Scilex (NASDAQ:SCLX) Trading 0.9% Higher – Should You Buy?

Scilex Holding Company (NASDAQ:SCLX)’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”.

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) 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.