Scilex (NASDAQ:SCLX) Stock Price Down 1.2% – Here’s Why

Scilex Holding Company (NASDAQ:SCLX)’s share price dropped 1.2% during mid-day trading on Friday . The company traded as low as $5.64 and last traded at $5.73. Approximately 25,993 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 65,805 shares. The stock had previously closed at $5.80.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SCLX. Weiss Ratings reissued a “sell (e+)” rating on shares of Scilex in a report on Tuesday, June 16th. Wall Street Zen raised shares of Scilex from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has a consensus rating of “Sell”.

Scilex Trading Down 1.2%

The company has a market capitalization of $48.66 million, a P/E ratio of -0.12 and a beta of 1.67. The stock has a 50 day moving average price of $7.35 and a 200 day moving average price of $7.52.

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

Institutional Trading of Scilex

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Armistice Capital LLC increased its stake 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 period. Goldman Sachs Group Inc. grew its holdings in Scilex by 31.2% during the 1st 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 last quarter. Renaissance Technologies LLC grew its holdings in 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 acquiring an additional 19,300 shares during the last quarter. 683 Capital Management LLC acquired a new position in Scilex in the 4th quarter valued at approximately $333,000. Finally, XTX Topco Ltd acquired a new position in Scilex in the 4th quarter valued at approximately $249,000. 69.67% of the stock is currently owned by institutional investors.

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.