Scilex Holding Company (NASDAQ:SCLX) Short Interest Down 15.4% in April

Scilex Holding Company (NASDAQ:SCLX) was the recipient of a large drop in short interest during the month of April. As of April 15th, there was short interest totaling 158,978 shares, a drop of 15.4% from the March 31st total of 187,953 shares. Currently, 2.0% of the shares of the stock are sold short. Based on an average trading volume of 45,905 shares, the days-to-cover ratio is currently 3.5 days.

Scilex Trading Up 0.6%

Shares of NASDAQ SCLX opened at $10.58 on Friday. The stock has a market cap of $89.82 million, a price-to-earnings ratio of -0.29 and a beta of 1.77. Scilex has a 1-year low of $3.92 and a 1-year high of $34.27. The stock’s 50-day moving average is $7.55 and its 200 day moving average is $11.97.

Scilex (NASDAQ:SCLX) last announced its quarterly earnings data on Friday, April 10th. The company reported ($4.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.47) by ($4.13). The company had revenue of $4.79 million during the quarter, compared to the consensus estimate of $12.10 million.

Hedge Funds Weigh In On Scilex

A number of large investors have recently bought and sold shares of the stock. Armistice Capital LLC increased its stake in Scilex by 622.2% in the 4th quarter. Armistice Capital LLC now owns 476,674 shares of the company’s stock worth $5,815,000 after purchasing an additional 410,674 shares during the period. Goldman Sachs Group Inc. increased 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. Renaissance Technologies LLC increased its stake in Scilex by 100.7% in the 4th quarter. Renaissance Technologies LLC now owns 38,464 shares of the company’s stock worth $469,000 after purchasing an additional 19,300 shares during the period. 683 Capital Management LLC purchased a new position in Scilex in the 4th quarter worth approximately $333,000. Finally, XTX Topco Ltd purchased a new position in Scilex in the 4th quarter worth approximately $249,000. 69.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SCLX. Weiss Ratings reissued a “sell (d-)” rating on shares of Scilex in a report on Thursday, January 22nd. Wall Street Zen cut Scilex from a “hold” rating to a “strong sell” rating in a report on Saturday. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

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.