D. Boral Capital Initiates Coverage on Scilex (NASDAQ:SCLX)

Stock analysts at D. Boral Capital initiated coverage on shares of Scilex (NASDAQ:SCLX) in a research note issued on Monday, MarketBeat Ratings reports. The firm set a “buy” rating and a $22.00 price target on the stock.

SCLX has been the topic of a number of other reports. HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of Scilex in a research note on Monday, October 21st. Alliance Global Partners initiated coverage on Scilex in a research report on Wednesday, October 16th. They issued a “buy” rating and a $14.00 price objective for the company.

Scilex Stock Up 2.4 %

Shares of Scilex stock opened at $0.44 on Monday. The firm has a market capitalization of $84.46 million, a P/E ratio of -0.53 and a beta of 1.06. Scilex has a 52 week low of $0.38 and a 52 week high of $2.63. The firm’s 50 day moving average is $0.51 and its two-hundred day moving average is $0.92.

Scilex (NASDAQ:SCLX) last announced its quarterly earnings results on Friday, January 17th. The company reported ($0.18) EPS for the quarter. As a group, research analysts expect that Scilex will post -0.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jaisim Shah purchased 32,000 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were bought at an average cost of $0.99 per share, with a total value of $31,680.00. Following the purchase, the insider now directly owns 109,333 shares of the company’s stock, valued at approximately $108,239.67. This trade represents a 41.38 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders acquired 70,888 shares of company stock worth $53,835. Insiders own 8.73% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SCLX. The Manufacturers Life Insurance Company purchased a new stake in Scilex in the second quarter valued at approximately $25,000. Donald L. Hagan LLC grew its stake in shares of Scilex by 15.4% during the 3rd quarter. Donald L. Hagan LLC now owns 130,792 shares of the company’s stock valued at $121,000 after buying an additional 17,500 shares during the period. Janus Henderson Group PLC increased its holdings in shares of Scilex by 3.5% during the 3rd quarter. Janus Henderson Group PLC now owns 534,302 shares of the company’s stock worth $494,000 after buying an additional 17,848 shares during the last quarter. State Street Corp raised its position in shares of Scilex by 0.7% in the 3rd quarter. State Street Corp now owns 7,484,310 shares of the company’s stock worth $6,920,000 after buying an additional 54,404 shares during the period. Finally, XTX Topco Ltd boosted its holdings in 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 acquiring an additional 80,409 shares during the last quarter. 69.67% of the stock is currently owned by institutional investors and hedge funds.

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.