PALO ALTO, Calif.—Jaisim Shah, the Chief Executive Officer and President of Scilex Holding Co (NASDAQ:SCLX), has increased his stake in the company with a recent purchase of 30,000 shares of common stock. The transaction, conducted on December 18, 2024, was executed at a weighted average price of approximately $0.46 per share, bringing the total purchase value to $13,800. According to InvestingPro data, this purchase comes as the stock trades near its 52-week low, having declined over 72% in the past six months.
This acquisition brings Shah's direct ownership to 139,333 shares, while additional shares are held indirectly in a family trust. The shares acquired were purchased in multiple open market transactions, with prices ranging from $0.4590 to $0.4600 per share. Want deeper insights into insider trading patterns and 8 additional key ProTips? Check out InvestingPro.
Scilex Holding Co, based in Palo Alto (NASDAQ:PANW), specializes in biological products, excluding diagnostic substances. With a market capitalization of $59.41 million, the company has attracted analyst price targets ranging from $4 to $14 per share, significantly above current trading levels.
In other recent news, Scilex Holding Company, a biopharmaceutical firm, has reported several developments. The company completed a registered direct offering, raising approximately $17 million through the sale of over 26 million shares of common stock and warrants. This capital infusion is particularly significant given Scilex's current liquidity challenges.
Additionally, Scilex has entered into a joint venture with IPMC, forming Scilex Bio. This venture will focus on the development and commercialization of KDS2010, a novel treatment for obesity and neurodegenerative diseases currently in Phase 2 clinical trials.
Analysts from H.C. Wainwright maintain a Buy rating on Scilex, indicating a positive outlook for the company. The firm also reported Q3 net sales growth for its non-opioid pain management products, with ZTlido sales reaching between $11.0 million and $13.0 million.
In a strategic move to manage its debt obligations, Scilex has agreed to the sale of a significant portion of its stock. The proceeds from these sales will cover scheduled principal installments owed to Oramed Pharmaceuticals Inc (NASDAQ:ORMP). and other note holders.
Lastly, Scilex has appointed BPM LLP as its new independent registered public accounting firm, ensuring high standards of financial reporting and compliance. These are the recent developments at Scilex Holding Company.
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