Scilex Holding Company (NASDAQ:SCLX) Short Interest Update

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

Scilex Stock Up 5.2%

SCLX stock opened at $6.66 on Wednesday. Scilex has a twelve month low of $3.60 and a twelve month high of $34.27. The company has a market cap of $56.55 million, a P/E ratio of -0.21 and a beta of 1.35. The business’s fifty day moving average is $8.36 and its 200-day moving average is $14.27.

Hedge Funds Weigh In On Scilex

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. lifted its position in Scilex by 31.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 136,352 shares of the company’s stock valued at $34,000 after acquiring an additional 32,449 shares in the last quarter. Norges Bank bought a new position in Scilex during the 2nd quarter worth about $80,000. BNP Paribas Financial Markets raised its stake in shares of Scilex by 189.6% in the 3rd 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. OMERS ADMINISTRATION Corp acquired a new stake in shares of Scilex in the 4th quarter valued at about $150,000. Finally, Donald L. Hagan LLC bought a new stake in shares of Scilex in the third quarter valued at about $234,000. Institutional investors own 69.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Scilex in a research note 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’s stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $630.00.

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.