Cannon Global Investment Management LLC Takes $40,000 Position in Scilex Holding (NASDAQ:SCLX)

Cannon Global Investment Management LLC purchased a new stake in shares of Scilex Holding (NASDAQ:SCLX) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 25,000 shares of the company’s stock, valued at approximately $40,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Hudson Bay Capital Management LP bought a new position in shares of Scilex during the 3rd quarter valued at $665,000. Donald L. Hagan LLC raised its holdings in shares of Scilex by 49.1% during 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 in the last quarter. Focus Financial Network Inc. ADV bought a new position in shares of Scilex during the 4th quarter valued at $58,000. Finally, Collective Family Office LLC raised its holdings 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 valued at $35,000 after purchasing an additional 8,918 shares in the last quarter. Institutional investors own 69.67% of the company’s stock.

Wall Street Analyst Weigh In

SCLX has been the topic of a number of research analyst reports. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Scilex in a research note on Monday, June 17th. Rodman & Renshaw initiated coverage on shares of Scilex in a research note on Thursday, June 13th. They issued a “buy” rating and a $13.00 target price on the stock.

Insiders Place Their Bets

In related news, Director Jay Chun purchased 57,500 shares of the firm’s stock in a transaction on Friday, May 17th. The shares were bought at an average cost of $0.90 per share, for a total transaction of $51,750.00. Following the transaction, the director now directly owns 102,500 shares of the company’s stock, valued at approximately $92,250. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Jaisim Shah purchased 83,061 shares of the firm’s stock in a transaction on Thursday, May 16th. The shares were bought at an average cost of $0.84 per share, for a total transaction of $69,771.24. Following the transaction, the insider now directly owns 98,943 shares of the company’s stock, valued at approximately $83,112.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Jay Chun purchased 57,500 shares of the firm’s stock in a transaction on Friday, May 17th. The stock was bought at an average price of $0.90 per share, for a total transaction of $51,750.00. Following the completion of the transaction, the director now directly owns 102,500 shares in the company, valued at $92,250. The disclosure for this purchase can be found here. Company insiders own 8.73% of the company’s stock.

Scilex Price Performance

NASDAQ:SCLX traded up $0.14 during midday trading on Friday, reaching $1.93. The stock had a trading volume of 1,131,647 shares, compared to its average volume of 1,559,827. Scilex Holding has a 1-year low of $0.73 and a 1-year high of $6.55. The firm’s fifty day simple moving average is $1.18 and its 200-day simple moving average is $1.44. The stock has a market capitalization of $349.70 million, a P/E ratio of -1.47 and a beta of 1.01.

Scilex (NASDAQ:SCLX) last posted its earnings results on Monday, May 13th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.14). The company had revenue of $10.88 million for the quarter, compared to analyst estimates of $15.67 million. On average, equities research analysts anticipate that Scilex Holding will post -0.74 earnings per share for the current fiscal year.

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.