Scilex (NASDAQ:SCLX) Earns Buy Rating from D. Boral Capital

Scilex (NASDAQ:SCLX)‘s stock had its “buy” rating restated by investment analysts at D. Boral Capital in a research note issued to investors on Friday,Benzinga reports. They presently have a $22.00 target price on the stock.

Scilex Price Performance

Shares of SCLX opened at $0.24 on Friday. The firm’s 50 day moving average is $0.40 and its 200-day moving average is $0.71. Scilex has a 12-month low of $0.21 and a 12-month high of $2.63. The stock has a market capitalization of $57.42 million, a P/E ratio of -0.28 and a beta of 1.06.

Scilex (NASDAQ:SCLX) last posted its quarterly earnings results on Friday, January 17th. The company reported ($0.18) earnings per share (EPS) for the quarter. As a group, equities research analysts forecast that Scilex will post -0.57 EPS for the current fiscal year.

Hedge Funds Weigh In On Scilex

A number of hedge funds and other institutional investors have recently modified their holdings of SCLX. Janus Henderson Group PLC boosted its holdings in shares of Scilex by 28.7% in the fourth quarter. Janus Henderson Group PLC now owns 687,547 shares of the company’s stock worth $293,000 after buying an additional 153,245 shares during the period. RA Capital Management L.P. lifted its position in shares of Scilex by 296.7% in the 4th quarter. RA Capital Management L.P. now owns 1,036,218 shares of the company’s stock valued at $442,000 after acquiring an additional 775,039 shares in the last quarter. Jane Street Group LLC boosted its stake in Scilex by 965.8% in the 4th quarter. Jane Street Group LLC now owns 321,480 shares of the company’s stock worth $137,000 after purchasing an additional 291,316 shares during the period. Northern Trust Corp grew its position in Scilex by 64.0% during the 4th quarter. Northern Trust Corp now owns 1,273,968 shares of the company’s stock worth $543,000 after purchasing an additional 497,182 shares in the last quarter. Finally, Norges Bank acquired a new stake in Scilex during the 4th quarter valued at $204,000. Institutional investors and hedge funds own 69.67% of the company’s stock.

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.