Scilex (NASDAQ:SCLX) Trading 0.6% Higher – What’s Next?

Scilex Holding Company (NASDAQ:SCLX)’s share price shot up 0.6% during trading on Friday . The company traded as high as $8.70 and last traded at $8.31. 54,982 shares were traded during mid-day trading, a decline of 18% from the average session volume of 67,090 shares. The stock had previously closed at $8.26.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Scilex in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $630.00.

Scilex Price Performance

The stock has a market cap of $70.55 million, a P/E ratio of -0.26 and a beta of 1.35. The firm’s fifty day moving average price is $12.17 and its two-hundred day moving average price is $16.65.

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 company had revenue of $10.56 million during the quarter, compared to the consensus estimate of $26.25 million. On average, research analysts expect that Scilex Holding Company will post -0.57 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SCLX. Renaissance Technologies LLC raised its stake in Scilex by 100.7% in the fourth quarter. Renaissance Technologies LLC now owns 38,464 shares of the company’s stock valued at $469,000 after purchasing an additional 19,300 shares in the last quarter. Armistice Capital LLC purchased a new stake in shares of Scilex during the 3rd quarter valued at $1,299,000. Bank of America Corp DE lifted its holdings in shares of Scilex by 81.0% during 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 during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Scilex by 189.6% during 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 during the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new position in Scilex in the third quarter worth $354,000. Hedge funds and other 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.