Scilex (NASDAQ:SCLX) Stock Price Up 0.8% – Here’s What Happened

Scilex Holding Company (NASDAQ:SCLX) shares traded up 0.8% on Thursday . The company traded as high as $9.69 and last traded at $9.20. Approximately 79,027 shares traded hands during trading, a decline of 62% from the average session volume of 207,882 shares. The stock had previously closed at $9.13.

Wall Street Analysts Forecast Growth

SCLX has been the topic of several recent analyst reports. Wall Street Zen upgraded Scilex from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. Weiss Ratings restated a “sell (e+)” rating on shares of Scilex in a report on Tuesday, June 16th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Scilex has a consensus rating of “Sell”.

Scilex Trading Up 3.0%

The firm has a market cap of $80.49 million, a P/E ratio of -0.23 and a beta of 1.66. The business’s 50-day moving average is $7.55 and its two-hundred day moving average is $8.55.

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

Hedge Funds Weigh In On Scilex

Several hedge funds have recently made changes to their positions in SCLX. BNP Paribas Financial Markets increased its stake in 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 in the last quarter. Bank of America Corp DE lifted its stake in Scilex by 81.0% during 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 in the last quarter. OMERS ADMINISTRATION Corp acquired a new position in Scilex in the 4th quarter worth approximately $150,000. Norges Bank purchased a new stake in shares of Scilex in the second quarter valued at $80,000. Finally, Renaissance Technologies LLC boosted its position in shares of Scilex by 100.7% in the fourth quarter. Renaissance Technologies LLC now owns 38,464 shares of the company’s stock worth $469,000 after buying an additional 19,300 shares during the period. Institutional investors and hedge funds 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.