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Raykov Rosty, a director at Fennec Pharmaceuticals Inc. (NASDAQ:FENC), recently sold a total of 10,000 common shares of the company. The transactions, which took place on January 6, 2025, were executed at a price of $6.08 per share, amounting to a total sale value of $60,800. The sale price sits near the middle of the stock's 52-week range of $3.96 to $11.49, with analysts setting price targets between $12 and $15 per share.
Following these sales, Rosty holds 83,863 shares directly. The sales were part of a 10b5-1 trading plan, allowing for pre-scheduled transactions. Some of the shares sold were previously acquired through an option exercise with a strike price of $2.36. The company maintains strong fundamentals with an impressive 93.5% gross profit margin and a healthy liquidity position, as revealed by InvestingPro data, which offers additional insights through its comprehensive analysis tools.
In other recent news, Fennec Pharmaceuticals has been making significant strides in its operations. The company's partner, Norgine Pharmaceuticals Ltd., received approval from the National Institute for Health and Care Excellence for PEDMARQSI, a therapy aimed at preventing cisplatin-induced hearing loss in young cancer patients. This endorsement comes after two Phase 3 trials demonstrated the therapy's potential to reduce hearing loss risk by approximately 50% in children treated with cisplatin.
Fennec's financial performance has also been robust, with the company reporting a notable 278% year-over-year revenue growth and 93.5% gross profit margin, largely due to its licensing agreement with Norgine. This arrangement has allowed Norgine to commercialize PEDMARQSI in Europe, Australia, and New Zealand, contributing to Fennec's revenue growth.
The company's recent third-quarter earnings showed strong growth, particularly in the expansion of PEDMARK, another therapy designed to mitigate cisplatin-associated hearing loss. Fennec's net product sales rose to $22 million for the first nine months of 2024, surpassing the total sales of the previous year.
In other developments, Fennec is preparing for the launch of PEDMARQSI in Germany and the U.K. in 2025, and a fully enrolled PEDMARK trial in Japan is expected to deliver results in the same year. However, the company's general and administrative expenses increased to $6.1 million due to stock compensation and litigation costs. Despite these challenges, Fennec maintains a strong cash position and projects the ability to fund operations well into 2026.
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