Scilex (NASDAQ:SCLX) Stock Price Up 1.8% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

Separately, D. Boral Capital reaffirmed a “buy” rating and issued a $22.00 price target on shares of Scilex in a research note on Friday, February 28th.

Scilex Stock Up 1.8 %

The stock has a fifty day moving average of $0.35 and a 200-day moving average of $0.60. The firm has a market capitalization of $61.75 million, a P/E ratio of -0.31 and a beta of 1.15.

Scilex (NASDAQ:SCLX) last issued its quarterly earnings results on Friday, January 17th. The company reported ($0.18) earnings per share for the quarter. Sell-side analysts predict that Scilex Holding will post -0.57 EPS for the current fiscal year.

Institutional Investors Weigh In On Scilex

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Janus Henderson Group PLC increased its position in shares of Scilex by 3.5% in the third quarter. Janus Henderson Group PLC now owns 534,302 shares of the company’s stock valued at $494,000 after acquiring an additional 17,848 shares during the last quarter. State Street Corp raised its stake in shares of Scilex by 0.7% during 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 in the last quarter. Donald L. Hagan LLC boosted its holdings in shares of Scilex by 32.5% in the 4th quarter. Donald L. Hagan LLC now owns 173,292 shares of the company’s stock valued at $74,000 after buying an additional 42,500 shares during the last quarter. Norges Bank bought a new position in shares of Scilex in the fourth quarter valued at $204,000. Finally, Northern Trust Corp increased its holdings in Scilex by 64.0% during the fourth quarter. Northern Trust Corp now owns 1,273,968 shares of the company’s stock worth $543,000 after buying an additional 497,182 shares during the last quarter. 69.67% of the stock is 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.