H.C. Wainwright Sticks to Their Buy Rating for Fennec Pharmaceuticals Inc (FENC)

In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Fennec Pharmaceuticals Inc (FENCResearch Report), with a price target of $17. The company’s shares closed on Friday at $4.70.

Selvaraju commented:

“We still expect both R&D and G&A spending to tail off towards the end of this year and early next year once the PEDMARK NDA has been filed. We reiterate our Buy rating and 12-month price target of $17 per share. Timing of PEDMARK filing still tracking with prior guidance. We continue to expect Fennec to complete the NDA submission for PEDMARK early in 2020, in-line with previous management commentary. We currently expect PEDMARK sales to start in the second half of 2020; our 2020 top-line revenue projection to $10M remains unchanged. In our view, Fennec remains undervalued given our assessment of PEDMARK’s commercial prospects, and we expect the share price to recover gradually leading into or upon the PEDMARK NDA submission, acceptance of the filing for review and assignment of an FDA approval decision date.”

According to TipRanks.com, Selvaraju has 0 stars on 0-5 star ranking scale with an average return of -10.6% and a 26.8% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Taro Pharmaceutical Industries Ltd., Biospecifics Technologies Corp, and Stealth Biotherapeutics Corp.

Currently, the analyst consensus on Fennec Pharmaceuticals Inc is a Moderate Buy with an average price target of $17.

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Based on Fennec Pharmaceuticals Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $4.73 million. In comparison, last year the company had a GAAP net loss of $2.59 million.

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Fennec Pharmaceuticals, Inc. is a biopharmaceutical company, which engages in the development of sodium thiosulfate for the prevention of ototoxicity from cisplatin in pediatric cancer patients. The company was founded by Orest W. Blaschuk on September 3, 1996 and is headquartered in Durham, NC.