Scilex (NASDAQ:SCLX) Stock Price Down 3% – Time to Sell?

Scilex Holding Company (NASDAQ:SCLX) shares were down 3% on Monday . The company traded as low as $13.30 and last traded at $13.68. Approximately 55,744 shares changed hands during mid-day trading, a decline of 22% from the average daily volume of 71,870 shares. The stock had previously closed at $14.10.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Scilex in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Scilex has an average rating of “Reduce” and a consensus price target of $630.00.

Scilex Price Performance

The business has a 50 day simple moving average of $17.35 and a 200 day simple moving average of $15.90. The stock has a market cap of $103.83 million, a PE ratio of -0.43 and a beta of 1.32.

Scilex (NASDAQ:SCLX) last posted its quarterly earnings results on Friday, November 14th. The company reported ($22.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($21.76). The firm had revenue of $10.56 million during the quarter, compared to the consensus estimate of $26.25 million. As a group, sell-side analysts forecast that Scilex Holding Company will post -0.57 earnings per share for the current fiscal year.

Institutional Trading of Scilex

Institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets raised its holdings in shares of Scilex by 189.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 7,430 shares of the company’s stock valued at $146,000 after purchasing an additional 4,864 shares in the last quarter. Donald L. Hagan LLC bought a new stake in Scilex in the third quarter worth $234,000. Norges Bank acquired a new position in Scilex during the second quarter worth $80,000. Bank of America Corp DE raised its holdings in Scilex by 81.0% during the third quarter. Bank of America Corp DE now owns 17,387 shares of the company’s stock valued at $342,000 after buying an additional 7,783 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in shares of Scilex in the third quarter worth about $354,000. 69.67% of the stock is currently owned by institutional investors and hedge funds.

About Scilex

Scilex Holdings, Inc (NASDAQ: SCLX) is a specialty pharmaceutical company focused on non-opioid treatments for chronic pain. The firm’s principal commercial product, ZTlido®, is a lidocaine topical system approved by the U.S. Food and Drug Administration for the management of post-herpetic neuralgia and certain peripheral neuropathic pain conditions. By leveraging a proprietary drug delivery platform, Scilex aims to improve patient comfort and safety compared to traditional oral analgesics.

In addition to marketing ZTlido® in the United States, Scilex is advancing other pain management assets through clinical development and regulatory pathways.