Scilex (NASDAQ:SCLX) Trading Up 0.8% – Still a Buy?

Scilex Holding Company (NASDAQ:SCLX)’s stock price rose 0.8% during trading on Thursday . The company traded as high as $9.69 and last traded at $9.20. Approximately 79,027 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 207,882 shares. The stock had previously closed at $9.13.

Wall Street Analyst Weigh In

SCLX has been the topic of a number of analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of Scilex in a report on Tuesday, June 16th. Wall Street Zen upgraded shares of Scilex from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. One analyst has rated the stock with a Sell rating, According to MarketBeat, Scilex presently has a consensus rating of “Sell”.

Scilex Price Performance

The firm has a 50 day moving average of $7.54 and a two-hundred day moving average of $8.54. The stock has a market cap of $78.11 million, a PE ratio of -0.23 and a beta of 1.66.

Scilex (NASDAQ:SCLX) last announced its quarterly earnings results on Wednesday, May 20th. The company reported ($4.76) EPS for the quarter, missing the consensus estimate of ($0.34) by ($4.42). The business had revenue of $8.61 million for the quarter, compared to the consensus estimate of $15.00 million.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SCLX. Armistice Capital LLC lifted its position in Scilex by 622.2% in the fourth quarter. Armistice Capital LLC now owns 476,674 shares of the company’s stock valued at $5,815,000 after acquiring an additional 410,674 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Scilex by 31.2% during 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. Renaissance Technologies LLC grew its holdings in shares of Scilex by 100.7% during the fourth quarter. Renaissance Technologies LLC now owns 38,464 shares of the company’s stock worth $469,000 after purchasing an additional 19,300 shares during the last quarter. 683 Capital Management LLC acquired a new stake in shares of Scilex during the fourth quarter worth about $333,000. Finally, XTX Topco Ltd acquired a new stake in shares of Scilex during the fourth quarter worth about $249,000. 69.67% of the stock is owned by hedge funds and other institutional investors.

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.