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

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

Scilex Stock Performance

Shares of NASDAQ SCLX opened at $0.87 on Friday. The company’s 50 day simple moving average is $1.35 and its 200 day simple moving average is $1.49. Scilex has a fifty-two week low of $0.80 and a fifty-two week high of $8.37.

Scilex (NASDAQ:SCLX) last announced its quarterly earnings data on Monday, March 11th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.04). The company had revenue of $13.46 million during the quarter, compared to analyst estimates of $11.43 million. On average, research analysts anticipate that Scilex will post -0.51 EPS for the current year.

Institutional Investors Weigh In On Scilex

Large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new stake in Scilex during the 3rd quarter worth $68,000. Hudson Bay Capital Management LP bought a new position in shares of Scilex during the 3rd quarter valued at about $665,000. Donald L. Hagan LLC grew its position in shares of Scilex by 49.1% in the 4th quarter. Donald L. Hagan LLC now owns 52,343 shares of the company’s stock valued at $107,000 after purchasing an additional 17,245 shares during the period. Cannon Global Investment Management LLC acquired a new stake in Scilex during the 1st quarter worth approximately $40,000. Finally, Collective Family Office LLC lifted its position in Scilex by 68.4% in the 1st quarter. Collective Family Office LLC now owns 21,950 shares of the company’s stock valued at $35,000 after acquiring an additional 8,918 shares in the last quarter. 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.