Alliance Global Partners Begins Coverage on Scilex (NASDAQ:SCLX)

Alliance Global Partners began coverage on shares of Scilex (NASDAQ:SCLX) in a research note published on Wednesday morning, MarketBeat reports. The firm issued a buy rating and a $14.00 price objective on the stock.

Scilex Price Performance

SCLX opened at $0.97 on Wednesday. The stock has a market capitalization of $175.75 million, a price-to-earnings ratio of -0.74 and a beta of 1.15. The business has a fifty day moving average price of $1.03 and a 200 day moving average price of $1.25. Scilex has a 12 month low of $0.73 and a 12 month high of $2.63.

Scilex (NASDAQ:SCLX) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.02. The company had revenue of $16.37 million for the quarter, compared to analyst estimates of $13.17 million. On average, research analysts anticipate that Scilex will post -1.19 earnings per share for the current year.

Insider Activity

In other news, insider Jaisim Shah bought 30,000 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was purchased at an average price of $0.99 per share, for a total transaction of $29,700.00. Following the completion of the purchase, the insider now owns 77,333 shares in the company, valued at approximately $76,559.67. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders have bought 56,700 shares of company stock worth $55,199. 8.73% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Scilex

Hedge funds and other institutional investors have recently made changes to their positions in the business. Armistice Capital LLC acquired a new position in Scilex in the second quarter valued at approximately $23,064,000. Vanguard Group Inc. boosted its holdings in shares of Scilex by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 3,988,265 shares of the company’s stock valued at $6,341,000 after buying an additional 55,757 shares in the last quarter. Donald L. Hagan LLC grew its position in shares of Scilex by 59.5% in the 2nd quarter. Donald L. Hagan LLC now owns 113,292 shares of the company’s stock valued at $219,000 after buying an additional 42,245 shares during the last quarter. XTX Topco Ltd raised its stake in Scilex by 321.4% during the 2nd quarter. XTX Topco Ltd now owns 105,431 shares of the company’s stock worth $203,000 after acquiring an additional 80,409 shares in the last quarter. Finally, Cannon Global Investment Management LLC purchased a new stake in Scilex in the first quarter valued at $40,000. Institutional investors and hedge funds own 69.67% of the company’s stock.

Scilex Company Profile

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.