-- Wedbush is refining its its 2026 estimates for Fennec Pharmaceuticals (FRX.TO) ahead of the company reporting its fiscal first-quarter results.
"While we believe underlying demand trends remain intact, we are refining our 2026 estimates to reflect anticipated seasonality and the near-term impact of recent commercial reinvestment. Given onboarding and ramp dynamics, we do not expect meaningful contribution from new hires until 2H26 and anticipate limited sequential growth in 1H26," writes analyst David Nierengarten, who is maintaining an outperform and US$13.00 price target on the stock.
Nierengarten forecasts first-quarter Pedmark revenue of US$13. million (~flat q/q), with a similar setup in the second quarter, before growth reaccelerates in the second half of the year as sales force productivity improves and the adolescent and young adult (AYA) penetration builds. (Pedmark is an injection used to lower the risk of hearing-loss induced by cisplatin chemotherapy)
For fiscal 2026, Nierengarten expects Pedmark revenue of ~US$62 million (+39% y/y), with the back-half weighting driven by incremental contribution from new commercial hires.
"We continue to view Pedmark as a durable growth asset with a clear path to re-acceleration in 2H26, with FENC on track to achieve cash flow positivity in 2026, supporting a constructive outlook on shares."
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