Scilex Holding Company (NASDAQ:SCLX) Short Interest Down 13.0% in March

Scilex Holding Company (NASDAQ:SCLX) was the recipient of a large drop in short interest in the month of March. As of March 13th, there was short interest totaling 190,787 shares, a drop of 13.0% from the February 26th total of 219,332 shares. Based on an average trading volume of 36,204 shares, the short-interest ratio is presently 5.3 days. Approximately 2.3% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Scilex

Large investors have recently bought and sold shares of the stock. XTX Topco Ltd bought a new stake in Scilex in the fourth quarter valued at $249,000. Armistice Capital LLC boosted its position in shares of Scilex by 622.2% during the 4th quarter. Armistice Capital LLC now owns 476,674 shares of the company’s stock worth $5,815,000 after purchasing an additional 410,674 shares in the last quarter. 683 Capital Management LLC bought a new position in shares of Scilex during the 4th quarter worth about $333,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Scilex in the 4th quarter valued at about $150,000. Finally, Renaissance Technologies LLC grew its stake in shares of Scilex by 100.7% in the 4th quarter. Renaissance Technologies LLC now owns 38,464 shares of the company’s stock valued at $469,000 after buying an additional 19,300 shares during the period. 69.67% of the stock is currently owned by institutional investors and hedge funds.

Scilex Stock Down 1.2%

Shares of SCLX stock opened at $6.33 on Tuesday. The firm has a 50 day moving average of $8.44 and a 200-day moving average of $14.41. The company has a market cap of $53.74 million, a price-to-earnings ratio of -0.20 and a beta of 1.35. Scilex has a 52 week low of $3.60 and a 52 week high of $34.27.

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.