Scilex (NASDAQ:SCLX) Shares Down 1.3% – Here’s What Happened

Shares of Scilex Holding Company (NASDAQ:SCLX) fell 1.3% during trading on Friday . The stock traded as low as $19.04 and last traded at $19.15. 60,997 shares were traded during mid-day trading, a decline of 49% from the average session volume of 120,139 shares. The stock had previously closed at $19.40.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Scilex in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $630.00.

Scilex Price Performance

The company has a 50-day simple moving average of $17.82 and a 200-day simple moving average of $14.72. The stock has a market cap of $145.35 million, a PE ratio of -0.60 and a beta of 1.32.

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

Institutional Investors Weigh In On Scilex

A number of institutional investors and hedge funds have recently modified their holdings of the company. Armistice Capital LLC acquired a new position in Scilex during the third quarter worth $1,299,000. Goldman Sachs Group Inc. increased its position in shares of Scilex by 31.2% in the first quarter. Goldman Sachs Group Inc. now owns 136,352 shares of the company’s stock valued at $34,000 after buying an additional 32,449 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of Scilex during the 3rd quarter worth $354,000. Norges Bank acquired a new position in shares of Scilex during the 2nd quarter worth $80,000. Finally, Donald L. Hagan LLC purchased a new stake in shares of Scilex in the 3rd quarter worth about $234,000. Institutional investors and hedge funds own 69.67% of the company’s stock.

About Scilex

Scilex Holding Company focuses on acquiring, developing, and commercializing non-opioid pain management products for the treatment of acute and chronic pain. Its commercial products include ZTlido (lidocaine topical system) 1.8% (ZTlido), a prescription lidocaine topical product for the relief of neuropathic pain associated with postherpetic neuralgia (PHN), which is a form of post-shingles nerve pain; ELYXYB, a ready-to-use oral solution for the acute treatment of migraine with or without aura in adults; and GLOPERBA, a liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults.