Scilex (NASDAQ:SCLX) Sees Strong Trading Volume - What's Next?

Scilex Holding (NASDAQ:SCLX - Get Free Report) saw unusually-high trading volume on Tuesday . Approximately 39,337 shares traded hands during mid-day 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.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SCLX. D. Boral Capital reaffirmed a "hold" rating on shares of Scilex in a research note on Friday, April 11th. D Boral Capital cut Scilex from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 11th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $455.00.

Scilex Price Performance

The company has a market capitalization of $1.46 billion, a P/E ratio of -7.25 and a beta of 1.04. The company has a 50 day moving average of $9.70 and a 200-day moving average of $17.74.

Scilex (NASDAQ:SCLX - Get Free Report) last posted its earnings results on Friday, January 17th. The company reported ($6.30) earnings per share (EPS) for the quarter. Research analysts predict that Scilex Holding will post -0.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SCLX. Janus Henderson Group PLC boosted its position in shares of Scilex by 28.7% during the fourth quarter. Janus Henderson Group PLC now owns 687,547 shares of the company's stock valued at $293,000 after purchasing an additional 153,245 shares in the last quarter. RA Capital Management L.P. grew its stake in shares of Scilex by 296.7% in 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 period. Jane Street Group LLC lifted its holdings in shares of Scilex by 965.8% during the 4th 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 during the period. Northern Trust Corp boosted its position in 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 purchasing an additional 497,182 shares during the last quarter. Finally, Norges Bank bought a new stake in Scilex during the fourth quarter valued at approximately $204,000. 69.67% of the stock is currently owned by 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.