HC Wainwright Reiterates Buy Rating for Scilex (NASDAQ:SCLX)

Scilex (NASDAQ:SCLXGet Free Report)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $7.00 price target on the stock.

Scilex Stock Up 2.8 %

SCLX opened at $1.12 on Tuesday. Scilex has a 52-week low of $0.73 and a 52-week high of $8.30. The firm’s 50-day moving average price is $1.07 and its 200-day moving average price is $1.39. The company has a market cap of $202.93 million, a P/E ratio of -0.85 and a beta of 1.01.

Scilex (NASDAQ:SCLXGet Free Report) last issued its quarterly earnings results on Monday, May 13th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.14). The company had revenue of $10.88 million for the quarter, compared to the consensus estimate of $15.67 million. On average, research analysts anticipate that Scilex will post -0.71 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Jaisim Shah acquired 83,061 shares of the stock in a transaction on Thursday, May 16th. The shares were acquired at an average price of $0.84 per share, for a total transaction of $69,771.24. Following the transaction, the insider now owns 98,943 shares in the company, valued at approximately $83,112.12. The purchase was disclosed in a filing with the SEC, which is available through this link. In related news, insider Jaisim Shah acquired 83,061 shares of the stock in a transaction on Thursday, May 16th. The shares were acquired at an average price of $0.84 per share, for a total transaction of $69,771.24. Following the transaction, the insider now owns 98,943 shares in the company, valued at approximately $83,112.12. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Jay Chun acquired 57,500 shares of the stock in a transaction on Friday, May 17th. The stock was bought at an average price of $0.90 per share, for a total transaction of $51,750.00. Following the transaction, the director now owns 102,500 shares in the company, valued at approximately $92,250. The disclosure for this purchase can be found here. Insiders own 8.73% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Collective Family Office LLC lifted its position in shares of Scilex by 68.4% during the 1st quarter. Collective Family Office LLC now owns 21,950 shares of the company’s stock valued at $35,000 after buying an additional 8,918 shares in the last quarter. Cannon Global Investment Management LLC purchased a new position in shares of Scilex during the 1st quarter valued at approximately $40,000. Focus Financial Network Inc. ADV purchased a new position in shares of Scilex during the 4th quarter valued at approximately $58,000. Bank of New York Mellon Corp purchased a new position in shares of Scilex during the 3rd quarter valued at approximately $68,000. Finally, Donald L. Hagan LLC lifted its position in shares of Scilex by 49.1% during the 4th quarter. Donald L. Hagan LLC now owns 52,343 shares of the company’s stock valued at $107,000 after buying an additional 17,245 shares in the last quarter. Hedge funds and other institutional investors own 69.67% of the company’s stock.

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.

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