Scilex initiated with a Buy at Alliance Global Partners

Alliance Global Partners analyst James Molloy initiated coverage of Scilex with a Buy rating and $14 price target The revenue-generating company has three FDA approved non-opioid pain products on the market currently, but “the main reason to own” the stock is for the company’s Phase 3 developmental candidate Semdexa, a non-opioid injectable corticosteroid gel formulation for lumbosacral radicular, or sciatica, pain, the analyst tells investors. If approved, Semdexa could become the standard of care for sciatica and could become “a legitimate blockbuster” $1B-plus annual sales product at peak, the analyst says.