Scilex (NASDAQ:SCLX) Stock Price Up 0.6% – What’s Next?

Shares of Scilex Holding Company (NASDAQ:SCLX) shot up 0.6% during mid-day trading on Friday . The stock traded as high as $8.70 and last traded at $8.31. 54,982 shares were traded during trading, a decline of 18% from the average session volume of 67,090 shares. The stock had previously closed at $8.26.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Scilex in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $630.00.

Scilex Stock Up 0.6%

The firm’s 50-day simple moving average is $12.17 and its 200-day simple moving average is $16.65. The firm has a market capitalization of $70.55 million, a PE ratio of -0.26 and a beta of 1.35.

Scilex (NASDAQ:SCLX) last released its 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. On average, equities research analysts forecast that Scilex Holding Company will post -0.57 earnings per share for the current year.

Institutional Trading of Scilex

A number of institutional investors have recently made changes to their positions in SCLX. Goldman Sachs Group Inc. grew its holdings in shares of Scilex by 31.2% in the first quarter. Goldman Sachs Group Inc. now owns 136,352 shares of the company’s stock worth $34,000 after purchasing an additional 32,449 shares during the last quarter. Norges Bank purchased a new stake in Scilex during the 2nd quarter valued at $80,000. BNP Paribas Financial Markets grew its holdings in Scilex by 189.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 7,430 shares of the company’s stock worth $146,000 after acquiring an additional 4,864 shares during the last quarter. Donald L. Hagan LLC purchased a new position in shares of Scilex in the third quarter valued at about $234,000. Finally, Bank of America Corp DE increased its position in shares of Scilex by 81.0% in the third quarter. Bank of America Corp DE now owns 17,387 shares of the company’s stock valued at $342,000 after acquiring an additional 7,783 shares during the period. Hedge funds and other institutional investors own 69.67% of the company’s stock.

Scilex Company Profile

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.