Scilex Holding (NASDAQ:SCLX) Sees Large Drop in Short Interest

Scilex Holding (NASDAQ:SCLX) saw a significant decrease in short interest in the month of 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. Approximately 3.3% of the shares of the company are short sold. Based on an average daily trading volume, of 2,070,000 shares, the days-to-cover ratio is currently 2.6 days.

Scilex Trading Down 4.9 %

Shares of Scilex stock opened at $0.39 on Monday. Scilex has a 12-month low of $0.38 and a 12-month high of $2.63. The company has a market cap of $74.80 million, a price-to-earnings ratio of -0.27 and a beta of 0.96. The company’s 50-day moving average price is $0.69 and its 200-day moving average price is $1.12.

Insider Activity at Scilex

In other Scilex news, insider Jaisim Shah acquired 32,000 shares of the company’s stock in a transaction on Tuesday, October 29th. The shares were acquired at an average cost of $0.99 per share, with a total value of $31,680.00. Following the completion of the acquisition, the insider now directly owns 109,333 shares in the company, valued at $108,239.67. This trade represents a 41.38 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, 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 company insiders.

Institutional Investors Weigh In On Scilex

Institutional investors and hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company purchased a new stake in shares of Scilex in the second quarter worth about $25,000. Bank of New York Mellon Corp bought a new position in shares of Scilex in the second quarter worth approximately $31,000. Donald L. Hagan LLC increased its position in shares of Scilex by 15.4% in the third quarter. Donald L. Hagan LLC now owns 130,792 shares of the company’s stock worth $121,000 after purchasing an additional 17,500 shares during the last quarter. XTX Topco Ltd increased its position in shares of Scilex by 321.4% in the second quarter. XTX Topco Ltd now owns 105,431 shares of the company’s stock worth $203,000 after purchasing an additional 80,409 shares during the last quarter. Finally, 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 worth $494,000 after purchasing an additional 17,848 shares during the last quarter. 69.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on SCLX shares. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of Scilex in a report on Monday, October 21st. Alliance Global Partners started coverage on shares of Scilex in a report on Wednesday, October 16th. They set a “buy” rating and a $14.00 price objective on the stock.

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.