Scilex (NASDAQ:SCLX) Stock Price Down 12.2% - Time to Sell?

Scilex Holding (NASDAQ:SCLX - Get Free Report)'s share price was down 12.2% on Wednesday . The company traded as low as $6.20 and last traded at $6.08. Approximately 24,294 shares were traded during trading, a decline of 43% from the average daily volume of 42,292 shares. The stock had previously closed at $6.92.

Analysts Set New Price Targets

A number of research firms recently issued reports on SCLX. D Boral Capital downgraded shares of Scilex from a "strong-buy" rating to a "hold" rating in a report on Friday, April 11th. D. Boral Capital restated a "hold" rating on shares of Scilex in a report on Friday, April 11th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Scilex has a consensus rating of "Moderate Buy" and an average target price of $455.00.

Scilex Trading Down 21.9 %

The company's 50 day moving average is $9.70 and its 200-day moving average is $17.56. The stock has a market cap of $32.71 million, a PE ratio of -5.66 and a beta of 1.04.

Scilex (NASDAQ:SCLX - Get Free Report) last announced its earnings results on Friday, January 17th. The company reported ($6.30) earnings per share (EPS) for the quarter. As a group, analysts forecast that Scilex Holding will post -0.57 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC increased its holdings 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 during the last quarter. RA Capital Management L.P. boosted its holdings 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 worth $442,000 after purchasing an additional 775,039 shares during the period. Jane Street Group LLC raised its holdings in shares of Scilex by 965.8% during the fourth quarter. Jane Street Group LLC now owns 321,480 shares of the company's stock worth $137,000 after purchasing an additional 291,316 shares during the period. Northern Trust Corp boosted its holdings in shares of Scilex by 64.0% in the 4th quarter. Northern Trust Corp now owns 1,273,968 shares of the company's stock valued at $543,000 after buying an additional 497,182 shares during the period. Finally, Norges Bank bought a new stake in shares of Scilex during the 4th quarter valued at about $204,000. 69.67% of the stock is owned by institutional investors and hedge funds.

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.