Scilex (NASDAQ:SCLX) Stock Price Up 3.7% - Time to Buy?

Key Points

• Scilex Holding Company's stock price increased by 3.7% to $13.42 amidst a trading volume decline of 18% from its average.
• Analysts from D Boral Capital have downgraded Scilex's rating from "strong-buy" to "hold," reflecting a cautious outlook on the stock.
• Hedge funds and institutional investors own approximately 69.67% of Scilex's stock, indicating strong institutional interest.

Scilex Holding Company (NASDAQ:SCLX - Get Free Report)'s share price rose 3.7% during trading on Thursday . The stock traded as high as $14.77 and last traded at $13.42. Approximately 187,049 shares changed hands during trading, a decline of 18% from the average daily volume of 229,039 shares. The stock had previously closed at $12.94.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on SCLX shares. D Boral Capital cut Scilex from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 11th. D. Boral Capital reaffirmed a "hold" rating on shares of Scilex in a report on Friday, April 11th.

Scilex Stock Performance

The firm has a market capitalization of $93.27 million, a PE ratio of -0.46 and a beta of 1.19. The firm's 50 day moving average price is $6.97 and its 200-day moving average price is $8.65.

Hedge Funds Weigh In On Scilex

A number of hedge funds have recently bought and sold shares of SCLX. Norges Bank purchased a new stake in shares of Scilex in the fourth quarter valued at approximately $204,000. Northern Trust Corp increased its holdings in Scilex by 64.0% in the 4th quarter. Northern Trust Corp now owns 1,273,968 shares of the company's stock worth $543,000 after acquiring an additional 497,182 shares in the last quarter. Jane Street Group LLC increased its holdings in Scilex by 965.8% in the 4th quarter. Jane Street Group LLC now owns 321,480 shares of the company's stock worth $137,000 after acquiring an additional 291,316 shares in the last quarter. RA Capital Management L.P. raised its position in Scilex by 296.7% during the fourth quarter. RA Capital Management L.P. now owns 1,036,218 shares of the company's stock worth $442,000 after acquiring an additional 775,039 shares during the period. Finally, Janus Henderson Group PLC lifted its holdings in Scilex by 28.7% during the fourth quarter. Janus Henderson Group PLC now owns 687,547 shares of the company's stock valued at $293,000 after purchasing an additional 153,245 shares in the last quarter. Hedge funds and other institutional investors own 69.67% of the company's stock.

Scilex Company Profile

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.

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