Insider Buying: Scilex Holding (NASDAQ:SCLX) Insider Purchases 30,000 Shares of Stock

Scilex Holding (NASDAQ:SCLX) insider Jaisim Shah purchased 30,000 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were purchased at an average cost of $0.46 per share, with a total value of $13,800.00. Following the completion of the purchase, the insider now owns 139,333 shares in the company, valued at $64,093.18. This represents a 27.44 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Jaisim Shah also recently made the following trade(s):

• On Tuesday, October 29th, Jaisim Shah acquired 32,000 shares of Scilex stock. The stock was purchased at an average price of $0.99 per share, with a total value of $31,680.00.
• On Wednesday, October 16th, Jaisim Shah bought 30,000 shares of Scilex stock. The shares were purchased at an average cost of $0.99 per share, for a total transaction of $29,700.00.

Scilex Stock Down 8.9 %

Shares of NASDAQ SCLX traded down $0.05 during mid-day trading on Wednesday, hitting $0.46. 1,426,971 shares of the company traded hands, compared to its average volume of 1,309,147. Scilex Holding has a 1 year low of $0.44 and a 1 year high of $2.63. The stock has a market capitalization of $88.11 million, a price-to-earnings ratio of -0.32 and a beta of 0.96. The business has a 50 day moving average of $0.75 and a two-hundred day moving average of $1.15.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Alliance Global Partners assumed coverage on shares of Scilex in a report on Wednesday, October 16th. They issued a “buy” rating and a $14.00 price target for the company. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Scilex in a research report on Monday, October 21st.

Institutional Trading of Scilex

Hedge funds have recently bought and sold shares of the company. Armistice Capital LLC purchased a new position in shares of Scilex in the second quarter worth approximately $23,064,000. XTX Topco Ltd boosted its stake in Scilex by 321.4% in the 2nd quarter. XTX Topco Ltd now owns 105,431 shares of the company’s stock worth $203,000 after purchasing an additional 80,409 shares during the period. Bank of New York Mellon Corp purchased a new position in Scilex during the 2nd quarter worth approximately $31,000. Donald L. Hagan LLC raised its stake in Scilex by 15.4% during the 3rd quarter. Donald L. Hagan LLC now owns 130,792 shares of the company’s stock valued at $121,000 after purchasing an additional 17,500 shares during the period. Finally, State Street Corp lifted its holdings in shares of Scilex by 0.7% in the third quarter. State Street Corp now owns 7,484,310 shares of the company’s stock valued at $6,920,000 after purchasing an additional 54,404 shares in the last quarter. 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.