Scilex (NASDAQ:SCLX) Trading 18% Higher – Still a Buy?

Scilex Holding Company (NASDAQ:SCLX) shares rose 18% during mid-day trading on Wednesday . The company traded as high as $7.14 and last traded at $6.94. Approximately 181,911 shares traded hands during mid-day trading, an increase of 64% from the average daily volume of 110,687 shares. The stock had previously closed at $5.88.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SCLX. Wall Street Zen upgraded shares of Scilex from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Weiss Ratings restated a “sell (e+)” rating on shares of Scilex in a report on Tuesday. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has an average rating of “Sell”.

Scilex Price Performance

The stock has a market cap of $63.42 million, a PE ratio of -0.18 and a beta of 1.70. The business has a fifty day moving average of $7.21 and a 200-day moving average of $9.54.

Scilex (NASDAQ:SCLX) last released its quarterly earnings data on Wednesday, May 20th. The company reported ($4.76) EPS for the quarter, missing the consensus estimate of ($0.34) by ($4.42). The business had revenue of $8.61 million during the quarter, compared to the consensus estimate of $15.00 million.

Institutional Trading of Scilex

Institutional investors and hedge funds have recently made changes to their positions in the company. Goldman Sachs Group Inc. lifted its stake in Scilex by 31.2% in the first quarter. Goldman Sachs Group Inc. now owns 136,352 shares of the company’s stock worth $34,000 after acquiring an additional 32,449 shares during the period. Norges Bank bought a new stake in shares of Scilex in the 2nd quarter valued at about $80,000. BNP Paribas Financial Markets lifted its position 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 worth $146,000 after purchasing an additional 4,864 shares during the period. OMERS ADMINISTRATION Corp purchased a new stake in shares of Scilex in the 4th quarter worth approximately $150,000. Finally, XTX Topco Ltd bought a new position in shares of Scilex during the fourth quarter valued at approximately $249,000. 69.67% of the stock is currently owned by institutional investors.

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.