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

Scilex Holding (NASDAQ:SCLX) insider Jaisim Shah purchased 30,000 shares of the stock in a transaction dated Wednesday, October 16th. The shares were acquired at an average cost of $0.99 per share, for a total transaction of $29,700.00. Following the completion of the acquisition, the insider now owns 77,333 shares of the company’s stock, valued at approximately $76,559.67. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Scilex Trading Up 2.5 %

Shares of SCLX stock opened at $0.97 on Friday. The stock has a market capitalization of $175.75 million, a P/E ratio of -0.74 and a beta of 1.15. The firm’s 50 day moving average is $1.03 and its 200 day moving average is $1.25. Scilex Holding has a 12-month low of $0.73 and a 12-month high of $2.63.

Scilex (NASDAQ:SCLX) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.02. The firm had revenue of $16.37 million during the quarter, compared to analysts’ expectations of $13.17 million. As a group, equities analysts predict that Scilex Holding will post -1.19 earnings per share for the current year.

Institutional Investors Weigh In On Scilex

Large investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company purchased a new position in shares of Scilex in the second quarter worth approximately $25,000. Bank of New York Mellon Corp bought a new position in Scilex in the second quarter worth approximately $31,000. Collective Family Office LLC boosted its stake in shares of Scilex by 68.4% during the 1st 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 during the last quarter. Cannon Global Investment Management LLC bought a new stake in shares of Scilex during the 1st quarter valued at $40,000. Finally, XTX Topco Ltd increased its stake in shares of Scilex by 321.4% in 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. 69.67% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Alliance Global Partners initiated coverage on Scilex in a research report on Wednesday. They issued a “buy” rating and a $14.00 target price 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.