H.C. Wainwright analyst Ram Selvaraju has reiterated their bullish stance on SCLX stock, giving a Buy rating on November 24.
Ram Selvaraju’s Buy rating for Scilex Holding Company (SCLX) is influenced by a variety of strategic and financial factors. The company has demonstrated substantial progress in its commercial portfolio, notably with advancements in its anti-migraine asset, Elyxyb®, and its product for gout flare prophylaxis, Gloperba®. Scilex’s negotiations for increased distribution, including a deal to stock Elyxyb in over 500 U.S. stores where it was previously unavailable, signal potential for increased market penetration. Furthermore, Elyxyb’s clinical performance, offering fast and effective pain relief, aligns well with the needs of migraine patients who do not respond to or cannot use traditional triptan therapy.
Moreover, the financial outlook for Scilex’s products underpins the Buy rating. ZTlido®, another of Scilex’s products, has shown promising commercial success with substantial year-over-year growth in gross and net sales projected for 2023. The successful FDA inspection of the manufacturing facility for ZTlido enhances the company’s production capabilities, ensuring continued supply and supporting future sales growth. The anticipation of Gloperba’s launch and its potential to achieve significant peak sales by 2035 further solidifies the company’s strong financial prospects. Selvaraju’s positive outlook is encapsulated in the reiteration of a Buy rating and an optimistic 12-month price target for Scilex Holding Company.
Selvaraju covers the Healthcare sector, focusing on stocks such as Bioxcel Therapeutics, Genmab, and MoonLake Immunotherapeutics. According to TipRanks, Selvaraju has an average return of -6.9% and a 31.40% success rate on recommended stocks.
In another report released on November 24, B.Riley Financial also reiterated a Buy rating on the stock with a $4.00 price target.
See Insiders’ Hot Stocks on TipRanks >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Scilex Holding Company (SCLX) Company Description:
Vickers Vantage Corp I is a blank check company.
Read More on SCLX:
- Scilex reports November ZTildo gross sales $14M-$15M
- Scilex announces successful FDA audit of enhanced ZTlido manufacturing facility
- Scilex Holding Company announces successful FDA audit of enhanced ZTlido® manufacturing facility in Japan
- Scilex announces pharmacy initiative to stock ELYXYB in over 500 stores
- Scilex Holding Company announces pharmacy initiative to stock ELYXYB® in over 500 stores for a leading pharmacy chain in the U.S.
