Scilex (NASDAQ:SCLX) Trading Up 0.8% - Here's What Happened

Key Points

• Scilex shares edged up 0.8% in Thursday trading, reaching an intraday high of $9.69 and last trading at $9.20 on volume well below average.
• Analyst sentiment remains weak, with Weiss Ratings reiterating a “sell (e+)” and MarketBeat showing a consensus rating of “Sell” for the stock.
• Recent financial results were disappointing: Scilex reported a quarterly loss of $4.76 per share and revenue of $8.61 million, both far below analyst expectations.

Shares of Scilex Holding Company (NASDAQ:SCLX - Get Free Report) rose 0.8% during mid-day trading on Thursday . The stock traded as high as $9.69 and last traded at $9.20. 79,027 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 207,882 shares. The stock had previously closed at $9.13.

Analysts Set New Price Targets

A number of equities analysts recently commented on SCLX shares. Weiss Ratings restated a "sell (e+)" rating on shares of Scilex in a report on Tuesday, June 16th. Wall Street Zen upgraded shares of Scilex from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 23rd. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has a consensus rating of "Sell".

Scilex Stock Performance

The company has a market cap of $78.11 million, a PE ratio of -0.23 and a beta of 1.66. The company's 50-day simple moving average is $7.54 and its 200 day simple moving average is $8.54.

Scilex (NASDAQ:SCLX - Get Free Report) last posted its quarterly earnings data on Wednesday, May 20th. The company reported ($4.76) earnings per share for the quarter, missing analysts' consensus estimates of ($0.34) by ($4.42). The firm had revenue of $8.61 million during the quarter, compared to analyst estimates of $15.00 million.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets raised its position in Scilex by 189.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 7,430 shares of the company's stock valued at $146,000 after purchasing an additional 4,864 shares in the last quarter. OMERS ADMINISTRATION Corp acquired a new position in shares of Scilex during the fourth quarter worth about $150,000. Norges Bank purchased a new stake in shares of Scilex during the second quarter worth approximately $80,000. Bank of America Corp DE increased its stake in shares of Scilex by 81.0% during the third quarter. Bank of America Corp DE now owns 17,387 shares of the company's stock worth $342,000 after buying an additional 7,783 shares during the period. Finally, XTX Topco Ltd acquired a new stake in Scilex in the fourth quarter valued at approximately $249,000. 69.67% of the stock is owned by institutional investors and hedge funds.

About Scilex

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.

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