Scilex (NASDAQ:SCLX) Shares Down 12.2% - Here's Why

Scilex Holding (NASDAQ:SCLX - Get Free Report)'s share price was down 12.2% on Wednesday . The company traded as low as $6.20 and last traded at $6.08. Approximately 24,294 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 42,292 shares. The stock had previously closed at $6.92.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SCLX. D Boral Capital downgraded shares of Scilex from a "strong-buy" rating to a "hold" rating in a report on Friday, April 11th. D. Boral Capital restated a "hold" rating on shares of Scilex in a report on Friday, April 11th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Scilex has a consensus rating of "Moderate Buy" and an average price target of $455.00.

Scilex Stock Performance

The company has a fifty day simple moving average of $9.70 and a 200 day simple moving average of $17.65. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of -7.25 and a beta of 1.04.

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

Hedge Funds Weigh In On Scilex

A number of hedge funds have recently bought and sold shares of 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. State Street Corp boosted its holdings in Scilex by 0.7% during the third quarter. State Street Corp now owns 7,484,310 shares of the company's stock worth $6,920,000 after purchasing an additional 54,404 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Scilex by 28.7% in the fourth quarter. Janus Henderson Group PLC now owns 687,547 shares of the company's stock valued at $293,000 after acquiring an additional 153,245 shares in the last quarter. Jane Street Group LLC raised its stake 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 worth $137,000 after purchasing an additional 291,316 shares during the period. Finally, Norges Bank purchased a new position in Scilex in the fourth quarter valued at about $204,000. Institutional investors own 69.67% of the company's stock.

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.