Scilex Holding Company (NASDAQ:SCLX) Short Interest Update

Scilex Holding Company (NASDAQ:SCLX) was the target of a significant drop in short interest in the month of March. As of March 13th, there was short interest totaling 190,787 shares, a drop of 13.0% from the February 26th total of 219,332 shares. Currently, 2.3% of the company’s stock are short sold. Based on an average daily volume of 36,204 shares, the days-to-cover ratio is presently 5.3 days.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Scilex in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Scilex presently has an average rating of “Reduce”.

Scilex Stock Up 3.8%

NASDAQ SCLX opened at $6.91 on Thursday. The stock has a market capitalization of $58.67 million, a PE ratio of -0.22 and a beta of 1.40. Scilex has a 12-month low of $3.60 and a 12-month high of $34.27. The company has a 50 day moving average price of $8.28 and a two-hundred day moving average price of $14.22.

Hedge Funds Weigh In On Scilex

Several institutional investors have recently bought and sold shares of SCLX. Goldman Sachs Group Inc. raised its holdings in Scilex by 31.2% during the first quarter. Goldman Sachs Group Inc. now owns 136,352 shares of the company’s stock valued at $34,000 after buying an additional 32,449 shares in the last quarter. Norges Bank bought a new stake in shares of Scilex during the 2nd quarter worth about $80,000. Donald L. Hagan LLC acquired a new position in shares of Scilex during the 3rd quarter valued at about $234,000. Ashton Thomas Private Wealth LLC bought a new stake in Scilex during the third quarter worth approximately $354,000. Finally, BNP Paribas Financial Markets boosted 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 period. 69.67% of the stock is currently owned by institutional investors.

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.