Fennec price target raised to $14 from $13 at Craig-Hallum

Craig-Hallum analyst Chase Knickerbocker raised the firm’s price target on Fennec (FENC) to $14 from $13 and keeps a Buy rating on the shares following quarterly results. The firm notes that legal expenses and one-time PSUs tied to 2025 goals drove elevated opex, but management expects material expense reduction in the second half of the year. Growth in the AYA population for Pedmark drove account expansion, with 14 new accounts added in the quarter. Internationally, Pedmarqsi launched in Germany and the U.K., with early royalty contributions from Norgine expected to ramp through the year. Additional EU launches are planned for the first half of 2026, and Japan data expected in Q4 bring potential partnership discussions for Japan rights and non-dilutive capital, Craig-Hallum adds.