Scilex (NASDAQ:SCLX) Reaches New 1-Year Low – Should You Sell?

Shares of Scilex Holding (NASDAQ:SCLX) reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $5.90 and last traded at $6.12, with a volume of 344459 shares. The stock had previously closed at $6.92.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. D Boral Capital cut 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 research note on Friday, April 11th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $455.00.

Scilex Stock Performance

The firm has a market cap of $1.49 billion, a price-to-earnings ratio of -7.37 and a beta of 1.04. The firm’s 50 day moving average is $9.96 and its 200-day moving average is $18.09.

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

Institutional Trading of Scilex

Several large investors have recently modified their holdings of the company. State Street Corp boosted its stake in Scilex by 0.7% during the 3rd quarter. State Street Corp now owns 7,484,310 shares of the company’s stock valued at $6,920,000 after purchasing an additional 54,404 shares during the period. Donald L. Hagan LLC lifted its holdings in shares of Scilex by 32.5% during the fourth quarter. Donald L. Hagan LLC now owns 173,292 shares of the company’s stock worth $74,000 after buying an additional 42,500 shares during the last quarter. Norges Bank bought a new stake in shares of Scilex in the fourth quarter valued at approximately $204,000. Northern Trust Corp grew its stake in shares of Scilex by 64.0% in the fourth 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 last quarter. Finally, Jane Street Group LLC increased its position in 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 acquiring an additional 291,316 shares during the period. 69.67% of the stock is owned by institutional investors.

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.