Scilex (NASDAQ:SCLX) Shares Down 1.7% – What’s Next?

Scilex Holding (NASDAQ:SCLX) dropped 1.7% during trading on Friday . The company traded as low as $0.32 and last traded at $0.33. Approximately 801,202 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 1,312,250 shares. The stock had previously closed at $0.34.

Analysts Set New Price Targets

Separately, D. Boral Capital initiated coverage on Scilex in a research report on Monday, January 27th. They issued a “buy” rating and a $22.00 price target on the stock.

Scilex Price Performance

The stock has a 50-day simple moving average of $0.42 and a 200-day simple moving average of $0.75. The stock has a market cap of $80.24 million, a P/E ratio of -0.40 and a beta of 1.06.

Scilex (NASDAQ:SCLX) last released its earnings results on Friday, January 17th. The company reported ($0.18) earnings per share (EPS) for the quarter. As a group, sell-side analysts forecast that Scilex Holding will post -0.57 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Donald L. Hagan LLC grew its position in Scilex by 15.4% in the third quarter. Donald L. Hagan LLC now owns 130,792 shares of the company’s stock valued at $121,000 after acquiring an additional 17,500 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Scilex by 3.5% during the third quarter. Janus Henderson Group PLC now owns 534,302 shares of the company’s stock worth $494,000 after purchasing an additional 17,848 shares during the last quarter. State Street Corp grew its holdings in shares of Scilex by 0.7% during the third quarter. State Street Corp now owns 7,484,310 shares of the company’s stock worth $6,920,000 after purchasing an additional 54,404 shares during the last quarter. Jane Street Group LLC grew 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 last quarter. Finally, Norges Bank bought a new stake in shares of Scilex during the fourth quarter worth about $204,000. 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.