Scilex (NASDAQ:SCLX) Sees Unusually-High Trading Volume - Here's Why

Shares of Scilex Holding (NASDAQ:SCLX - Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 39,337 shares traded hands during mid-day trading, a decline of 6% from the previous session's volume of 41,866 shares.The stock last traded at $7.20 and had previously closed at $6.60.

Analyst Ratings Changes

SCLX has been the topic of several research analyst reports. D. Boral Capital reaffirmed a "hold" rating on shares of Scilex in a research report on Friday, April 11th. D Boral Capital cut Scilex from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 11th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, Scilex currently has an average rating of "Moderate Buy" and a consensus price target of $455.00.

Scilex Price Performance

The firm has a fifty day simple moving average of $9.70 and a 200 day simple moving average of $17.65. The company has a market cap of $1.46 billion, a price-to-earnings ratio of -7.25 and a beta of 1.04.

Scilex (NASDAQ:SCLX - Get Free Report) last posted its quarterly earnings results on Friday, January 17th. The company reported ($6.30) earnings per share for the quarter. Analysts expect that Scilex Holding will post -0.57 earnings per share for the current year.

Institutional Investors Weigh In On Scilex

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SCLX. State Street Corp lifted its stake in Scilex by 0.7% in the third quarter. State Street Corp now owns 7,484,310 shares of the company's stock valued at $6,920,000 after acquiring an additional 54,404 shares during the last quarter. Northern Trust Corp lifted its position in shares of Scilex by 64.0% during the 4th quarter. Northern Trust Corp now owns 1,273,968 shares of the company's stock worth $543,000 after buying an additional 497,182 shares during the last quarter. RA Capital Management L.P. grew its position in Scilex by 296.7% in the fourth quarter. RA Capital Management L.P. now owns 1,036,218 shares of the company's stock valued at $442,000 after acquiring an additional 775,039 shares during the last quarter. Janus Henderson Group PLC boosted its position in Scilex by 28.7% in the fourth quarter. Janus Henderson Group PLC now owns 687,547 shares of the company's stock valued at $293,000 after buying an additional 153,245 shares in the last quarter. Finally, Norges Bank bought a new stake in Scilex in the fourth quarter valued at approximately $204,000. Institutional investors own 69.67% of the company's stock.

About Scilex

Scilex Holding Company focuses on acquiring, developing, and commercializing non-opioid pain management products for the treatment of acute and chronic pain. Its commercial products include ZTlido (lidocaine topical system) 1.8% (ZTlido), a prescription lidocaine topical product for the relief of neuropathic pain associated with postherpetic neuralgia (PHN), which is a form of post-shingles nerve pain; ELYXYB, a ready-to-use oral solution for the acute treatment of migraine with or without aura in adults; and GLOPERBA, a liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults.