Scilex (NASDAQ:SCLX) Stock Price Down 1.7% – Time to Sell?

Scilex Holding (NASDAQ:SCLX) dropped 1.7% on Friday . The stock traded as low as $0.32 and last traded at $0.33. Approximately 801,202 shares changed hands during 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 assumed coverage on Scilex in a research report on Monday, January 27th. They set a “buy” rating and a $22.00 target price on the stock.

Scilex Stock Down 1.7 %

The firm has a 50-day simple moving average of $0.42 and a 200 day simple moving average of $0.75. The company has a market cap of $80.24 million, a price-to-earnings ratio of -0.40 and a beta of 1.06.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp boosted its stake in shares of Scilex by 0.7% in the third quarter. State Street Corp now owns 7,484,310 shares of the company’s stock valued at $6,920,000 after buying an additional 54,404 shares in the last quarter. Donald L. Hagan LLC boosted 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 in the last quarter. Jane Street Group LLC boosted its stake in shares of Scilex by 965.8% in the fourth quarter. Jane Street Group LLC now owns 321,480 shares of the company’s stock valued at $137,000 after buying an additional 291,316 shares in the last quarter. Northern Trust Corp boosted 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 valued at $543,000 after buying an additional 497,182 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of Scilex by 28.7% in the fourth quarter. Janus Henderson Group PLC now owns 687,547 shares of the company’s stock valued at $293,000 after buying an additional 153,245 shares in the last quarter. 69.67% of the stock is currently owned by hedge funds and other 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.