B. Riley reiterates a Buy rating on Scilex with a $4 price target following the company’s Q3 report. The company noted the return of growth in Q4 for ZTlido net revenues as downward gross-to-net price pressure eases, the analyst tells investors in a research note. The firm believes balance sheet overhang removal remains a key priority for Scilex via the anticipated sale of recently purchased shares from Sorrento and expedited repayment of Oramed’s senior secured promissory note. FBR believes the stock trading at less than two-times projected 2025 revenues “aptly bakes in any inherent balance sheet risks.”
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