Scilex (NASDAQ:SCLX) Sees Unusually-High Trading Volume – What’s Next?

Scilex Holding (NASDAQ:SCLX) saw an uptick in trading volume on Tuesday . 39,337 shares were traded 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.

Wall Street Analyst Weigh In

SCLX has been the topic of several analyst reports. D Boral Capital downgraded shares of Scilex from a “strong-buy” rating to a “hold” rating in a report on Friday. D. Boral Capital restated a “hold” rating on shares of Scilex in a research report on Friday. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $455.00.

Scilex Stock Performance

The firm’s 50-day simple moving average is $0.29 and its 200 day simple moving average is $0.52. The company has a market capitalization of $1.65 billion, a PE ratio of -8.17 and a beta of 1.04.

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

Hedge Funds Weigh In On Scilex

Several hedge funds have recently bought and sold shares of SCLX. Donald L. Hagan LLC grew its holdings in 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 purchasing an additional 42,500 shares during the last quarter. Jane Street Group LLC boosted its position in shares of Scilex by 965.8% in the 4th quarter. Jane Street Group LLC now owns 321,480 shares of the company’s stock worth $137,000 after buying an additional 291,316 shares in the last quarter. Norges Bank acquired a new stake in Scilex in the 4th quarter valued at about $204,000. Janus Henderson Group PLC increased its holdings in Scilex by 28.7% during the 4th quarter. Janus Henderson Group PLC now owns 687,547 shares of the company’s stock valued at $293,000 after acquiring an additional 153,245 shares in the last quarter. Finally, RA Capital Management L.P. raised its position in Scilex by 296.7% during the fourth quarter. RA Capital Management L.P. now owns 1,036,218 shares of the company’s stock worth $442,000 after acquiring an additional 775,039 shares during the last quarter. 69.67% of the stock is owned by hedge funds and other 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.