Fennec initiated with a Buy at B. Riley

B. Riley initiated coverage of Fennec (FENC) with a Buy rating and $16 price target The firm believes the Street is “materially” undervaluing the duration and potential expansion of Pedmark’s commercial runway. Fennec shares trade 19% below the peer group median valuation despite projecting 55% revenue growth annually through 2027, which is among the highest growth rates in the sector, the analyst tells investors in a research note. Riley notes that Pedmark is the first and only FDA-approved therapy to reduce the risk of cisplatin-induced hearing loss, operating in a “validated therapeutic category with no approved competitors and limited pipeline threats for the foreseeable future.”