Scilex Holding (NASDAQ:SCLX) Insider Jaisim Shah Acquires 30,000 Shares

Scilex Holding (NASDAQ:SCLX) insider Jaisim Shah acquired 30,000 shares of Scilex stock in a transaction on Wednesday, October 16th. The stock was purchased at an average price of $0.99 per share, with a total value of $29,700.00. Following the transaction, the insider now directly owns 77,333 shares in the company, valued at approximately $76,559.67. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Scilex Stock Performance

Scilex stock traded up $0.08 during midday trading on Thursday, reaching $0.95. The stock had a trading volume of 1,165,308 shares, compared to its average volume of 1,058,459. The firm’s fifty day simple moving average is $1.04 and its 200-day simple moving average is $1.26. The stock 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 1-year low of $0.73 and a 1-year high of $2.63.

Scilex (NASDAQ:SCLX) last issued its earnings results on Tuesday, August 13th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.02. The firm had revenue of $16.37 million during the quarter, compared to the consensus estimate of $13.17 million. On average, sell-side analysts anticipate that Scilex Holding will post -1.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Armistice Capital LLC bought a new position in Scilex in the second quarter valued at approximately $23,064,000. XTX Topco Ltd increased its stake in shares of Scilex by 321.4% in the second quarter. XTX Topco Ltd now owns 105,431 shares of the company’s stock valued at $203,000 after buying an additional 80,409 shares during the period. Vanguard Group Inc. increased its position in Scilex by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 3,988,265 shares of the company’s stock valued at $6,341,000 after acquiring an additional 55,757 shares during the period. Donald L. Hagan LLC raised its stake in shares of Scilex by 59.5% during the second 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. Finally, Cannon Global Investment Management LLC acquired a new position in shares of Scilex during the first quarter worth $40,000. 69.67% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

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.