Raykov Rosty, a director at Fennec Pharmaceuticals Inc. (NASDAQ:FENC), recently sold 796 common shares of the company. The pharmaceutical company, currently valued at $157 million, has demonstrated impressive gross profit margins of 93.5% and maintains strong financial health according to InvestingPro analysis. The shares were sold at a price of $6.04 each, totaling $4,807. Following this transaction, Rosty holds 66,432 shares in the company. The sale was conducted under a 10b5-1 plan established on December 14, 2023. While the stock currently trades below the transaction price at $5.72, analyst targets suggest significant upside potential, ranging from $12 to $15 per share. InvestingPro subscribers can access 8 additional key insights and a comprehensive Pro Research Report for deeper analysis of FENC's valuation and prospects.
In other recent news, Fennec Pharmaceuticals demonstrated robust growth in its Q3 earnings. The company reported an increase in net product sales, reaching $22 million for the first nine months of 2024, exceeding total sales of 2023. The company also noted a rise in third-quarter net sales and a strong cash position, indicating the potential to fund operations well into 2026.
The expansion of PEDMARK, a therapy targeting cisplatin-associated hearing loss, particularly in the Adolescent and Young Adult market, was a key focus. Further developments include preparations for PEDMARQSI's launch in Germany and the U.K. in 2025 and a fully enrolled PEDMARK trial in Japan, with results expected in 2025.
However, the company experienced a rise in general and administrative expenses to $6.1 million, influenced by stock compensation and litigation costs. Despite this, Fennec anticipates continued growth, driven by market expansion and increased awareness of PEDMARK. The company is also exploring business development opportunities, including entering the Japanese market.
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