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

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

Scilex Stock Up 1.4 %

SCLX opened at $0.86 on Friday. The firm has a 50 day moving average price of $1.35 and a 200-day moving average price of $1.49. Scilex has a twelve month low of $0.80 and a twelve month high of $8.37. The stock has a market capitalization of $142.92 million, a price-to-earnings ratio of -0.67 and a beta of 0.91.

Scilex (NASDAQ:SCLX) last released its quarterly earnings data on Monday, March 11th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.04). The firm had revenue of $13.46 million for the quarter, compared to analysts’ expectations of $11.43 million. As a group, analysts expect that Scilex will post -0.51 earnings per share for the current year.

Institutional Trading of Scilex

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SCLX. Bank of New York Mellon Corp purchased a new stake in Scilex during the third quarter valued at approximately $68,000. Hudson Bay Capital Management LP purchased a new stake in Scilex during the third quarter valued at approximately $665,000. Donald L. Hagan LLC increased its holdings in 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 buying an additional 17,245 shares during the last quarter. Focus Financial Network Inc. ADV purchased a new stake in Scilex during the fourth quarter valued at approximately $58,000. Finally, Collective Family Office LLC increased its holdings in Scilex by 68.4% during the first quarter. Collective Family Office LLC now owns 21,950 shares of the company’s stock valued at $35,000 after buying an additional 8,918 shares during 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.