Scilex (NASDAQ:SCLX) Stock Price Down 1.3% – Time to Sell?

Scilex Holding Company (NASDAQ:SCLX) shares were down 1.3% during trading on Friday . The company traded as low as $19.04 and last traded at $19.15. Approximately 60,997 shares were traded during trading, a decline of 49% from the average daily volume of 120,139 shares. The stock had previously closed at $19.40.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Scilex in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $630.00.

Scilex Stock Performance

The stock’s fifty day simple moving average is $17.82 and its two-hundred day simple moving average is $14.65. The company has a market cap of $145.35 million, a price-to-earnings ratio of -0.60 and a beta of 1.32.

Scilex (NASDAQ:SCLX) last released its quarterly earnings data on Friday, November 14th. The company reported ($22.17) EPS 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 analyst estimates of $26.25 million. Analysts predict that Scilex Holding Company will post -0.57 EPS for the current fiscal year.

Hedge Funds Weigh In On Scilex

Several hedge funds and other institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. raised its holdings in Scilex by 31.2% in the first 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. Armistice Capital LLC purchased a new stake in Scilex during the third quarter worth approximately $1,299,000. Bank of America Corp DE grew its stake in Scilex by 81.0% during the third quarter. Bank of America Corp DE now owns 17,387 shares of the company’s stock worth $342,000 after buying an additional 7,783 shares during the period. BNP Paribas Financial Markets increased its position in shares of Scilex by 189.6% in the third 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 in the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new position in shares of Scilex in the 3rd quarter valued at $354,000. 69.67% of the stock is owned by institutional investors and hedge funds.

About Scilex

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.