Scilex (NASDAQ:SCLX) Now Covered by Rodman & Renshaw

Equities researchers at Rodman & Renshaw started coverage on shares of Scilex (NASDAQ:SCLXGet Free Report) in a report issued on Thursday, MarketBeat.com reports. The brokerage set a “buy” rating and a $13.00 price target on the stock.

Separately, HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of Scilex in a research note on Tuesday.

Get Our Latest Analysis on Scilex

Scilex Stock Up 8.1 %

Shares of Scilex stock opened at $1.61 on Thursday. The firm has a market cap of $291.72 million, a PE ratio of -1.23 and a beta of 1.01. Scilex has a 12-month low of $0.73 and a 12-month high of $8.28. The company’s fifty day simple moving average is $1.06 and its two-hundred day simple moving average is $1.40.

Scilex (NASDAQ:SCLXGet Free Report) last announced its quarterly earnings results on Monday, May 13th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.14). The business had revenue of $10.88 million for the quarter, compared to analyst estimates of $15.67 million. As a group, sell-side analysts expect that Scilex will post -0.71 earnings per share for the current fiscal year.

Insider Activity at Scilex

In other Scilex news, insider Jaisim Shah purchased 83,061 shares of the stock in a transaction that occurred on Thursday, May 16th. The stock was bought at an average cost of $0.84 per share, with a total value of $69,771.24. Following the transaction, the insider now directly owns 98,943 shares in the company, valued at approximately $83,112.12. The transaction 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 firm’s stock in a transaction on Friday, May 17th. The stock was acquired at an average cost of $0.90 per share, with a total value of $51,750.00. Following the completion of the acquisition, the director now owns 102,500 shares of the company’s stock, 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 firm’s 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 completion of the acquisition, the insider now directly owns 98,943 shares of the company’s stock, valued at approximately $83,112.12. The disclosure for this purchase can be found here. 8.73% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Collective Family Office LLC raised its holdings in Scilex by 68.4% in the first 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 during the last quarter. Cannon Global Investment Management LLC bought a new stake in shares of Scilex in the first quarter worth approximately $40,000. Focus Financial Network Inc. ADV bought a new stake in shares of Scilex in the fourth quarter worth approximately $58,000. Bank of New York Mellon Corp bought a new stake in shares of Scilex in the third quarter worth approximately $68,000. Finally, Donald L. Hagan LLC grew its stake in shares of Scilex by 49.1% in the fourth quarter. Donald L. Hagan LLC now owns 52,343 shares of the company’s stock worth $107,000 after acquiring an additional 17,245 shares during the period. 69.67% of the stock is owned by hedge funds and other institutional investors.

About Scilex

(Get Free Report)

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.

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