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

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

Scilex Trading Up 1.4 %

NASDAQ SCLX traded up $0.01 on Friday, hitting $0.86. 381,500 shares of the company were exchanged, compared to its average volume of 979,386. The company has a market cap of $142.92 million, a PE 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. The stock has a fifty day moving average of $1.35 and a 200-day moving average of $1.49.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SCLX. Hudson Bay Capital Management LP bought a new position in shares of Scilex in the third quarter valued at $665,000. Bank of New York Mellon Corp bought a new position in shares of Scilex in the third quarter valued at $68,000. Focus Financial Network Inc. ADV bought a new position in shares of Scilex in the fourth quarter valued at $58,000. Cannon Global Investment Management LLC bought a new position in shares of Scilex in the first quarter valued at $40,000. Finally, Donald L. Hagan LLC lifted its stake in shares of Scilex by 49.1% in 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 in the last quarter. 69.67% of the stock is owned by institutional investors.

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.