Scilex (NASDAQ:SCLX) Price Target Lowered to $7.00 at HC Wainwright

Scilex (NASDAQ:SCLX) had its price target dropped by HC Wainwright from $8.00 to $7.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock.

Scilex Stock Up 3.6 %

Scilex stock opened at $1.15 on Thursday. The company has a market capitalization of $208.37 million, a P/E ratio of -0.88 and a beta of 0.91. Scilex has a twelve month low of $0.73 and a twelve month high of $8.37. The stock’s 50 day moving average is $1.16 and its 200 day moving average is $1.41.

Scilex (NASDAQ:SCLX) last released its quarterly earnings data on Monday, March 11th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.04). The company had revenue of $13.46 million during the quarter, compared to analyst estimates of $11.43 million. As a group, equities analysts expect that Scilex will post -0.63 EPS for the current year.

Insider Activity

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

Institutional Investors Weigh In On Scilex

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Scilex by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 3,988,265 shares of the company’s stock worth $6,341,000 after buying an additional 55,757 shares in the last quarter. Cannon Global Investment Management LLC purchased a new stake in Scilex in the 1st quarter worth $40,000. Collective Family Office LLC increased its stake in Scilex by 68.4% in the 1st quarter. Collective Family Office LLC now owns 21,950 shares of the company’s stock worth $35,000 after buying an additional 8,918 shares in the last quarter. Focus Financial Network Inc. ADV purchased a new position in shares of Scilex during the fourth quarter valued at about $58,000. Finally, Donald L. Hagan LLC grew its position in shares of Scilex by 49.1% during the fourth quarter. Donald L. Hagan LLC now owns 52,343 shares of the company’s stock valued at $107,000 after purchasing an additional 17,245 shares in 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.