Jaisim Shah Purchases 30,000 Shares of Scilex Holding (NASDAQ:SCLX) Stock

Scilex Holding (NASDAQ:SCLX - Get Free Report) insider Jaisim Shah purchased 30,000 shares of the company's stock in a transaction on Wednesday, October 16th. The stock was purchased at an average cost of $0.99 per share, for a total transaction of $29,700.00. Following the purchase, the insider now directly owns 77,333 shares in the company, valued at approximately $76,559.67. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Scilex Stock Up 8.8 %

Shares of NASDAQ:SCLX traded up $0.08 during midday trading on Thursday, reaching $0.95. The company had a trading volume of 2,324,032 shares, compared to its average volume of 1,064,221. The business's 50 day moving average price is $1.04 and its 200 day moving average price is $1.25. The stock has a market cap of $181.55 million, a PE ratio of -0.66 and a beta of 1.15. Scilex Holding has a 1-year low of $0.73 and a 1-year high of $2.63.

Scilex (NASDAQ:SCLX - Get Free Report) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.18) earnings per share for the quarter, topping analysts' consensus estimates of ($0.20) by $0.02. The business had revenue of $16.37 million for the quarter, compared to analyst estimates of $13.17 million. On average, research analysts expect that Scilex Holding will post -1.19 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Alliance Global Partners began coverage on Scilex in a research note on Wednesday. They issued a "buy" rating and a $14.00 price target on the stock.

Institutional Investors Weigh In On Scilex

A number of institutional investors have recently made changes to their positions in the company. Armistice Capital LLC bought a new stake in shares of Scilex during the second quarter worth approximately $23,064,000. Vanguard Group Inc. boosted its holdings in shares of Scilex by 1.4% during the first 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 boosted its stake in shares of Scilex by 59.5% in the second quarter. Donald L. Hagan LLC now owns 113,292 shares of the company's stock valued at $219,000 after buying an additional 42,245 shares during the period. XTX Topco Ltd boosted 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 buying an additional 80,409 shares during the period. Finally, Cannon Global Investment Management LLC bought a new stake in shares of Scilex in the first quarter valued at approximately $40,000. 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.