Scilex (NASDAQ:SCLX) Trading Up 8.8% – Time to Buy?

Scilex Holding Company (NASDAQ:SCLX) was up 8.8% during trading on Thursday . The stock traded as high as $11.95 and last traded at $11.53. Approximately 106,019 shares changed hands during mid-day trading, an increase of 58% from the average daily volume of 66,936 shares. The stock had previously closed at $10.60.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Scilex in a report on Wednesday, October 8th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Scilex has a consensus rating of “Reduce” and an average price target of $630.00.

Scilex Trading Up 8.8%

The company has a market cap of $97.89 million, a price-to-earnings ratio of -0.36 and a beta of 1.36. The stock has a 50 day moving average price of $15.49 and a two-hundred day moving average price of $16.62.

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 company had revenue of $10.56 million during the quarter, compared to analyst estimates of $26.25 million. On average, equities analysts forecast that Scilex Holding Company will post -0.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SCLX. BNP Paribas Financial Markets grew its holdings in Scilex by 189.6% during the third quarter. BNP Paribas Financial Markets now owns 7,430 shares of the company’s stock valued at $146,000 after purchasing an additional 4,864 shares during the period. Bank of America Corp DE boosted its position in shares of 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 purchasing an additional 7,783 shares in the last quarter. Donald L. Hagan LLC bought a new position in shares of Scilex during the third quarter worth $234,000. Norges Bank acquired a new position in shares of Scilex in the 2nd quarter valued at $80,000. Finally, Ashton Thomas Private Wealth LLC bought a new stake in shares of Scilex in the 3rd quarter valued at $354,000. Institutional investors 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.