Scilex (NASDAQ:SCLX) Stock Price Down 3% – Here’s What Happened

Shares of Scilex Holding Company (NASDAQ:SCLX) traded down 3% during mid-day trading on Monday . The company traded as low as $13.30 and last traded at $13.68. 55,744 shares were traded during mid-day trading, a decline of 22% from the average session volume of 71,870 shares. The stock had previously closed at $14.10.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Scilex in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Scilex currently has a consensus rating of “Reduce” and a consensus price target of $630.00.

Scilex Price Performance

The company has a 50-day moving average of $17.30 and a two-hundred day moving average of $15.93. The company has a market capitalization of $103.58 million, a PE ratio of -0.38 and a beta of 1.32.

Scilex (NASDAQ:SCLX) last posted its quarterly earnings data on Friday, November 14th. The company reported ($22.17) EPS for the quarter, missing the consensus estimate of ($0.41) by ($21.76). The firm had revenue of $10.56 million during the quarter, compared to analysts’ expectations of $26.25 million. As a group, research analysts anticipate that Scilex Holding Company will post -0.57 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its stake in Scilex by 31.2% in the 1st 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 period. Norges Bank purchased a new position in shares of Scilex in the second quarter worth $80,000. Donald L. Hagan LLC purchased a new position in shares of Scilex in the third quarter worth $234,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Scilex during the third quarter worth $354,000. Finally, BNP Paribas Financial Markets grew its stake in Scilex by 189.6% during the third quarter. BNP Paribas Financial Markets now owns 7,430 shares of the company’s stock valued at $146,000 after acquiring an additional 4,864 shares in the last quarter. 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.