HC Wainwright Analysts Lower Earnings Estimates for Scilex Holding (NASDAQ:SCLX)

Scilex Holding (NASDAQ:SCLX) – Stock analysts at HC Wainwright cut their Q2 2024 earnings per share (EPS) estimates for shares of Scilex in a research report issued to clients and investors on Monday, June 17th. HC Wainwright analyst R. Selvaraju now forecasts that the company will post earnings of ($0.15) per share for the quarter, down from their previous forecast of ($0.14). HC Wainwright has a “Buy” rating and a $7.00 price target on the stock. The consensus estimate for Scilex’s current full-year earnings is ($0.73) per share. HC Wainwright also issued estimates for Scilex’s Q4 2024 earnings at ($0.08) EPS, FY2024 earnings at ($0.50) EPS, Q1 2025 earnings at ($0.08) EPS, Q2 2025 earnings at ($0.07) EPS, Q3 2025 earnings at ($0.06) EPS, Q4 2025 earnings at ($0.04) EPS and FY2025 earnings at ($0.25) EPS.

Separately, Rodman & Renshaw started coverage on Scilex in a report on Thursday, June 13th. They set a “buy” rating and a $13.00 price target for the company.

Scilex Stock Down 14.9 %

Shares of NASDAQ SCLX opened at $1.83 on Wednesday. The business has a fifty day moving average price of $1.08 and a two-hundred day moving average price of $1.41. Scilex has a fifty-two week low of $0.73 and a fifty-two week high of $8.03.

Scilex (NASDAQ:SCLX) last announced its quarterly earnings data 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 business had revenue of $10.88 million during the quarter, compared to analysts’ expectations of $15.67 million.

Hedge Funds Weigh In On Scilex

A number of institutional investors and hedge funds have recently bought and sold shares of SCLX. Hudson Bay Capital Management LP bought a new stake in shares of Scilex in the 3rd quarter valued at about $665,000. Donald L. Hagan LLC grew its position in shares of Scilex by 49.1% in 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 during the last quarter. Focus Financial Network Inc. ADV bought a new stake in shares of Scilex in the 4th quarter valued at about $58,000. Collective Family Office LLC grew its position in shares of Scilex by 68.4% in 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 during the last quarter. Finally, Cannon Global Investment Management LLC bought a new stake in shares of Scilex in the 1st quarter valued at about $40,000. Institutional investors and hedge funds own 69.67% of the company’s stock.

Insider Transactions at Scilex

In other Scilex news, Director Jay Chun purchased 57,500 shares of the stock in a transaction dated Friday, May 17th. The stock was bought at an average price of $0.90 per share, with a total value of $51,750.00. Following the acquisition, the director now owns 102,500 shares of the company’s stock, valued at $92,250. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Jay Chun bought 57,500 shares of the stock in a transaction on Friday, May 17th. The stock was acquired at an average price of $0.90 per share, with a total value of $51,750.00. Following the acquisition, the director now directly owns 102,500 shares in the company, valued at $92,250. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jaisim Shah bought 83,061 shares of the stock in a transaction on Thursday, May 16th. The stock was purchased at an average cost of $0.84 per share, with a total value of $69,771.24. Following the acquisition, the insider now owns 98,943 shares in the company, valued at $83,112.12. The disclosure for this purchase can be found here. 8.73% of the stock is owned by insiders.

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.