Adrian Haigh, the Chief Operating Officer of Fennec Pharmaceuticals Inc. (NASDAQ:FENC), has completed significant transactions involving company stock, according to recent SEC filings. On two separate occasions, Haigh disposed of a total of 44,445 shares at prices ranging between $9.316 and $9.335, amounting to over $400,000 in sales.
The transactions in question took place on April 19 and April 22, 2024, as part of a pre-arranged 10b5-1 trading plan established on August 17, 2023. This plan allows company insiders to set up a predetermined schedule for buying and selling shares to avoid accusations of insider trading.
In addition to the sales, Haigh also acquired the same number of shares through the exercise of options on the same dates as the sales. These option exercises were also conducted under the 10b5-1 plan, with each share acquired at a price of $2.31, totaling approximately $102,667.
The filings indicate that after the transactions, Haigh's direct ownership of Fennec Pharmaceuticals' common shares dropped to zero. However, it's worth noting that these filings also include derivative transactions related to option exercises that are not directly reflected in the total sales figures.
Investors often monitor insider buying and selling activities as they may provide insights into the executives' confidence in the company's future performance. The recent sales by Fennec Pharmaceuticals' COO could be of interest to current and potential shareholders as they assess the company's stock performance and insider sentiment.
InvestingPro Insights
Recent transactions by Fennec Pharmaceuticals Inc. (NASDAQ:FENC) COO Adrian Haigh have coincided with notable movements in the company's stock performance and financial metrics. According to InvestingPro data, Fennec Pharmaceuticals has experienced a substantial increase in revenue growth, with the last twelve months as of Q4 2023 showing a surge of 1284.5%. This is coupled with an impressive gross profit margin of 94.08% for the same period, highlighting the company's ability to maintain profitability on its sales.
Despite these strong revenue and gross profit margin figures, the company's stock has seen significant volatility. Over the last week, the price total return has declined by 9.58%, and year-to-date, the return has been negative at -16.76%. However, looking at a longer timeframe, the six-month price total return has shown a robust increase of 37.15%, indicating a potential rebound or market correction after recent declines.
InvestingPro Tips reveal that analysts are optimistic about the future of Fennec Pharmaceuticals, predicting not only sales growth in the current year but also expecting the company to turn profitable within the year. Additionally, the company's strong gross profit margins and the fact that its liquid assets exceed short-term obligations provide a solid financial foundation that may reassure investors.
For those interested in a deeper analysis of Fennec Pharmaceuticals, there are additional InvestingPro Tips available that could provide further insights into the company's performance and potential. To explore these tips and make more informed investment decisions, consider using coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at https://www.investing.com/pro/FENC. In total, there are 11 more InvestingPro Tips listed for Fennec Pharmaceuticals, offering a comprehensive look at the company's financial health and market position.
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