Scilex (NASDAQ:SCLX) Trading Down 10.1% – Should You Sell?

Scilex Holding Company (NASDAQ:SCLX) shares fell 10.1% during trading on Tuesday . The company traded as low as $6.60 and last traded at $6.61. 67,425 shares were traded during mid-day trading, an increase of 105% from the average session volume of 32,957 shares. The stock had previously closed at $7.35.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Scilex in a report on Thursday, January 22nd. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $630.00.

Scilex Stock Performance

The firm’s fifty day simple moving average is $8.74 and its 200 day simple moving average is $14.86.

Hedge Funds Weigh In On Scilex

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. increased its holdings in Scilex by 31.2% during 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 in the last quarter. Norges Bank bought a new stake in shares of Scilex in the second quarter valued at about $80,000. Donald L. Hagan LLC acquired a new position in shares of Scilex during the third quarter worth about $234,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Scilex during the third quarter worth about $354,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of 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 buying an additional 4,864 shares in the last quarter. 69.67% of the stock is owned by institutional investors and hedge funds.

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.