Scilex (NASDAQ:SCLX) Trading Down 1.2% – What’s Next?

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Scilex in a report on Tuesday, June 16th. Wall Street Zen upgraded shares of Scilex from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Scilex has an average rating of “Sell”.

Scilex Price Performance

The business has a 50-day simple moving average of $7.35 and a two-hundred day simple moving average of $7.52. The stock has a market cap of $48.65 million, a price-to-earnings ratio of -0.12 and a beta of 1.67.

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

Institutional Investors Weigh In On Scilex

Large investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. boosted its position in Scilex by 31.2% during the first quarter. Goldman Sachs Group Inc. now owns 136,352 shares of the company’s stock worth $34,000 after purchasing an additional 32,449 shares during the period. Norges Bank acquired a new position in shares of Scilex in the second quarter valued at $80,000. BNP Paribas Financial Markets raised its position in shares of Scilex by 189.6% in the third quarter. BNP Paribas Financial Markets now owns 7,430 shares of the company’s stock valued at $146,000 after purchasing an additional 4,864 shares during the period. Bank of America Corp DE raised 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 purchasing an additional 7,783 shares during the period. Finally, Armistice Capital LLC acquired a new stake in shares of Scilex during the 3rd quarter worth about $1,299,000. 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.