HC Wainwright Reaffirms “Buy” Rating for Scilex (NASDAQ:SCLX)

HC Wainwright reissued their buy rating on shares of Scilex (NASDAQ:SCLX) in a research report report published on Monday morning, Benzinga reports. The brokerage 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 initiated coverage on shares of Scilex in a research note on Wednesday, October 16th. They set a “buy” rating and a $14.00 target price for the company.

Scilex Trading Down 5.8 %

Shares of NASDAQ SCLX opened at $0.91 on Monday. The stock has a market cap of $165.57 million, a P/E ratio of -0.69 and a beta of 1.15. Scilex has a twelve month low of $0.73 and a twelve month high of $2.63. The stock has a 50 day moving average of $1.02 and a two-hundred day moving average of $1.24.

Scilex (NASDAQ:SCLX) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.18) EPS 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 analysts’ expectations of $13.17 million. As a group, research analysts predict that Scilex will post -1.06 earnings per share for the current year.

Insider Activity at Scilex

In other Scilex news, insider Jaisim Shah acquired 30,000 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was purchased at an average price of $0.99 per share, for a total transaction of $29,700.00. Following the completion of the transaction, the insider now owns 77,333 shares of the company’s stock, valued at $76,559.67. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have acquired a total of 56,700 shares of company stock worth $55,199 over the last three months. 8.73% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Armistice Capital LLC acquired a new stake in shares of Scilex in the 2nd quarter worth approximately $23,064,000. Vanguard Group Inc. increased its position in shares of Scilex by 1.4% in the first quarter. Vanguard Group Inc. now owns 3,988,265 shares of the company’s stock valued at $6,341,000 after buying an additional 55,757 shares in the last quarter. Donald L. Hagan LLC increased its position in shares of Scilex by 59.5% in the second quarter. Donald L. Hagan LLC now owns 113,292 shares of the company’s stock valued at $219,000 after buying an additional 42,245 shares in the last quarter. XTX Topco Ltd raised its stake in shares of Scilex by 321.4% during the 2nd quarter. XTX Topco Ltd now owns 105,431 shares of the company’s stock worth $203,000 after buying an additional 80,409 shares during the last quarter. Finally, Cannon Global Investment Management LLC purchased a new stake in shares of Scilex in the 1st quarter worth about $40,000. 69.67% of the stock is owned by hedge funds and other institutional investors.

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.