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

Scilex (NASDAQ:SCLX) had its price objective lowered by HC Wainwright from $12.00 to $8.00 in a report published on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Scilex Stock Performance

Scilex stock traded up $0.01 during mid-day trading on Friday, hitting $0.87. The company had a trading volume of 12,392 shares, compared to its average volume of 924,083. Scilex has a 1 year low of $0.80 and a 1 year high of $8.37. The business has a fifty day moving average of $1.35 and a 200 day moving average of $1.49.

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

Institutional Investors Weigh In On Scilex

A number of hedge funds and other institutional investors have recently made changes to their positions in SCLX. Hudson Bay Capital Management LP purchased a new stake in Scilex during the 3rd quarter worth approximately $665,000. Donald L. Hagan LLC boosted 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 period. Bank of New York Mellon Corp acquired a new position in Scilex during the 3rd quarter worth $68,000. Focus Financial Network Inc. ADV bought a new stake in shares of Scilex in the 4th quarter worth $58,000. Finally, Cannon Global Investment Management LLC bought a new stake in shares of Scilex in the 1st quarter worth $40,000. Hedge funds and other institutional investors own 69.67% of the company’s stock.

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.