Scilex (NASDAQ:SCLX) Trading 0.9% Higher – Still a Buy?

Scilex Holding Company (NASDAQ:SCLX)’s stock price rose 0.9% during mid-day trading on Friday . The company traded as high as $6.88 and last traded at $6.66. 99,819 shares changed hands during mid-day 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 equities research analysts have recently commented on SCLX shares. Wall Street Zen upgraded shares of Scilex from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Weiss Ratings reissued a “sell (e+)” rating on shares of Scilex in a research note on Tuesday, June 16th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Scilex Stock Up 0.9%

The firm has a market cap of $56.54 million, a price-to-earnings ratio of -0.16 and a beta of 1.66. The firm has a fifty day moving average price of $7.66 and a 200-day moving average price of $7.97.

Scilex (NASDAQ:SCLX) last released its earnings results on Wednesday, May 20th. The company reported ($4.76) EPS for the quarter, missing the consensus estimate of ($0.34) by ($4.42). The company had revenue of $8.61 million during the quarter, compared to analysts’ expectations of $15.00 million.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets increased its position in Scilex by 189.6% during the third quarter. BNP Paribas Financial Markets now owns 7,430 shares of the company’s stock worth $146,000 after purchasing an additional 4,864 shares during the last quarter. OMERS ADMINISTRATION Corp acquired a new stake in shares of Scilex during the 4th quarter worth $150,000. Norges Bank acquired a new stake in shares of Scilex during the 2nd quarter worth $80,000. Bank of America Corp DE raised its position in shares of Scilex by 81.0% in the 3rd quarter. Bank of America Corp DE now owns 17,387 shares of the company’s stock worth $342,000 after buying an additional 7,783 shares during the period. Finally, XTX Topco Ltd purchased a new position in shares of Scilex in the 4th quarter worth $249,000. Institutional investors and hedge funds own 69.67% of the company’s stock.

About Scilex

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.