.91. The trade was a 0.58% increase in their ownership of the stock. Also, insider Southpoint Capital Advisors Lp sold 1,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 24th. The shares were sold at an average price of C$10.35, for a total value of C$10,350,000.00. Following the completion of the sale, the insider owned 2,744,741 shares in the company, valued at C$28,408,069.35. The trade was a 26.70% decrease in their ownership of the stock. 16.20% of the stock is currently owned by insiders.

About Fennec Pharmaceuticals

Fennec Pharmaceuticals Inc is a clinical-stage biotechnology company. It is primarily engaged in research and development activities. The company is developing Sodium Thiosulfate (STS), a chemo-protectant against hearing loss associated with platinum-based chemotherapy. Its lead product candidate is PEDMARK which is sodium thiosulfate in a novel formulation for the prevention of cisplatin induced hearing loss, or ototoxicity in children.