Scilex (NASDAQ:SCLX) Trading Up 10.1% – Time to Buy?

Scilex Holding Company (NASDAQ:SCLX)’s stock price was up 10.1% during mid-day trading on Friday . The stock traded as high as $20.41 and last traded at $18.87. Approximately 465,891 shares traded hands during trading, an increase of 49% from the average daily volume of 313,464 shares. The stock had previously closed at $17.14.

Scilex Stock Up 10.1%

The company has a fifty day simple moving average of $10.61 and a 200-day simple moving average of $8.82. The firm has a market cap of $131.34 million, a P/E ratio of -0.65 and a beta of 1.32.

Scilex (NASDAQ:SCLX) last announced its quarterly earnings data on Wednesday, August 13th. The company reported ($7.42) EPS for the quarter, missing the consensus estimate of ($4.55) by ($2.87). The firm had revenue of $9.90 million during the quarter, compared to analyst estimates of $26.25 million. As a group, research analysts forecast that Scilex Holding Company will post -0.57 EPS for the current year.

Institutional Investors Weigh In On Scilex

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Scilex during the second quarter valued at approximately $80,000. Goldman Sachs Group Inc. grew its stake in shares of Scilex by 31.2% during the first quarter. Goldman Sachs Group Inc. now owns 136,352 shares of the company’s stock valued at $34,000 after buying an additional 32,449 shares during the last quarter. Jane Street Group LLC grew its stake 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 valued at $137,000 after buying an additional 291,316 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Scilex by 28.7% during the fourth quarter. Janus Henderson Group PLC now owns 687,547 shares of the company’s stock valued at $293,000 after buying an additional 153,245 shares during the last quarter. Finally, RA Capital Management L.P. grew its stake in shares of Scilex by 296.7% during the fourth quarter. RA Capital Management L.P. now owns 1,036,218 shares of the company’s stock valued at $442,000 after buying an additional 775,039 shares during the last quarter. 69.67% of the stock is currently 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.