Fennec price target raised to $18 from $17 at Craig-Hallum

Craig-Hallum analyst Chase Knickerbocker raised the firm’s price target on Fennec to $18 from $17 and keeps a Buy rating on the shares. The out-licensing of the EU commercial rights of Pedmarqsi in a partnership with Norgine was above the firm’s expectations and “is likely to be above investor expectations,” the analyst says. While the firm believes this deal ascribes substantial value to the EU rights, it continues to think that 80% of the value in this business is in the U.S. where it notes that Fennec continues to market Pedmark themselves and enjoys pricing about twice that of Europe, the analyst added.