Scilex (NASDAQ:SCLX) Stock Price Up 1.8% - Should You Buy?

Scilex Holding (NASDAQ:SCLX - Get Free Report) shares rose 1.8% on Wednesday . The stock traded as high as $0.27 and last traded at $0.25. Approximately 937,881 shares changed hands during mid-day trading, a decline of 34% from the average daily volume of 1,413,339 shares. The stock had previously closed at $0.25.

Analyst Upgrades and Downgrades

Separately, D. Boral Capital reiterated a "buy" rating and set a $22.00 target price on shares of Scilex in a research report on Friday, February 28th.

Scilex Stock Performance

The business's 50-day simple moving average is $0.34 and its 200-day simple moving average is $0.58. The company has a market capitalization of $59.20 million, a price-to-earnings ratio of -0.29 and a beta of 1.15.

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

Hedge Funds Weigh In On Scilex

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Donald L. Hagan LLC raised its stake in Scilex by 32.5% during the 4th quarter. Donald L. Hagan LLC now owns 173,292 shares of the company's stock worth $74,000 after buying an additional 42,500 shares during the period. Jane Street Group LLC raised its position in shares of Scilex by 965.8% during the fourth quarter. Jane Street Group LLC now owns 321,480 shares of the company's stock worth $137,000 after purchasing an additional 291,316 shares during the period. Norges Bank bought a new position in shares of Scilex during the 4th quarter valued at about $204,000. Janus Henderson Group PLC grew its position in shares of Scilex by 28.7% in the 4th 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 during the period. Finally, RA Capital Management L.P. increased its stake in Scilex by 296.7% during the 4th quarter. RA Capital Management L.P. now owns 1,036,218 shares of the company's stock worth $442,000 after purchasing an additional 775,039 shares in the last quarter. 69.67% of the stock is owned by institutional investors.

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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.