Scilex (NASDAQ:SCLX) Shares Down 3.1% – Here’s What Happened

Scilex Holding Company (NASDAQ:SCLX)’s share price dropped 3.1% during trading on Tuesday . The company traded as low as $4.56 and last traded at $4.64. Approximately 99,510 shares were traded during mid-day trading, an increase of 50% from the average daily volume of 66,487 shares. The stock had previously closed at $4.79.

Analysts Set New Price Targets

SCLX has been the subject of a number of recent analyst reports. D. Boral Capital restated a “hold” rating on shares of Scilex in a research report on Friday, April 11th. D Boral Capital lowered Scilex from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 11th.

Scilex Stock Performance

The company has a 50 day moving average price of $5.26 and a 200 day moving average price of $10.73. The firm has a market cap of $32.25 million, a price-to-earnings ratio of -0.16 and a beta of 1.13.

Hedge Funds Weigh In On Scilex

Several large investors have recently modified their holdings of the business. Goldman Sachs Group Inc. raised its holdings in shares of Scilex by 31.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 136,352 shares of the company’s stock valued at $34,000 after buying an additional 32,449 shares during the period. Jane Street Group LLC increased its holdings in Scilex by 965.8% during the 4th quarter. Jane Street Group LLC now owns 321,480 shares of the company’s stock worth $137,000 after purchasing an additional 291,316 shares during the period. Norges Bank purchased a new stake in Scilex during the 4th quarter worth about $204,000. Janus Henderson Group PLC increased its holdings in Scilex by 28.7% during the 4th quarter. Janus Henderson Group PLC now owns 687,547 shares of the company’s stock worth $293,000 after purchasing an additional 153,245 shares during the period. Finally, RA Capital Management L.P. increased its holdings in Scilex by 296.7% during the 4th quarter. RA Capital Management L.P. now owns 1,036,218 shares of the company’s stock worth $442,000 after purchasing an additional 775,039 shares during the period. Institutional investors and hedge funds own 69.67% of the company’s stock.

Scilex Company Profile

Scilex Holding Company focuses on acquiring, developing, and commercializing non-opioid pain management products for the treatment of acute and chronic pain. Its commercial products include ZTlido (lidocaine topical system) 1.8% (ZTlido), a prescription lidocaine topical product for the relief of neuropathic pain associated with postherpetic neuralgia (PHN), which is a form of post-shingles nerve pain; ELYXYB, a ready-to-use oral solution for the acute treatment of migraine with or without aura in adults; and GLOPERBA, a liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults.