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

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

Separately, Alliance Global Partners initiated coverage on Scilex in a report on Wednesday, October 16th. They set a “buy” rating and a $14.00 price target for the company.

Scilex Stock Performance

Shares of NASDAQ SCLX opened at $0.97 on Monday. The stock has a market capitalization of $186.04 million, a PE ratio of -0.68 and a beta of 1.15. Scilex has a 52 week low of $0.73 and a 52 week high of $2.63. The stock has a 50 day moving average price of $1.03 and a 200 day moving average price of $1.25.

Scilex (NASDAQ:SCLX) last issued its 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 firm had revenue of $16.37 million for the quarter, compared to analyst estimates of $13.17 million. As a group, research analysts forecast that Scilex will post -1.06 EPS for the current year.

Insider Buying and Selling at Scilex

In other news, insider Jaisim Shah bought 30,000 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were bought at an average price of $0.99 per share, with a total value of $29,700.00. Following the completion of the transaction, the insider now 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 purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have purchased a total of 56,700 shares of company stock valued at $55,199 in the last three months. 8.73% of the stock is currently owned by company insiders.

Institutional Trading of Scilex

Several hedge funds and other institutional investors have recently bought and sold shares of SCLX. The Manufacturers Life Insurance Company bought a new position in Scilex in the 2nd quarter valued at about $25,000. Bank of New York Mellon Corp bought a new position in Scilex during the 2nd quarter worth approximately $31,000. Cannon Global Investment Management LLC acquired a new position in shares of Scilex in the 1st quarter worth approximately $40,000. XTX Topco Ltd increased its position in shares of Scilex by 321.4% during the second quarter. XTX Topco Ltd now owns 105,431 shares of the company’s stock worth $203,000 after buying an additional 80,409 shares during the period. Finally, Donald L. Hagan LLC raised its stake in Scilex by 59.5% during the second quarter. Donald L. Hagan LLC now owns 113,292 shares of the company’s stock worth $219,000 after buying an additional 42,245 shares during the last quarter. Institutional investors and hedge funds own 69.67% of the company’s stock.

About Scilex

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.