Scilex (NASDAQ:SCLX) Shares Down 1.7% - Here's Why

Shares of Scilex Holding (NASDAQ:SCLX - Get Free Report) fell 1.7% during mid-day trading on Friday . The stock traded as low as $0.32 and last traded at $0.33. 801,202 shares were traded during trading, a decline of 39% from the average session volume of 1,312,250 shares. The stock had previously closed at $0.34.

Analysts Set New Price Targets

Separately, D. Boral Capital began coverage on shares of Scilex in a research note on Monday, January 27th. They set a "buy" rating and a $22.00 target price for the company.

Scilex Trading Down 11.5 %

The firm has a market capitalization of $68.10 million, a price-to-earnings ratio of -0.34 and a beta of 1.06. The business has a 50-day moving average price of $0.41 and a two-hundred day moving average price of $0.73.

Scilex (NASDAQ:SCLX - Get Free Report) last posted its earnings results on Friday, January 17th. The company reported ($0.18) earnings per share (EPS) for the quarter. On average, equities research analysts predict that Scilex Holding will post -0.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Scilex

Institutional investors and hedge funds have recently bought and sold shares of the stock. Donald L. Hagan LLC raised its holdings in Scilex by 15.4% during the third quarter. Donald L. Hagan LLC now owns 130,792 shares of the company's stock worth $121,000 after purchasing an additional 17,500 shares in the last quarter. Jane Street Group LLC lifted its holdings 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 during the period. Norges Bank bought a new position in Scilex during the fourth quarter valued at about $204,000. Janus Henderson Group PLC grew its holdings in 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 acquiring an additional 17,848 shares during the period. Finally, RA Capital Management L.P. raised its position in 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 in the last quarter. Institutional investors own 69.67% of the company's stock.

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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.