Scilex (NASDAQ:SCLX) PT Lowered to $8.00

Scilex (NASDAQ:SCLX) had its price target decreased by analysts at HC Wainwright from $12.00 to $8.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock.

Scilex Stock Up 1.4 %

Scilex stock opened at $0.86 on Friday. The business has a 50 day moving average price of $1.35 and a two-hundred day moving average price of $1.49. The stock has a market cap of $142.92 million, a price-to-earnings ratio of -0.67 and a beta of 0.91. Scilex has a 12 month low of $0.80 and a 12 month high of $8.37.

Scilex (NASDAQ:SCLX) last posted its quarterly earnings results on Monday, March 11th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.04). The business had revenue of $13.46 million during the quarter, compared to analysts’ expectations of $11.43 million. On average, analysts expect that Scilex will post -0.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Scilex

Large investors have recently modified their holdings of the stock. Collective Family Office LLC grew its stake 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 purchasing an additional 8,918 shares during the period. Cannon Global Investment Management LLC bought a new stake in Scilex during the 1st quarter worth approximately $40,000. Focus Financial Network Inc. ADV bought a new stake in Scilex during the 4th quarter worth approximately $58,000. Bank of New York Mellon Corp bought a new stake in Scilex during the 3rd quarter worth approximately $68,000. Finally, Donald L. Hagan LLC grew its position in Scilex by 49.1% during the 4th 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 last quarter. 69.67% of the stock is currently owned by 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.