Scilex (NASDAQ:SCLX) Sees Strong Trading Volume – Here’s Why

Scilex Holding (NASDAQ:SCLX) shares saw unusually-high trading volume on Tuesday . Approximately 39,337 shares traded hands during trading, a decline of 6% from the previous session’s volume of 41,866 shares.The stock last traded at $7.20 and had previously closed at $6.60.

Analysts Set New Price Targets

SCLX has been the topic of a number of research reports. D Boral Capital downgraded Scilex from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 11th. D. Boral Capital reissued a “hold” rating on shares of Scilex in a research report on Friday, April 11th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $455.00.

Scilex Stock Performance

The firm has a market capitalization of $1.49 billion, a P/E ratio of -7.37 and a beta of 1.04. The firm has a 50 day simple moving average of $9.96 and a two-hundred day simple moving average of $18.09.

Scilex (NASDAQ:SCLX) last posted its earnings results on Friday, January 17th. The company reported ($6.30) EPS for the quarter. Sell-side analysts anticipate that Scilex Holding will post -0.57 earnings per share for the current year.

Institutional Investors Weigh In On Scilex

Hedge funds have recently made changes to their positions in the business. State Street Corp raised its position in Scilex by 0.7% in the third quarter. State Street Corp now owns 7,484,310 shares of the company’s stock worth $6,920,000 after acquiring an additional 54,404 shares during the period. Donald L. Hagan LLC raised its stake in shares of Scilex by 32.5% in the fourth quarter. Donald L. Hagan LLC now owns 173,292 shares of the company’s stock valued at $74,000 after buying an additional 42,500 shares during the period. Norges Bank purchased a new position in shares of Scilex during the 4th quarter valued at $204,000. Northern Trust Corp grew its stake in shares of Scilex by 64.0% during 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 during the period. Finally, Jane Street Group LLC raised its stake in Scilex by 965.8% in the 4th quarter. Jane Street Group LLC now owns 321,480 shares of the company’s stock valued at $137,000 after acquiring an additional 291,316 shares during the period. 69.67% of the stock is currently owned by institutional investors.

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.