Short Interest in Scilex Holding (NASDAQ:SCLX) Declines By 51.1%

Scilex Holding (NASDAQ:SCLX) saw a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 5,400,000 shares, a decline of 51.1% from the October 31st total of 11,040,000 shares. Based on an average daily volume of 1,970,000 shares, the short-interest ratio is presently 2.7 days. Currently, 4.2% of the company’s shares are short sold.

Insider Transactions at Scilex

In related news, insider Jaisim Shah acquired 30,000 shares of the stock in a transaction dated Wednesday, October 16th. The stock was bought at an average cost of $0.99 per share, for a total transaction of $29,700.00. Following the completion of the transaction, the insider now directly owns 77,333 shares of the company’s stock, valued at $76,559.67. The trade was a 63.38 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders have acquired 97,588 shares of company stock worth $95,234. Company insiders own 8.73% of the company’s stock.

Institutional Trading of Scilex

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Scilex by 1.4% during the first quarter. Vanguard Group Inc. now owns 3,988,265 shares of the company’s stock worth $6,341,000 after acquiring an additional 55,757 shares in the last quarter. Armistice Capital LLC bought a new position in shares of Scilex during the 2nd quarter worth about $23,064,000. XTX Topco Ltd boosted its position in shares of Scilex by 321.4% during the 2nd quarter. XTX Topco Ltd now owns 105,431 shares of the company’s stock worth $203,000 after purchasing an additional 80,409 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Scilex in the 2nd quarter valued at about $31,000. Finally, Donald L. Hagan LLC increased its position in Scilex by 59.5% in the 2nd quarter. Donald L. Hagan LLC now owns 113,292 shares of the company’s stock valued at $219,000 after buying an additional 42,245 shares in the last quarter. Institutional investors and hedge funds own 69.67% of the company’s stock.

Scilex Stock Performance

Shares of SCLX stock opened at $0.61 on Thursday. Scilex has a fifty-two week low of $0.46 and a fifty-two week high of $2.63. The stock has a 50 day simple moving average of $0.85 and a two-hundred day simple moving average of $1.20. The company has a market cap of $117.93 million, a P/E ratio of -0.43 and a beta of 1.14.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Scilex in a report on Monday, October 21st. Alliance Global Partners assumed coverage on shares of Scilex in a research note on Wednesday, October 16th. They set a “buy” rating and a $14.00 target price for the company.

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.