Fennec Pharmaceuticals, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on the stock and has a $13.00 price target.
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Ram Selvaraju has given his Buy rating due to a combination of factors related to Fennec Pharmaceuticals’ performance and strategic advancements. The company’s product, PEDMARK, is gaining traction in the market, with revenue figures closely aligning with expectations, despite a slightly higher net loss due to increased operating expenses. The inclusion of PEDMARK in a large national oncology group’s formulary for younger patients indicates growing acceptance and potential for wider adoption, which is further supported by endorsements from reputable organizations like the National Comprehensive Cancer Network.
Additionally, Fennec’s international expansion efforts, particularly in Europe, are progressing well. The acceptance of PEDMARQSI, the European trade name for PEDMARK, by the Scottish Medicines Consortium and its commercial launches in Germany, England, and Wales highlight the company’s commitment to broadening its market reach. These developments suggest a promising outlook for PEDMARK’s growth and Fennec’s financial performance, justifying the Buy rating and the 12-month price target of $13.
In another report released on August 18, Maxim Group also maintained a Buy rating on the stock with a $15.00 price target.