Scilex (NASDAQ:SCLX) Lowered to Strong Sell Rating by Wall Street Zen

Wall Street Zen downgraded shares of Scilex (NASDAQ:SCLX) from a hold rating to a strong sell rating in a research report report published on Saturday.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Scilex in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Scilex has an average rating of “Sell”.

Scilex Stock Up 0.6%

Shares of SCLX opened at $10.58 on Friday. The firm has a 50-day moving average price of $7.55 and a 200 day moving average price of $11.95. The firm has a market capitalization of $89.82 million, a PE ratio of -0.29 and a beta of 1.77. Scilex has a 52-week low of $3.92 and a 52-week high of $34.27.

Scilex (NASDAQ:SCLX) last announced its earnings results on Friday, April 10th. The company reported ($4.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($4.13). The company had revenue of $4.79 million for the quarter, compared to analysts’ expectations of $12.10 million.

Hedge Funds Weigh In On Scilex

Large investors have recently made changes to their positions in the business. Armistice Capital LLC boosted its position in shares of Scilex by 622.2% during the 4th quarter. Armistice Capital LLC now owns 476,674 shares of the company’s stock valued at $5,815,000 after purchasing an additional 410,674 shares in the last quarter. Renaissance Technologies LLC boosted 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 valued at $469,000 after purchasing an additional 19,300 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Scilex by 81.0% during the 3rd quarter. Bank of America Corp DE now owns 17,387 shares of the company’s stock valued at $342,000 after purchasing an additional 7,783 shares in the last quarter. 683 Capital Management LLC bought a new position in shares of Scilex during the 4th quarter valued at about $333,000. Finally, XTX Topco Ltd bought a new position in shares of Scilex during the 4th quarter valued at about $249,000. 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.