Scilex Holding (NASDAQ:SCLX) Sees Significant Decline in Short Interest

Scilex Holding (NASDAQ:SCLX) was the target of a significant decrease in short interest in December. As of December 15th, there was short interest totalling 5,280,000 shares, a decrease of 14.0% from the November 30th total of 6,140,000 shares. Based on an average daily trading volume, of 2,070,000 shares, the days-to-cover ratio is presently 2.6 days. Currently, 3.3% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on SCLX shares. HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of Scilex in a report on Monday, October 21st. Alliance Global Partners initiated 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.

Scilex Price Performance

Shares of SCLX opened at $0.43 on Wednesday. Scilex has a 1 year low of $0.38 and a 1 year high of $2.63. The stock has a market capitalization of $81.78 million, a price-to-earnings ratio of -0.30 and a beta of 0.96. The business’s 50 day simple moving average is $0.68 and its 200-day simple moving average is $1.11.

Insider Buying and Selling

In related news, insider Jaisim Shah purchased 32,000 shares of Scilex stock in a transaction that occurred on Tuesday, October 29th. The stock was bought at an average price of $0.99 per share, for a total transaction of $31,680.00. Following the completion of the transaction, the insider now owns 109,333 shares in the company, valued at $108,239.67. This represents a 41.38 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders purchased 127,588 shares of company stock worth $109,034. 8.73% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Scilex

A number of large investors have recently made changes to their positions in the business. Armistice Capital LLC acquired a new position in Scilex in the second quarter valued at approximately $23,064,000. State Street Corp raised its holdings 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. Janus Henderson Group PLC grew its holdings in 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 purchasing an additional 17,848 shares during the period. Donald L. Hagan LLC raised its stake in shares of Scilex by 15.4% during the 3rd quarter. Donald L. Hagan LLC now owns 130,792 shares of the company’s stock worth $121,000 after buying an additional 17,500 shares during the period. Finally, XTX Topco Ltd increased its holdings in Scilex by 321.4% in the 2nd quarter. XTX Topco Ltd now owns 105,431 shares of the company’s stock worth $203,000 after acquiring an additional 80,409 shares in the last quarter. 69.67% of the stock is owned by institutional investors and hedge funds.

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.