Scilex Holding (NASDAQ:SCLX) Short Interest Down 14.0% in December

Scilex Holding (NASDAQ:SCLX) saw a large decline in short interest in the month of December. As of December 15th, there was short interest totalling 5,280,000 shares, a decline of 14.0% from the November 30th total of 6,140,000 shares. Based on an average trading volume of 2,070,000 shares, the days-to-cover ratio is currently 2.6 days. Approximately 3.3% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

SCLX has been the subject of a number of research reports. Alliance Global Partners started coverage on Scilex in a research note on Wednesday, October 16th. They set a “buy” rating and a $14.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Scilex in a research note on Monday, October 21st.

Insiders Place Their Bets

In related news, insider Jaisim Shah purchased 30,000 shares of Scilex stock in a transaction dated Wednesday, October 16th. The stock was bought at an average cost of $0.99 per share, with a total value of $29,700.00. Following the purchase, the insider now owns 77,333 shares in the company, valued at approximately $76,559.67. The trade was a 63.38 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders acquired 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 have recently bought and sold shares of the business. Armistice Capital LLC purchased a new stake in shares of Scilex in the second quarter worth approximately $23,064,000. State Street Corp increased its position 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 last quarter. Janus Henderson Group PLC increased 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 worth $494,000 after buying an additional 17,848 shares during the last quarter. Donald L. Hagan LLC raised its holdings 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 valued at $121,000 after purchasing an additional 17,500 shares in the last quarter. Finally, XTX Topco Ltd raised its holdings in Scilex by 321.4% during the second quarter. XTX Topco Ltd now owns 105,431 shares of the company’s stock valued at $203,000 after buying an additional 80,409 shares in the last quarter. 69.67% of the stock is currently owned by institutional investors and hedge funds.

Scilex Stock Down 1.8 %

Shares of SCLX stock traded down $0.01 during trading hours on Tuesday, reaching $0.41. 626,770 shares of the stock traded hands, compared to its average volume of 1,313,601. The firm has a market capitalization of $79.32 million, a PE ratio of -0.29 and a beta of 0.96. The business has a fifty day moving average price of $0.68 and a 200 day moving average price of $1.11. Scilex has a 1-year low of $0.38 and a 1-year high of $2.63.

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.