Scilex’s (SCLX) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright restated their buy rating on shares of Scilex (NASDAQ:SCLX) in a report issued on Monday, Benzinga reports. The firm currently has a $7.00 price target on the stock.

Separately, Alliance Global Partners began coverage on shares of Scilex in a research note on Wednesday, October 16th. They issued a “buy” rating and a $14.00 price objective for the company.

Scilex Trading Up 1.0 %

Shares of NASDAQ:SCLX opened at $0.98 on Monday. Scilex has a 1 year low of $0.73 and a 1 year high of $2.63. The firm has a fifty day moving average price of $1.03 and a 200 day moving average price of $1.25. The stock has a market capitalization of $187.95 million, a PE ratio of -0.69 and a beta of 1.15.

Scilex (NASDAQ:SCLX) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.18) EPS for the quarter, beating 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, sell-side analysts forecast that Scilex will post -1.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Scilex

In other Scilex news, insider Jaisim Shah acquired 30,000 shares of Scilex stock in a transaction dated Wednesday, October 16th. The stock was bought at an average cost of $0.99 per share, with a total value of $29,700.00. Following the completion of the transaction, the insider now owns 77,333 shares of the company’s stock, valued at $76,559.67. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have acquired 56,700 shares of company stock valued at $55,199 in the last 90 days. 8.73% of the stock is currently owned by insiders.

Institutional Trading of Scilex

Hedge funds have recently bought and sold shares of the stock. Cannon Global Investment Management LLC bought a new stake in shares of Scilex in the first quarter valued at about $40,000. Vanguard Group Inc. lifted its position 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 worth $6,341,000 after acquiring an additional 55,757 shares during the period. Donald L. Hagan LLC grew its holdings in shares of Scilex by 59.5% during the 2nd quarter. Donald L. Hagan LLC now owns 113,292 shares of the company’s stock worth $219,000 after purchasing an additional 42,245 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Scilex during the 2nd quarter worth approximately $31,000. Finally, XTX Topco Ltd raised its stake in shares of Scilex by 321.4% in the second quarter. XTX Topco Ltd now owns 105,431 shares of the company’s stock valued at $203,000 after purchasing an additional 80,409 shares in the last quarter. 69.67% of the stock is owned by institutional investors.

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.