Scilex (NASDAQ:SCLX) Rating Reiterated by HC Wainwright

Scilex (NASDAQ:SCLX)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a report issued on Monday, Benzinga reports. They currently have a $7.00 target price on the stock.

Separately, Alliance Global Partners started coverage on Scilex in a report on Wednesday, October 16th. They issued a “buy” rating and a $14.00 target price on the stock.

Scilex Stock Down 1.0 %

NASDAQ SCLX opened at $0.97 on Monday. Scilex has a twelve month low of $0.73 and a twelve month high of $2.63. The firm has a market capitalization of $186.11 million, a PE ratio of -0.72 and a beta of 1.15. The stock’s 50 day moving average is $1.02 and its 200 day moving average is $1.24.

Scilex (NASDAQ:SCLX) last released its earnings results on Tuesday, August 13th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.02. The company had revenue of $16.37 million during the quarter, compared to the consensus estimate of $13.17 million. On average, research analysts anticipate that Scilex will post -1.06 earnings per share for the current year.

Insider Transactions at Scilex

In other Scilex news, insider Jaisim Shah purchased 30,000 shares of the firm’s stock in a transaction dated 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 directly owns 77,333 shares of the company’s stock, valued at $76,559.67. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders acquired 56,700 shares of company stock worth $55,199 over the last quarter. 8.73% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SCLX. Cannon Global Investment Management LLC purchased a new position in shares of Scilex in the first quarter worth $40,000. Vanguard Group Inc. increased its position in Scilex by 1.4% during the first quarter. Vanguard Group Inc. now owns 3,988,265 shares of the company’s stock valued at $6,341,000 after acquiring an additional 55,757 shares during the last quarter. Donald L. Hagan LLC increased its position in Scilex by 59.5% during the second quarter. Donald L. Hagan LLC now owns 113,292 shares of the company’s stock valued at $219,000 after acquiring an additional 42,245 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in Scilex during the second quarter valued at $31,000. Finally, XTX Topco Ltd increased its position in Scilex by 321.4% during 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. Hedge funds and other institutional investors 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.