Scilex (NASDAQ:SCLX) Now Covered by Analysts at Alliance Global Partners

Alliance Global Partners began coverage on shares of Scilex (NASDAQ:SCLX) in a research report report published on Wednesday morning, MarketBeat reports. The firm issued a buy rating and a $14.00 price target on the stock.

Scilex Price Performance

Shares of NASDAQ:SCLX opened at $0.87 on Wednesday. The company has a market capitalization of $166.86 million, a price-to-earnings ratio of -0.61 and a beta of 1.15. The firm’s 50 day simple moving average is $1.04 and its 200 day simple moving average is $1.26. Scilex has a fifty-two week low of $0.73 and a fifty-two week high of $2.63.

Scilex (NASDAQ:SCLX) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.02. The firm had revenue of $16.37 million for the quarter, compared to the consensus estimate of $13.17 million. Equities research analysts expect that Scilex will post -1.19 earnings per share for the current year.

Institutional Investors Weigh In On Scilex

Large investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company bought a new stake in Scilex during the 2nd quarter worth approximately $25,000. Bank of New York Mellon Corp acquired a new position in shares of Scilex in the second quarter valued at approximately $31,000. Collective Family Office LLC increased its position in shares of Scilex by 68.4% during the first quarter. Collective Family Office LLC now owns 21,950 shares of the company’s stock worth $35,000 after acquiring an additional 8,918 shares in the last quarter. Cannon Global Investment Management LLC acquired a new stake in shares of Scilex during the first quarter worth $40,000. Finally, XTX Topco Ltd lifted its position in Scilex by 321.4% in the 2nd quarter. XTX Topco Ltd now owns 105,431 shares of the company’s stock valued at $203,000 after acquiring an additional 80,409 shares in the last quarter. 69.67% of the stock is currently owned by 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.