Scilex Holding (NASDAQ:SCLX) Insider Buys $29,700.00 in Stock

Scilex Holding (NASDAQ:SCLX) insider Jaisim Shah acquired 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was bought at an average cost of $0.99 per share, with a total value of $29,700.00. Following the completion of the transaction, the insider now directly owns 77,333 shares in the company, valued at $76,559.67. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Scilex Stock Up 9.8 %

SCLX stock traded up $0.08 during mid-day trading on Thursday, hitting $0.95. 1,165,308 shares of the company were exchanged, compared to its average volume of 1,058,459. The firm has a market capitalization of $183.14 million, a P/E ratio of -0.66 and a beta of 1.15. Scilex Holding has a 12-month low of $0.73 and a 12-month high of $2.63. The business has a fifty day simple moving average of $1.04 and a 200-day simple moving average of $1.26.

Scilex (NASDAQ:SCLX) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.02. The company had revenue of $16.37 million during the quarter, compared to analyst estimates of $13.17 million. Research analysts predict that Scilex Holding will post -1.19 EPS for the current year.

Hedge Funds Weigh In On Scilex

Several hedge funds have recently made changes to their positions in the company. Armistice Capital LLC acquired a new position in Scilex in the 2nd quarter valued at about $23,064,000. Vanguard Group Inc. boosted its position in Scilex by 1.4% during the first quarter. Vanguard Group Inc. now owns 3,988,265 shares of the company’s stock worth $6,341,000 after purchasing an additional 55,757 shares in the last quarter. Donald L. Hagan LLC grew its stake in Scilex by 59.5% in the 2nd quarter. Donald L. Hagan LLC now owns 113,292 shares of the company’s stock valued at $219,000 after acquiring an additional 42,245 shares during the last quarter. XTX Topco Ltd increased its stake in shares of Scilex by 321.4% during 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 in the last quarter. Finally, Cannon Global Investment Management LLC purchased a new position in Scilex during the first quarter worth $40,000. Hedge funds and other institutional investors own 69.67% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Alliance Global Partners assumed coverage on Scilex in a research note on Wednesday. They set a “buy” rating and a $14.00 price objective for the company.

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.