B.Riley Initiates Fennec Pharmaceuticals with Buy Rating and $16 Target Price

B.Riley has officially initiated coverage on Fennec Pharmaceuticals (NASDAQ: FENC) with a 'Buy' rating and a price target of $16. The investment bank highlighted the significant commercial potential of PEDMARK, which remains the only FDA-approved therapy for reducing the risk of cisplatin-induced hearing loss. Analysts believe the market is currently undervaluing the drug despite its unique position and lack of approved competitors. Financially, Fennec Pharmaceuticals has reached several key milestones, including achieving record sales and generating positive operating cash flow. Furthermore, the company has successfully repaid its entire outstanding debt, significantly strengthening its balance sheet. This initiation reflects a bullish outlook on the company's transition into a profitable commercial-stage biotech firm.