Scilex (NASDAQ:SCLX) Cut to Strong Sell at Wall Street Zen

Wall Street Zen cut shares of Scilex (NASDAQ:SCLX) from a sell rating to a strong sell rating in a research note released on Saturday morning,Wall Street Zen reports.

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Scilex in a research report on Tuesday, June 16th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has an average rating of “Sell”.

Scilex Price Performance

NASDAQ:SCLX opened at $5.49 on Friday. The firm has a market capitalization of $46.61 million, a price-to-earnings ratio of -0.11 and a beta of 1.67. Scilex has a one year low of $4.20 and a one year high of $34.27. The business has a fifty day moving average price of $7.17 and a 200-day moving average price of $7.38.

Scilex (NASDAQ:SCLX) last announced its earnings results on Friday, August 14th. The company reported ($16.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($16.47). The company had revenue of $7.64 million during the quarter, compared to the consensus estimate of $16.00 million.

Hedge Funds Weigh In On Scilex

Several large investors have recently made changes to their positions in SCLX. Goldman Sachs Group Inc. boosted its stake 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 acquiring an additional 32,449 shares during the period. Norges Bank bought a new stake in Scilex during the 2nd quarter valued at approximately $80,000. BNP Paribas Financial Markets lifted its holdings in Scilex by 189.6% in the 3rd 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 in the last quarter. OMERS ADMINISTRATION Corp purchased a new position in Scilex in the 4th quarter worth approximately $150,000. Finally, XTX Topco Ltd bought a new position in Scilex in the 4th quarter worth approximately $249,000. 69.67% of the stock is currently owned by hedge funds and other institutional investors.

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.