Scilex (NASDAQ:SCLX) Stock Price Down 3% – Time to Sell?

Scilex Holding Company (NASDAQ:SCLX) was down 3% on Monday . The company traded as low as $13.30 and last traded at $13.68. Approximately 55,744 shares changed hands during mid-day trading, a decline of 22% from the average daily volume of 71,870 shares. The stock had previously closed at $14.10.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $630.00.

Scilex Price Performance

The firm has a market capitalization of $103.83 million, a PE ratio of -0.43 and a beta of 1.32. The firm has a fifty day moving average price of $17.35 and a 200 day moving average price of $15.90.

Scilex (NASDAQ:SCLX) last posted its quarterly earnings data on Friday, November 14th. The company reported ($22.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($21.76). The business had revenue of $10.56 million during the quarter, compared to analysts’ expectations of $26.25 million. On average, sell-side analysts expect that Scilex Holding Company will post -0.57 EPS for the current year.

Hedge Funds Weigh In On Scilex

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted 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 valued at $34,000 after purchasing an additional 32,449 shares in the last quarter. Donald L. Hagan LLC purchased a new position in shares of Scilex during the third quarter valued at $234,000. Armistice Capital LLC acquired a new position in Scilex during the third quarter valued at $1,299,000. Bank of America Corp DE lifted its stake in Scilex by 81.0% in the 3rd quarter. Bank of America Corp DE now owns 17,387 shares of the company’s stock worth $342,000 after acquiring an additional 7,783 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its stake 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 in the last quarter. Institutional investors and hedge funds 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.