Research analysts at Alliance Global Partners began coverage on shares of Scilex (NASDAQ:SCLX - Get Free Report) in a research report issued on Wednesday, Marketbeat Ratings reports. The brokerage set a "buy" rating and a $14.00 price target on the stock.
Scilex Stock Up 7.7 %
Scilex stock traded up $0.06 during trading on Wednesday, reaching $0.87. 7,057,043 shares of the company's stock were exchanged, compared to its average volume of 1,057,846. The company's 50-day moving average is $1.05 and its two-hundred day moving average is $1.26. Scilex has a 52-week low of $0.73 and a 52-week high of $2.63.
Scilex (NASDAQ:SCLX - Get Free Report) last issued its earnings results on Tuesday, August 13th. The company reported ($0.18) earnings per share 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 analysts' expectations of $13.17 million. Equities research analysts forecast that Scilex will post -1.19 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Scilex
A number of institutional investors have recently made changes to their positions in SCLX. The Manufacturers Life Insurance Company bought a new stake in shares of Scilex in the second quarter worth $25,000. Bank of New York Mellon Corp bought a new stake in shares of Scilex in the 2nd quarter worth about $31,000. Collective Family Office LLC raised its stake in shares of Scilex by 68.4% in the 1st quarter. Collective Family Office LLC now owns 21,950 shares of the company's stock valued at $35,000 after purchasing an additional 8,918 shares in the last quarter. Cannon Global Investment Management LLC bought a new position in shares of Scilex during the first quarter worth about $40,000. Finally, XTX Topco Ltd grew its stake in Scilex by 321.4% in the second quarter. XTX Topco Ltd now owns 105,431 shares of the company's stock worth $203,000 after purchasing an additional 80,409 shares in the last quarter. 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.
Featured Stories
Before you consider Scilex, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Scilex wasn't on the list.
While Scilex currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Options trading isn’t just for the Wall Street elite; it’s an accessible strategy for anyone armed with the proper knowledge. Think of options as a strategic toolkit, with each tool designed for a specific financial task. Keep reading to learn how options trading can help you use the market’s volatility to your advantage.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
