HC Wainwright Equities Analysts Cut Earnings Estimates for Scilex Holding (NASDAQ:SCLX)

Scilex Holding (NASDAQ:SCLX) – Stock analysts at HC Wainwright dropped their Q2 2024 EPS estimates for Scilex in a note issued to investors on Monday, June 17th. HC Wainwright analyst R. Selvaraju now forecasts that the company will post earnings per share of ($0.15) for the quarter, down from their previous estimate of ($0.14). HC Wainwright has a “Buy” rating and a $7.00 price target on the stock. The consensus estimate for Scilex’s current full-year earnings is ($0.73) per share. HC Wainwright also issued estimates for Scilex’s Q4 2024 earnings at ($0.08) EPS, FY2024 earnings at ($0.50) EPS, Q1 2025 earnings at ($0.08) EPS, Q2 2025 earnings at ($0.07) EPS, Q3 2025 earnings at ($0.06) EPS, Q4 2025 earnings at ($0.04) EPS and FY2025 earnings at ($0.25) EPS.

Separately, Rodman & Renshaw assumed coverage on shares of Scilex in a research note on Thursday, June 13th. They set a “buy” rating and a $13.00 price target on the stock.

Scilex Stock Performance

Shares of SCLX stock opened at $1.83 on Wednesday. Scilex has a fifty-two week low of $0.73 and a fifty-two week high of $8.03. The company has a 50 day moving average price of $1.09 and a 200 day moving average price of $1.41. The stock has a market capitalization of $331.58 million, a P/E ratio of -1.40 and a beta of 1.01.

Scilex (NASDAQ:SCLX) last announced its quarterly earnings results on Monday, May 13th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.14). The business had revenue of $10.88 million for the quarter, compared to analyst estimates of $15.67 million.

Hedge Funds Weigh In On Scilex

Institutional investors have recently modified their holdings of the stock. Collective Family Office LLC increased its stake in Scilex by 68.4% in the 1st quarter. Collective Family Office LLC now owns 21,950 shares of the company’s stock valued at $35,000 after buying an additional 8,918 shares during the last quarter. Cannon Global Investment Management LLC bought a new stake in shares of Scilex in the 1st quarter valued at about $40,000. Focus Financial Network Inc. ADV acquired a new position in shares of Scilex during the 4th quarter worth approximately $58,000. Donald L. Hagan LLC increased its holdings in shares of Scilex by 49.1% during the 4th quarter. Donald L. Hagan LLC now owns 52,343 shares of the company’s stock worth $107,000 after acquiring an additional 17,245 shares during the last quarter. Finally, Hudson Bay Capital Management LP acquired a new position in shares of Scilex during the 3rd quarter worth approximately $665,000. 69.67% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Scilex

In related news, Director Jay Chun purchased 57,500 shares of the stock in a transaction on Friday, May 17th. The shares were bought at an average price of $0.90 per share, for a total transaction of $51,750.00. Following the completion of the acquisition, the director now directly owns 102,500 shares in the company, valued at approximately $92,250. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Scilex news, Director Jay Chun bought 57,500 shares of the firm’s stock in a transaction dated Friday, May 17th. The shares were bought at an average price of $0.90 per share, for a total transaction of $51,750.00. Following the completion of the acquisition, the director now owns 102,500 shares of the company’s stock, valued at $92,250. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jaisim Shah purchased 83,061 shares of the business’s stock in a transaction dated Thursday, May 16th. The shares were purchased at an average cost of $0.84 per share, for a total transaction of $69,771.24. Following the purchase, the insider now directly owns 98,943 shares of the company’s stock, valued at $83,112.12. The disclosure for this purchase can be found here. 8.73% of the stock is owned by insiders.

About Scilex

Scilex Holding Company focuses on acquiring, developing, and commercializing non-opioid pain management products for the treatment of acute and chronic pain. Its commercial products include ZTlido (lidocaine topical system) 1.8% (ZTlido), a prescription lidocaine topical product for the relief of neuropathic pain associated with postherpetic neuralgia (PHN), which is a form of post-shingles nerve pain; ELYXYB, a ready-to-use oral solution for the acute treatment of migraine with or without aura in adults; and GLOPERBA, a liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults.