Wall Street Zen Downgrades Scilex (NASDAQ:SCLX) to Strong Sell

Scilex (NASDAQ:SCLX) was downgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a report issued on Saturday.

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Scilex in a report on Tuesday, June 16th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has an average rating of “Sell”.

Scilex Stock Performance

NASDAQ SCLX opened at $5.43 on Friday. The company has a fifty day simple moving average of $7.20 and a 200 day simple moving average of $7.40. Scilex has a 12-month low of $4.20 and a 12-month high of $34.27. The company has a market cap of $46.12 million, a P/E ratio of -0.11 and a beta of 1.67.

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. 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 worth $146,000 after buying an additional 4,864 shares in the last quarter. OMERS ADMINISTRATION Corp bought a new position in Scilex during the 4th quarter valued at $150,000. Norges Bank purchased a new position in Scilex during the 2nd quarter worth $80,000. Bank of America Corp DE boosted its holdings in Scilex by 81.0% during the 3rd quarter. Bank of America Corp DE now owns 17,387 shares of the company’s stock worth $342,000 after acquiring an additional 7,783 shares during the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of Scilex in the 4th quarter worth $249,000. Hedge funds and other 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.