Scilex (NASDAQ:SCLX) Downgraded to “Strong Sell” Rating by Wall Street Zen

Wall Street Zen lowered shares of Scilex (NASDAQ:SCLX) from a sell rating to a strong sell rating in a report released on Saturday morning.

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Scilex in a research report on Tuesday, June 16th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Scilex has a consensus rating of “Sell”.

Scilex Stock Down 2.5%

Shares of NASDAQ SCLX opened at $5.43 on Friday. Scilex has a twelve month low of $4.20 and a twelve month high of $34.27. The stock’s 50 day moving average price is $7.20 and its 200-day moving average price is $7.41. The company has a market capitalization of $46.10 million, a PE ratio of -0.11 and a beta of 1.67.

Scilex (NASDAQ:SCLX) last released its earnings results 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 firm had revenue of $7.64 million during the quarter, compared to the consensus estimate of $16.00 million.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SCLX. BNP Paribas Financial Markets grew its holdings in Scilex by 189.6% during 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 stake 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 period. OMERS ADMINISTRATION Corp bought a new stake in shares of Scilex in the fourth quarter valued at $150,000. Norges Bank purchased a new position in shares of Scilex during the 2nd quarter valued at $80,000. Finally, Renaissance Technologies LLC lifted 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 buying an additional 19,300 shares during the last quarter. 69.67% of the stock is currently owned by hedge funds and other institutional investors.

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.