Scilex (NASDAQ:SCLX) Trading Down 0.9%

Scilex Holding (NASDAQ:SCLX)’s share price fell 0.9% on Thursday . The stock traded as low as $0.83 and last traded at $0.84. 77,669 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 914,945 shares. The stock had previously closed at $0.85.

Analyst Ratings Changes

Separately, HC Wainwright reduced their price objective on Scilex from $12.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, May 3rd.

Scilex Stock Performance

The stock has a 50 day moving average of $1.27 and a two-hundred day moving average of $1.47. The firm has a market capitalization of $137.97 million, a P/E ratio of -0.64 and a beta of 0.91.

Scilex (NASDAQ:SCLX) last released its earnings results on Monday, March 11th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.04). The business had revenue of $13.46 million for the quarter, compared to analysts’ expectations of $11.43 million. Sell-side analysts predict that Scilex Holding will post -0.51 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SCLX. Cannon Global Investment Management LLC acquired a new position in shares of Scilex during the first quarter valued at about $40,000. Collective Family Office LLC raised its holdings in Scilex by 68.4% in the 1st quarter. Collective Family Office LLC now owns 21,950 shares of the company’s stock valued at $35,000 after acquiring an additional 8,918 shares in the last quarter. Focus Financial Network Inc. ADV acquired a new stake in shares of Scilex during the 4th quarter worth approximately $58,000. Donald L. Hagan LLC increased its position in shares of Scilex by 49.1% during the fourth quarter. Donald L. Hagan LLC now owns 52,343 shares of the company’s stock valued at $107,000 after purchasing an additional 17,245 shares during the period. Finally, Hudson Bay Capital Management LP acquired a new position in shares of Scilex in the third quarter valued at $665,000. 69.67% of the stock is owned by institutional investors.

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.