Scilex (NASDAQ:SCLX) Stock Rating Reaffirmed by HC Wainwright

Scilex (NASDAQ:SCLX - Get Free Report)'s stock had its "buy" rating restated by stock analysts at HC Wainwright in a research note issued on Monday, Benzinga reports. They currently have a $7.00 price objective on the stock.

Separately, Alliance Global Partners began coverage on Scilex in a research report on Wednesday, October 16th. They set a "buy" rating and a $14.00 target price on the stock.

Scilex Stock Up 1.0 %

Shares of Scilex stock traded up $0.01 during trading on Monday, reaching $0.98. The company's stock had a trading volume of 2,497,000 shares, compared to its average volume of 1,103,339. Scilex has a 12-month low of $0.73 and a 12-month high of $2.63. The company has a market capitalization of $187.95 million, a P/E ratio of -0.69 and a beta of 1.15. The business has a 50 day moving average price of $1.03 and a 200-day moving average price of $1.25.

Scilex (NASDAQ:SCLX - Get Free Report) last posted its earnings results on Tuesday, August 13th. The company reported ($0.18) EPS for the quarter, topping analysts' consensus estimates of ($0.20) by $0.02. The firm had revenue of $16.37 million for the quarter, compared to analysts' expectations of $13.17 million. Research analysts predict that Scilex will post -1.06 EPS for the current fiscal year.

Insider Transactions at Scilex

In related news, insider Jaisim Shah purchased 30,000 shares of the business's stock in a transaction dated Wednesday, October 16th. The stock was bought at an average cost of $0.99 per share, with a total value of $29,700.00. Following the completion of the acquisition, the insider now directly owns 77,333 shares in the company, valued at $76,559.67. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders purchased a total of 56,700 shares of company stock valued at $55,199 over the last three months. 8.73% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Scilex

A number of institutional investors have recently made changes to their positions in SCLX. Cannon Global Investment Management LLC acquired a new position in shares of Scilex in the first quarter worth $40,000. Vanguard Group Inc. raised its holdings in shares of Scilex by 1.4% in 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 last quarter. Donald L. Hagan LLC raised its holdings 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 worth $219,000 after acquiring an additional 42,245 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Scilex in the second quarter worth $31,000. Finally, XTX Topco Ltd raised its holdings in shares of 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 acquiring an additional 80,409 shares during the last quarter. 69.67% of the stock is 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.