Scilex (NASDAQ:SCLX) Upgraded by Wall Street Zen to “Sell” Rating

Wall Street Zen upgraded shares of Scilex (NASDAQ:SCLX) from a strong sell rating to a sell rating in a research note published on Sunday morning,Wall Street Zen reports.

Separately, Weiss Ratings upgraded shares of Scilex from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has an average rating of “Sell”.

Scilex Price Performance

Shares of SCLX stock opened at $5.41 on Friday. The business has a 50-day moving average of $7.04 and a 200 day moving average of $7.30. Scilex has a 1-year low of $4.20 and a 1-year high of $34.27. The stock has a market capitalization of $45.93 million, a PE ratio of -0.11 and a beta of 1.65.

Scilex (NASDAQ:SCLX) last announced its quarterly earnings results on Friday, August 14th. The company reported ($16.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($16.47). The business had revenue of $7.64 million during the quarter, compared to analyst estimates of $16.00 million.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SCLX. Goldman Sachs Group Inc. lifted its holdings in Scilex by 31.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 136,352 shares of the company’s stock worth $34,000 after buying an additional 32,449 shares during the period. Norges Bank purchased a new position in shares of Scilex during the second quarter valued at approximately $80,000. BNP Paribas Financial Markets raised its holdings in shares of Scilex by 189.6% during the third quarter. BNP Paribas Financial Markets now owns 7,430 shares of the company’s stock valued at $146,000 after acquiring an additional 4,864 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of Scilex by 81.0% during the third quarter. Bank of America Corp DE now owns 17,387 shares of the company’s stock valued at $342,000 after acquiring an additional 7,783 shares in the last quarter. Finally, Armistice Capital LLC purchased a new stake in Scilex in the third quarter worth $1,299,000. Institutional investors own 69.67% of the company’s stock.

Scilex Company Profile

Scilex Holdings, Inc (NASDAQ: SCLX) is a specialty pharmaceutical company focused on non-opioid treatments for chronic pain. The firm’s principal commercial product, ZTlido®, is a lidocaine topical system approved by the U.S. Food and Drug Administration for the management of post-herpetic neuralgia and certain peripheral neuropathic pain conditions. By leveraging a proprietary drug delivery platform, Scilex aims to improve patient comfort and safety compared to traditional oral analgesics.

In addition to marketing ZTlido® in the United States, Scilex is advancing other pain management assets through clinical development and regulatory pathways.