Scilex (NASDAQ:SCLX) Trading 0.6% Higher – Time to Buy?

Scilex Holding Company (NASDAQ:SCLX) rose 0.6% during mid-day trading on Friday . The company traded as high as $8.70 and last traded at $8.31. Approximately 54,982 shares traded hands during trading, a decline of 18% from the average daily volume of 67,090 shares. The stock had previously closed at $8.26.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Scilex in a report on Thursday, January 22nd. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $630.00.

Scilex Stock Performance

The business’s 50-day simple moving average is $12.17 and its 200 day simple moving average is $16.66. The firm has a market cap of $70.55 million, a P/E ratio of -0.26 and a beta of 1.35.

Scilex (NASDAQ:SCLX) last released its quarterly earnings results on Friday, November 14th. The company reported ($22.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($21.76). The firm had revenue of $10.56 million during the quarter, compared to analysts’ expectations of $26.25 million. As a group, equities research analysts expect that Scilex Holding Company will post -0.57 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC raised 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 in the last quarter. Armistice Capital LLC purchased a new position in Scilex during the 3rd quarter valued at $1,299,000. Bank of America Corp DE increased its stake in Scilex by 81.0% in the third quarter. Bank of America Corp DE now owns 17,387 shares of the company’s stock worth $342,000 after purchasing an additional 7,783 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Scilex by 189.6% during the third 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 during the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of Scilex during the third quarter valued at $354,000. Institutional investors own 69.67% of the company’s stock.

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.