Short Interest in Scilex Holding (NASDAQ:SCLX) Decreases By 14.0%

Scilex Holding (NASDAQ:SCLX) was the recipient of a large decline in short interest in 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. Currently, 3.3% of the company’s stock are sold short. Based on an average daily trading volume, of 2,070,000 shares, the days-to-cover ratio is presently 2.6 days.

Wall Street Analyst Weigh In

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

Scilex Stock Performance

Shares of NASDAQ SCLX traded down $0.01 during midday trading on Tuesday, hitting $0.41. The company’s stock had a trading volume of 626,770 shares, compared to its average volume of 1,313,601. Scilex has a 1-year low of $0.38 and a 1-year high of $2.63. The firm’s fifty day moving average price is $0.68 and its 200-day moving average price is $1.11. The firm has a market cap of $79.32 million, a P/E ratio of -0.29 and a beta of 0.96.

Insiders Place Their Bets

In other Scilex news, insider Jaisim Shah bought 32,000 shares of Scilex stock in a transaction dated Tuesday, October 29th. The stock was bought at an average cost of $0.99 per share, for a total transaction of $31,680.00. Following the purchase, the insider now owns 109,333 shares in the company, valued at $108,239.67. This represents a 41.38 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have bought 127,588 shares of company stock worth $109,034 in the last quarter. 8.73% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Scilex

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Armistice Capital LLC acquired a new position in Scilex during the 2nd quarter valued at approximately $23,064,000. State Street Corp increased its holdings in shares of 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 acquiring an additional 54,404 shares during the period. Janus Henderson Group PLC lifted its position in Scilex by 3.5% in the 3rd 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 last quarter. Donald L. Hagan LLC boosted its stake in 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 during the period. Finally, XTX Topco Ltd grew its position 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 purchasing an additional 80,409 shares during the last quarter. 69.67% of the stock is currently owned by institutional investors and hedge funds.

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.