Scilex (NASDAQ:SCLX) Stock Price Down 2.1% – Time to Sell?

Scilex Holding Company (NASDAQ:SCLX)’s stock price dropped 2.1% on Thursday . The stock traded as low as $17.55 and last traded at $18.05. Approximately 97,415 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 240,188 shares. The stock had previously closed at $18.44.

Analyst Upgrades and Downgrades

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

Scilex Stock Performance

The business’s 50 day moving average price is $20.12 and its 200-day moving average price is $12.14. The firm has a market capitalization of $137.00 million, a PE ratio of -1.13 and a beta of 1.36.

Scilex (NASDAQ:SCLX) last released its quarterly earnings results on Wednesday, August 13th. The company reported ($7.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($4.55) by ($2.87). The firm had revenue of $9.90 million for the quarter, compared to analyst estimates of $26.25 million. As a group, analysts anticipate that Scilex Holding Company will post -0.57 earnings per share for the current year.

Institutional Investors Weigh In On Scilex

Several large investors have recently added to or reduced their stakes in SCLX. Goldman Sachs Group Inc. increased its stake in Scilex by 31.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 136,352 shares of the company’s stock worth $34,000 after buying an additional 32,449 shares during the period. Norges Bank purchased a new stake in Scilex during the 2nd quarter worth approximately $80,000. Finally, Donald L. Hagan LLC purchased a new stake in Scilex during the 3rd quarter worth approximately $234,000. 69.67% of the stock is owned by hedge funds and other institutional investors.

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.