Scilex (NASDAQ:SCLX) Stock Price Down 12.2% – Time to Sell?

Scilex Holding (NASDAQ:SCLX) dropped 12.2% on Wednesday . The company traded as low as $6.20 and last traded at $6.08. Approximately 24,294 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 42,292 shares. The stock had previously closed at $6.92.

Analyst Upgrades and Downgrades

A number of analysts recently commented on SCLX shares. D. Boral Capital reaffirmed a “hold” rating on shares of Scilex in a research report on Friday, April 11th. D Boral Capital lowered Scilex from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 11th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $455.00.

Scilex Stock Performance

The company has a market cap of $1.46 billion, a PE ratio of -7.25 and a beta of 1.04. The company’s 50 day moving average price is $9.83 and its 200-day moving average price is $17.91.

Scilex (NASDAQ:SCLX) last released its earnings results on Friday, January 17th. The company reported ($6.30) earnings per share (EPS) for the quarter. Equities research analysts expect that Scilex Holding will post -0.57 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Donald L. Hagan LLC raised its stake in Scilex by 32.5% in the 4th quarter. Donald L. Hagan LLC now owns 173,292 shares of the company’s stock valued at $74,000 after acquiring an additional 42,500 shares during the period. Jane Street Group LLC raised its position in shares of Scilex by 965.8% in the fourth quarter. Jane Street Group LLC now owns 321,480 shares of the company’s stock valued at $137,000 after purchasing an additional 291,316 shares during the period. Norges Bank purchased a new stake in shares of Scilex during the 4th quarter valued at approximately $204,000. Janus Henderson Group PLC boosted its holdings in Scilex by 28.7% in the 4th quarter. Janus Henderson Group PLC now owns 687,547 shares of the company’s stock worth $293,000 after buying an additional 153,245 shares during the period. Finally, RA Capital Management L.P. grew its stake in Scilex by 296.7% in the 4th quarter. RA Capital Management L.P. now owns 1,036,218 shares of the company’s stock valued at $442,000 after buying an additional 775,039 shares in the last quarter. Institutional investors own 69.67% of the company’s stock.

Scilex Company Profile

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.