Scilex (NASDAQ:SCLX) Trading 0.9% Higher – Should You Buy?

Scilex Holding Company (NASDAQ:SCLX)’s share price traded up 0.9% on Friday . The company traded as high as $6.88 and last traded at $6.66. 99,819 shares traded hands during trading, a decline of 53% from the average session volume of 213,586 shares. The stock had previously closed at $6.60.

Analyst Upgrades and Downgrades

SCLX has been the topic of several recent analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Scilex in a research note on Tuesday, June 16th. Wall Street Zen raised Scilex from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Scilex currently has a consensus rating of “Sell”.

Scilex Stock Up 0.9%

The firm’s fifty day moving average is $7.66 and its two-hundred day moving average is $7.97. The firm has a market cap of $56.55 million, a P/E ratio of -0.16 and a beta of 1.66.

Scilex (NASDAQ:SCLX) last issued its quarterly earnings data on Wednesday, May 20th. The company reported ($4.76) EPS for the quarter, missing the consensus estimate of ($0.34) by ($4.42). The business had revenue of $8.61 million for the quarter, compared to analyst estimates of $15.00 million.

Hedge Funds Weigh In On Scilex

Institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets lifted its holdings in Scilex by 189.6% in 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 during the period. OMERS ADMINISTRATION Corp bought a new stake in Scilex during the 4th quarter valued at approximately $150,000. Norges Bank purchased a new position in shares of Scilex during the 2nd quarter worth approximately $80,000. Bank of America Corp DE grew its holdings in shares of Scilex by 81.0% during the 3rd quarter. Bank of America Corp DE now owns 17,387 shares of the company’s stock worth $342,000 after acquiring an additional 7,783 shares during the period. Finally, XTX Topco Ltd bought a new position in shares of Scilex in the 4th quarter worth approximately $249,000. 69.67% of the stock is 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.