Scilex Holding Company (NASDAQ:SCLX) Short Interest Down 13.0% in March

Scilex Holding Company (NASDAQ:SCLX) was the recipient of a significant drop in short interest during the month of March. As of March 13th, there was short interest totaling 190,787 shares, a drop of 13.0% from the February 26th total of 219,332 shares. Approximately 2.3% of the company’s shares are sold short. Based on an average trading volume of 36,204 shares, the short-interest ratio is currently 5.3 days.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SCLX. XTX Topco Ltd acquired a new position in shares of Scilex in the 4th quarter worth approximately $249,000. Armistice Capital LLC increased its position in shares of Scilex by 622.2% during the fourth quarter. Armistice Capital LLC now owns 476,674 shares of the company’s stock worth $5,815,000 after buying an additional 410,674 shares during the period. 683 Capital Management LLC acquired a new stake in shares of Scilex during the fourth quarter worth $333,000. OMERS ADMINISTRATION Corp bought a new position in Scilex during the fourth quarter worth $150,000. Finally, Renaissance Technologies LLC lifted its holdings 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 buying an additional 19,300 shares during the period. Institutional investors own 69.67% of the company’s stock.

Scilex Price Performance

Shares of SCLX opened at $6.33 on Tuesday. The business has a 50-day moving average of $8.44 and a 200-day moving average of $14.41. The company has a market capitalization of $53.74 million, a price-to-earnings ratio of -0.20 and a beta of 1.35. Scilex has a 1 year low of $3.60 and a 1 year high of $34.27.

Analyst Ratings Changes

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

About Scilex

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.