Short Interest in Scilex Holding Company (NASDAQ:SCLX) Decreases By 15.4%

Key Points

• Short interest decreased 15.4% in April to 158,978 shares, about 2.0% of the company's shares and a short-interest ratio of 3.5 days.
• Scilex posted a large quarterly miss—EPS of ($4.60) vs. consensus ($0.47) and revenue $4.79M vs. $12.10M—and carries an average analyst rating of Sell, with Weiss Ratings reaffirming a "sell (d-)".
• Shares trade near $10.58 with a market cap of roughly $89.9M, a 52-week range of $3.92–$34.27, and about 69.7% of the stock owned by institutional investors.

Scilex Holding Company (NASDAQ:SCLX - Get Free Report) was the recipient of a large drop in short interest in the month of April. As of April 15th, there was short interest totaling 158,978 shares, a drop of 15.4% from the March 31st total of 187,953 shares. Approximately 2.0% of the company's shares are short sold. Based on an average daily volume of 45,905 shares, the short-interest ratio is currently 3.5 days.

Scilex Price Performance

Shares of NASDAQ:SCLX traded up $0.06 during mid-day trading on Friday, reaching $10.58. 133,505 shares of the company were exchanged, compared to its average volume of 56,102. The firm has a market cap of $89.85 million, a price-to-earnings ratio of -0.29 and a beta of 1.40. The firm's 50-day simple moving average is $7.55 and its 200 day simple moving average is $11.97. Scilex has a 1 year low of $3.92 and a 1 year high of $34.27.

Scilex (NASDAQ:SCLX - Get Free Report) last posted its quarterly earnings data on Friday, April 10th. The company reported ($4.60) earnings per share for the quarter, missing analysts' consensus estimates of ($0.47) by ($4.13). The company had revenue of $4.79 million for the quarter, compared to analysts' expectations of $12.10 million.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Scilex in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently has an average rating of "Sell".

Hedge Funds Weigh In On Scilex

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets boosted 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 buying an additional 4,864 shares during the period. OMERS ADMINISTRATION Corp purchased a new position in Scilex in the 4th quarter valued at approximately $150,000. Norges Bank purchased a new position in Scilex in the 2nd quarter valued at approximately $80,000. Bank of America Corp DE boosted its position in Scilex by 81.0% in the 3rd quarter. Bank of America Corp DE now owns 17,387 shares of the company's stock valued at $342,000 after buying an additional 7,783 shares during the period. Finally, Ashton Thomas Private Wealth LLC purchased a new position in Scilex in the 3rd quarter valued at approximately $354,000. Hedge funds and other institutional investors own 69.67% of the company's stock.

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.

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