Scilex (NASDAQ:SCLX) Trading 0.9% Higher – Should You Buy?
by Teresa Graham · The Cerbat GemScilex Holding Company (NASDAQ:SCLX – Get Free Report)’s share price was up 0.9% during trading on Friday . The stock traded as high as $6.88 and last traded at $6.66. Approximately 99,819 shares were traded during trading, a decline of 53% from the average daily volume of 213,586 shares. The stock had previously closed at $6.60.
Analysts Set New Price Targets
A number of analysts recently weighed in on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Scilex in a research report on Tuesday, June 16th. Wall Street Zen upgraded shares of Scilex from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has an average rating of “Sell”.
Read Our Latest Stock Analysis on Scilex
Scilex Price Performance
The firm’s 50 day simple moving average is $7.66 and its two-hundred day simple moving average is $7.97. The firm has a market capitalization of $56.55 million, a P/E ratio of -0.16 and a beta of 1.66.
Scilex (NASDAQ:SCLX – Get Free Report) last announced its quarterly earnings data on Wednesday, May 20th. The company reported ($4.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($4.42). The firm had revenue of $8.61 million during the quarter, compared to analysts’ expectations of $15.00 million.
Institutional Trading of Scilex
Institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. grew its holdings 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 worth $34,000 after purchasing an additional 32,449 shares during the last quarter. Norges Bank bought a new stake in Scilex during the 2nd quarter valued at $80,000. BNP Paribas Financial Markets boosted its position in Scilex by 189.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 7,430 shares of the company’s stock valued at $146,000 after buying an additional 4,864 shares during the period. OMERS ADMINISTRATION Corp purchased a new stake in Scilex during the 4th quarter valued at $150,000. Finally, XTX Topco Ltd bought a new stake in Scilex in the 4th quarter worth $249,000. Hedge funds and other institutional investors own 69.67% of the company’s stock.
Scilex Company Profile
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.