Scilex (NASDAQ:SCLX) Stock Price Down 10.1% – Here’s What Happened

Shares of Scilex Holding Company (NASDAQ:SCLX) were down 10.1% on Tuesday . The stock traded as low as $6.60 and last traded at $6.61. Approximately 67,425 shares were traded during mid-day trading, an increase of 105% from the average daily volume of 32,957 shares. The stock had previously closed at $7.35.

Wall Street Analyst Weigh In

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

Scilex Stock Performance

The firm has a market cap of $56.12 million, a price-to-earnings ratio of -0.21 and a beta of 1.35. The business’s 50-day moving average is $8.84 and its 200-day moving average is $14.92.

Hedge Funds Weigh In On Scilex

Several institutional investors have recently bought and sold shares of SCLX. Armistice Capital LLC raised its holdings in shares of Scilex by 622.2% in the fourth quarter. Armistice Capital LLC now owns 476,674 shares of the company’s stock valued at $5,815,000 after buying an additional 410,674 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Scilex by 31.2% during 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 during the last quarter. 683 Capital Management LLC bought a new position in Scilex in the 4th quarter valued at $333,000. XTX Topco Ltd acquired a new stake in Scilex in the fourth quarter worth about $249,000. Finally, Renaissance Technologies LLC grew its position in shares of Scilex by 100.7% during the 4th quarter. Renaissance Technologies LLC now owns 38,464 shares of the company’s stock worth $469,000 after buying an additional 19,300 shares during the period. 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.