HC Wainwright Cuts Scilex (NASDAQ:SCLX) Price Target to $8.00

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

Scilex Stock Up 1.4 %

NASDAQ SCLX traded up $0.01 during trading hours on Friday, hitting $0.86. The company’s stock had a trading volume of 380,089 shares, compared to its average volume of 934,615. The stock has a fifty day moving average of $1.37 and a 200 day moving average of $1.50. Scilex has a twelve month low of $0.80 and a twelve month high of $8.37. The firm has a market capitalization of $142.92 million, a P/E ratio of -0.67 and a beta of 0.91.

Scilex (NASDAQ:SCLX) last posted its quarterly earnings results 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 firm had revenue of $13.46 million during the quarter, compared to analyst estimates of $11.43 million. On average, analysts predict that Scilex will post -0.51 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional 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 purchasing an additional 8,918 shares during the period. Donald L. Hagan LLC raised its stake 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 buying an additional 17,245 shares during the period. Cannon Global Investment Management LLC bought a new position in Scilex during the first quarter worth about $40,000. Focus Financial Network Inc. ADV acquired a new position in Scilex in the fourth quarter valued at about $58,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Scilex in the third quarter worth about $68,000. Institutional investors own 69.67% of the company’s stock.

About Scilex

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.