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

Scilex (NASDAQ:SCLXGet Free Report)‘s stock had its “buy” rating reaffirmed by equities research analysts at HC Wainwright in a report released on Monday, Benzinga reports. They currently have a $7.00 target price on the stock. HC Wainwright’s price target indicates a potential upside of 282.51% from the company’s current price.

Separately, Rodman & Renshaw started coverage on Scilex in a research report on Thursday, June 13th. They issued a “buy” rating and a $13.00 target price on the stock.

View Our Latest Analysis on Scilex

Scilex Stock Performance

Shares of SCLX stock opened at $1.83 on Monday. Scilex has a fifty-two week low of $0.73 and a fifty-two week high of $8.03. The firm has a market capitalization of $331.58 million, a price-to-earnings ratio of -1.40 and a beta of 1.01. The stock’s 50-day simple moving average is $1.08 and its 200-day simple moving average is $1.41.

Scilex (NASDAQ:SCLXGet Free Report) last issued 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 firm had revenue of $10.88 million during the quarter, compared to analyst estimates of $15.67 million. As a group, equities analysts forecast that Scilex will post -0.71 earnings per share for the current year.

Insider Activity at Scilex

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SCLX. Hudson Bay Capital Management LP acquired a new position in shares of Scilex during the 3rd quarter worth approximately $665,000. Vanguard Group Inc. raised its stake in shares of Scilex by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 3,988,265 shares of the company’s stock worth $6,341,000 after buying an additional 55,757 shares during the period. Focus Financial Network Inc. ADV acquired a new position in shares of Scilex during the 4th quarter worth approximately $58,000. Cannon Global Investment Management LLC acquired a new position in shares of Scilex during the 1st quarter worth approximately $40,000. Finally, Donald L. Hagan LLC raised its stake 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 buying an additional 17,245 shares during the period. 69.67% of the stock is owned by institutional investors and hedge funds.

About Scilex

(Get Free Report)

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.

Further Reading

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