Scilex Holding (NASDAQ:SCLX) Sees Large Decline in Short Interest

Scilex Holding (NASDAQ:SCLX - Get Free Report) saw a significant decrease in short interest during the month of December. As of December 15th, there was short interest totalling 5,280,000 shares, a decrease of 14.0% from the November 30th total of 6,140,000 shares. Approximately 3.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,070,000 shares, the short-interest ratio is currently 2.6 days.

Insider Activity at Scilex

In other Scilex news, insider Jaisim Shah purchased 30,000 shares of Scilex stock in a transaction that occurred on Wednesday, October 16th. The shares were bought at an average price of $0.99 per share, for a total transaction of $29,700.00. Following the completion of the transaction, the insider now owns 77,333 shares of the company's stock, valued at approximately $76,559.67. This trade represents a 63.38 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last three months, insiders bought 127,588 shares of company stock valued at $109,034. Insiders own 8.73% of the company's stock.

Hedge Funds Weigh In On Scilex

Hedge funds have recently added to or reduced their stakes in the company. State Street Corp lifted its stake in shares of Scilex by 0.7% during the 3rd 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 last quarter. Janus Henderson Group PLC lifted its position in shares of Scilex by 3.5% during the third quarter. Janus Henderson Group PLC now owns 534,302 shares of the company's stock worth $494,000 after purchasing an additional 17,848 shares during the last quarter. Donald L. Hagan LLC boosted its stake in shares of Scilex by 15.4% during the third quarter. Donald L. Hagan LLC now owns 130,792 shares of the company's stock valued at $121,000 after purchasing an additional 17,500 shares during the period. The Manufacturers Life Insurance Company bought a new position in shares of Scilex in the second quarter worth about $25,000. Finally, Armistice Capital LLC purchased a new position in Scilex in the 2nd quarter worth about $23,064,000. 69.67% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Alliance Global Partners assumed coverage on shares of Scilex in a report on Wednesday, October 16th. They issued a "buy" rating and a $14.00 target price on the stock. HC Wainwright reissued a "buy" rating and set a $7.00 price objective on shares of Scilex in a research note on Monday, October 21st.

Scilex Stock Performance

SCLX stock traded up $0.03 during mid-day trading on Monday, reaching $0.42. 2,245,975 shares of the stock traded hands, compared to its average volume of 1,316,292. Scilex has a one year low of $0.38 and a one year high of $2.63. The stock has a market capitalization of $80.76 million, a PE ratio of -0.29 and a beta of 0.96. The business has a 50-day moving average price of $0.69 and a two-hundred day moving average price of $1.11.

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.