Scilex (NASDAQ:SCLX) Stock Price Up 5.9%

Scilex Holding (NASDAQ:SCLX)’s stock price shot up 5.9% during trading on Tuesday . The company traded as high as $1.08 and last traded at $1.08. 531,422 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 1,025,282 shares. The stock had previously closed at $1.02.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SCLX. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Scilex in a research note on Monday, June 17th. Rodman & Renshaw assumed coverage on shares of Scilex in a research note on Thursday, June 13th. They set a “buy” rating and a $13.00 price target for the company.

Scilex Trading Down 2.8 %

The business’s 50 day moving average is $1.43 and its 200 day moving average is $1.37. The stock has a market capitalization of $192.06 million, a PE ratio of -0.81 and a beta of 1.17.

Scilex (NASDAQ:SCLX) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.02. The firm had revenue of $16.37 million for the quarter, compared to analysts’ expectations of $13.17 million. As a group, analysts anticipate that Scilex Holding will post -0.79 EPS for the current year.

Institutional Investors Weigh In On Scilex

Several large investors have recently added to or reduced their stakes in SCLX. The Manufacturers Life Insurance Company bought a new position in shares of Scilex during the 2nd quarter worth approximately $25,000. Bank of New York Mellon Corp bought a new position in shares of Scilex during the 2nd quarter worth approximately $31,000. Collective Family Office LLC raised its stake in shares of Scilex by 68.4% during the 1st quarter. Collective Family Office LLC now owns 21,950 shares of the company’s stock worth $35,000 after acquiring an additional 8,918 shares in the last quarter. Cannon Global Investment Management LLC bought a new position in shares of Scilex during the 1st quarter worth approximately $40,000. Finally, Focus Financial Network Inc. ADV bought a new position in shares of Scilex during the 4th quarter worth approximately $58,000. 69.67% of the stock is 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.