Scilex’s (SCLX) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Scilex (NASDAQ:SCLX) in a research report sent to investors on Monday, Benzinga reports. The firm currently has a $7.00 price target 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 assumed coverage on Scilex in a research note on Wednesday, October 16th. They issued a “buy” rating and a $14.00 price target on the stock.

Scilex Price Performance

NASDAQ:SCLX opened at $0.91 on Monday. The firm has a market cap of $165.57 million, a PE ratio of -0.69 and a beta of 1.15. The firm has a 50 day simple moving average of $1.02 and a 200-day simple moving average of $1.24. Scilex has a 1-year low of $0.73 and a 1-year high of $2.63.

Scilex (NASDAQ:SCLX) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.02. The business had revenue of $16.37 million during the quarter, compared to analyst estimates of $13.17 million. As a group, sell-side analysts expect that Scilex will post -1.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Scilex

In other news, insider Jaisim Shah acquired 30,000 shares of the company’s stock in a transaction dated 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 acquisition, the insider now directly owns 77,333 shares in the company, valued at approximately $76,559.67. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders have purchased a total of 56,700 shares of company stock worth $55,199 in the last quarter. 8.73% of the stock is owned by insiders.

Institutional Investors Weigh In On Scilex

A number of institutional investors have recently added to or reduced their stakes in SCLX. The Manufacturers Life Insurance Company purchased a new position in shares of Scilex in the 2nd quarter worth about $25,000. Bank of New York Mellon Corp acquired a new stake in Scilex during the 2nd quarter worth approximately $31,000. Cannon Global Investment Management LLC purchased a new position in Scilex in the first quarter valued at approximately $40,000. XTX Topco Ltd lifted 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 buying an additional 80,409 shares in the last quarter. Finally, Donald L. Hagan LLC grew 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 period. 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.