Equities Analysts Set Expectations for Scilex Q3 Earnings

Scilex Holding (NASDAQ:SCLX) – Research analysts at HC Wainwright issued their Q3 2024 earnings per share (EPS) estimates for Scilex in a report released on Monday, October 21st. HC Wainwright analyst R. Selvaraju expects that the company will post earnings of ($0.10) per share for the quarter. HC Wainwright has a “Buy” rating and a $7.00 price objective on the stock. The consensus estimate for Scilex’s current full-year earnings is ($1.06) per share. HC Wainwright also issued estimates for Scilex’s 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 started coverage on shares of Scilex in a research report on Wednesday, October 16th. They issued a “buy” rating and a $14.00 price target for the company.

Scilex Price Performance

Scilex stock opened at $0.91 on Wednesday. The company has a market capitalization of $165.57 million, a price-to-earnings ratio of -0.69 and a beta of 1.15. Scilex has a one year low of $0.73 and a one year high of $2.63. The company’s fifty day moving average price is $1.02 and its two-hundred day moving average price is $1.24.

Scilex (NASDAQ:SCLX) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.02. The business had revenue of $16.37 million for the quarter, compared to the consensus estimate of $13.17 million.

Insider Buying and Selling

In other news, insider Jaisim Shah purchased 30,000 shares of Scilex stock in a transaction dated Wednesday, October 16th. The shares were bought at an average cost of $0.99 per share, for a total transaction of $29,700.00. Following the completion of the acquisition, the insider now owns 77,333 shares in the company, valued at approximately $76,559.67. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders bought 56,700 shares of company stock valued at $55,199. Insiders own 8.73% of the company’s stock.

Hedge Funds Weigh In On Scilex

Several institutional investors have recently bought and sold shares of SCLX. Cannon Global Investment Management LLC bought a new stake in shares of Scilex during the first quarter valued at about $40,000. Vanguard Group Inc. grew its holdings in Scilex by 1.4% in 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 period. Donald L. Hagan LLC raised its position 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 during the last quarter. Bank of New York Mellon Corp purchased a new position in Scilex in the 2nd quarter worth approximately $31,000. Finally, XTX Topco Ltd increased its position in shares of Scilex by 321.4% during the 2nd 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 during the last quarter. 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.