Scilex (NASDAQ:SCLX) Given “Buy” Rating at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Scilex (NASDAQ:SCLX) in a research report report published on Monday morning, Benzinga reports. HC Wainwright currently has a $7.00 target price on the stock. HC Wainwright also issued estimates for Scilex’s Q3 2024 earnings at ($0.10) EPS, Q4 2024 earnings at ($0.07) EPS, FY2024 earnings at ($0.45) EPS, Q1 2025 earnings at ($0.05) EPS, Q2 2025 earnings at ($0.04) EPS, Q3 2025 earnings at ($0.01) EPS, Q4 2025 earnings at ($0.01) EPS and FY2025 earnings at ($0.11) EPS.

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 price target on the stock.

Scilex Trading Down 2.3 %

Shares of SCLX stock opened at $0.89 on Monday. The firm’s 50 day moving average is $1.01 and its 200 day moving average is $1.24. The stock has a market capitalization of $171.25 million, a P/E ratio of -0.63 and a beta of 1.15. Scilex has a 12 month low of $0.73 and a 12 month high of $2.63.

Scilex (NASDAQ:SCLX) last posted its earnings results on Tuesday, August 13th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.02. The company had revenue of $16.37 million for the quarter, compared to analysts’ expectations of $13.17 million. On average, equities analysts predict that Scilex will post -0.75 EPS for the current year.

Insider Buying and Selling

In other Scilex news, insider Jaisim Shah bought 30,000 shares of Scilex stock in a transaction that occurred on Wednesday, October 16th. The stock was acquired at an average cost of $0.99 per share, for a total transaction of $29,700.00. Following the completion of the transaction, the insider now directly owns 77,333 shares in the company, valued at $76,559.67. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Over the last quarter, insiders have acquired 56,700 shares of company stock worth $55,199. Corporate insiders own 8.73% of the company’s stock.

Hedge Funds Weigh In On Scilex

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Armistice Capital LLC purchased a new stake in shares of Scilex during the 2nd quarter valued at $23,064,000. XTX Topco Ltd raised its position in Scilex by 321.4% during the second quarter. XTX Topco Ltd now owns 105,431 shares of the company’s stock valued at $203,000 after purchasing an additional 80,409 shares in the last quarter. Vanguard Group Inc. lifted its stake in 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 purchasing an additional 55,757 shares during the last quarter. Donald L. Hagan LLC boosted its holdings in shares of Scilex by 59.5% in the 2nd quarter. Donald L. Hagan LLC now owns 113,292 shares of the company’s stock worth $219,000 after purchasing an additional 42,245 shares in the last quarter. Finally, Cannon Global Investment Management LLC bought a new position in shares of Scilex during the 1st quarter valued at about $40,000. Hedge funds and other 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.