B.Riley Financial analyst Mayank Mamtani reiterated a Buy rating on Scilex Holding Company (SCLX – Research Report) today and set a price target of $4.00.
Mayank Mamtani has given his Buy rating largely due to the positive outlook for Scilex Holding Company’s growth and financial performance. The anticipated growth is driven by the company’s products, ZTlido and Elyxyb, which are expected to contribute significantly to the company’s growth in 2024. Mamtani notes that preliminary sales figures for ZTlido in the fourth quarter of 2023 exceeded expectations, setting the stage for continued momentum into the next fiscal year. Furthermore, Elyxyb, following its in-licensing and launch in the U.S. and Canada, is predicted to secure payer coverage and generate meaningful revenue in the second half of 2024. The analyst emphasizes Elyxyb’s potential due to its rapid onset of action and ability to serve patients who are unable to use triptans due to contraindications.
Moreover, Mamtani’s optimism is bolstered by Scilex’s efforts to improve its balance sheet, including the repayment of debt and anticipated sales of shares. The preliminary financial results for the fourth quarter of 2023 show a significant improvement over estimates, with net revenues beating both the company’s conservative projections and market estimates. This fiscal responsibility, combined with the strong performance of the company’s products, forms the basis for Mamtani’s Buy rating and a target price of $4.00 for Scilex’s stock.
In another report released on January 23, H.C. Wainwright also reiterated a Buy rating on the stock with a $12.00 price target.
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Scilex Holding Company (SCLX) Company Description:
Vickers Vantage Corp I is a blank check company.
Read More on SCLX:
- Scilex CEO issues letter to stockholders
- Scilex Holding Company Chief Executive Officer and President Issues Letter to Stockholders Highlighting 2023 Accomplishments and Outlook for 2024
- Scilex Holding Company Provides Certain Preliminary Unaudited Financial Results For Gross And Net Sales For The Fiscal Year Ended December 31, 2023, Based On Currently Available Information
- Scilex estimates 2023 total product net sales $46.5M-$52.5M
- Scilex Holding Company Announces Filing of a New Drug Submission (NDS) to Health Canada’s Pharmaceutical Drugs Directorate, Bureau of Cardiology, Allergy and Neurological Sciences for the Approval of ELYXYB® for Acute Treatment of Migraine With or Without Aura in Canada
