Scilex (NASDAQ:SCLX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Scilex (NASDAQ:SCLX) from a strong sell rating to a sell rating in a research note issued to investors on Sunday,Wall Street Zen reports.

Separately, Weiss Ratings raised Scilex from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 2nd. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Scilex Price Performance

Shares of NASDAQ:SCLX opened at $5.37 on Friday. The company’s 50-day moving average price is $6.94 and its two-hundred day moving average price is $7.26. Scilex has a one year low of $4.20 and a one year high of $34.27. The stock has a market capitalization of $45.59 million, a PE ratio of -0.11 and a beta of 1.65.

Scilex (NASDAQ:SCLX) last announced its quarterly earnings data on Friday, August 14th. The company reported ($16.65) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($16.47). The firm had revenue of $7.64 million during the quarter, compared to the consensus estimate of $16.00 million.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Armistice Capital LLC grew its holdings in 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 purchasing an additional 410,674 shares during the period. 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 buying an additional 19,300 shares during the period. Bank of America Corp DE lifted its position in shares of Scilex by 81.0% in the third quarter. Bank of America Corp DE now owns 17,387 shares of the company’s stock valued at $342,000 after buying an additional 7,783 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Scilex in the fourth quarter valued at approximately $249,000. Finally, 683 Capital Management LLC bought a new position in shares of Scilex during the 4th quarter worth approximately $333,000. Institutional investors own 69.67% of the company’s stock.

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.