Lumen Technologies hires Sean Alexander as head of Connected Ecosystems
In a turbulent market environment, SCLX stock has reached a new 52-week low, with shares plummeting to $0.33, marking an 87% decline from its peak of $2.63. InvestingPro analysis suggests the stock may be undervalued, with analysts setting price targets ranging from $4 to $22. This latest price level reflects a significant downturn for the company, which has seen its stock value erode by an alarming 80.63% over the past year. Despite generating $55.15 million in revenue with a healthy 70% gross margin, investors have been closely monitoring SCLX’s performance. The stock’s downward trajectory signals potential concerns about the company’s future prospects and overall market conditions that continue to test the resilience of businesses across various sectors. InvestingPro subscribers can access 8 additional key insights about SCLX’s financial health and growth prospects.
In other recent news, Scilex Holding Company has made several noteworthy announcements. The U.S. Bankruptcy Court for the Southern District of Texas approved an extension of the lock-up period for Scilex’s Dividend Stock until April 14, 2025, affecting when shareholders can trade their shares. Additionally, Scilex submitted a Supplemental New Drug Application (SNDA) to the FDA for ELYXYB, aiming to expand its use to acute pain management, which the FDA has acknowledged. Boral (OTC:BOALY) Capital initiated coverage on Scilex with a Buy rating and set a price target of $22, citing the company’s diverse portfolio and potential for growth. The company’s ZTlido patch was linked to reduced opioid use in a study, highlighting its impact on neuropathic pain management. Furthermore, Scilex is exploring a joint venture with IPMC Company to develop treatments for neurodegenerative and cardiometabolic diseases. These developments indicate Scilex’s ongoing efforts to expand its non-opioid pain management offerings and its strategic focus on addressing unmet medical needs.
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