Short Interest in Scilex Holding (NASDAQ:SCLX) Decreases By 51.1%

Scilex Holding (NASDAQ:SCLX - Get Free Report) was the target of a large decrease in short interest in November. As of November 15th, there was short interest totalling 5,400,000 shares, a decrease of 51.1% from the October 31st total of 11,040,000 shares. Approximately 4.2% of the shares of the stock are short sold. Based on an average daily volume of 1,970,000 shares, the short-interest ratio is currently 2.7 days.

Scilex Price Performance

NASDAQ SCLX traded down $0.03 during trading hours on Thursday, reaching $0.61. 691,340 shares of the stock traded hands, compared to its average volume of 1,300,274. The stock has a 50 day simple moving average of $0.84 and a two-hundred day simple moving average of $1.20. Scilex has a 1 year low of $0.46 and a 1 year high of $2.63. The company has a market cap of $117.93 million, a price-to-earnings ratio of -0.43 and a beta of 1.14.

Analysts Set New Price Targets

Several research firms have recently weighed in on SCLX. HC Wainwright reaffirmed a "buy" rating and issued a $7.00 price target on shares of Scilex in a report on Monday, October 21st. Alliance Global Partners started coverage on Scilex in a research note on Wednesday, October 16th. They issued a "buy" rating and a $14.00 target price on the stock.

Insider Buying and Selling

In other news, insider Jaisim Shah bought 30,000 shares of the firm's stock in a transaction that occurred on Wednesday, October 16th. The shares were acquired at an average price of $0.99 per share, with a total value of $29,700.00. Following the acquisition, the insider now owns 77,333 shares of the company's stock, valued at approximately $76,559.67. The trade was a 63.38 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders have purchased 97,588 shares of company stock valued at $95,234. Corporate insiders own 8.73% of the company's stock.

Hedge Funds Weigh In On Scilex

A number of large investors have recently modified their holdings of the company. Armistice Capital LLC bought a new position in Scilex during the second quarter valued at approximately $23,064,000. XTX Topco Ltd boosted its stake in shares of Scilex by 321.4% in the 2nd quarter. XTX Topco Ltd now owns 105,431 shares of the company's stock valued at $203,000 after purchasing an additional 80,409 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Scilex by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 3,988,265 shares of the company's stock valued at $6,341,000 after purchasing an additional 55,757 shares during the last quarter. State Street Corp raised its position in Scilex by 0.7% in the 3rd 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 period. Finally, Donald L. Hagan LLC lifted its stake in Scilex by 59.5% in the second quarter. Donald L. Hagan LLC now owns 113,292 shares of the company's stock worth $219,000 after purchasing an additional 42,245 shares during the last quarter. 69.67% of the stock is owned by hedge funds and other 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.