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

Scilex Holding (NASDAQ:SCLX) saw a significant increase in short interest in February. As of February 15th, there was short interest totalling 6,100,000 shares, an increase of 40.6% from the January 31st total of 4,340,000 shares. Based on an average trading volume of 1,430,000 shares, the days-to-cover ratio is currently 4.3 days. Approximately 3.4% of the shares of the company are short sold.

Scilex Trading Up 1.1 %

Shares of Scilex stock traded up $0.00 during trading hours on Wednesday, reaching $0.30. The stock had a trading volume of 878,453 shares, compared to its average volume of 1,400,603. Scilex has a 1 year low of $0.21 and a 1 year high of $2.30. The firm has a market capitalization of $73.97 million, a price-to-earnings ratio of -0.37 and a beta of 1.06. The firm has a 50 day simple moving average of $0.40 and a two-hundred day simple moving average of $0.69.

Scilex (NASDAQ:SCLX) last released its quarterly earnings data on Friday, January 17th. The company reported ($0.18) earnings per share for the quarter. Sell-side analysts forecast that Scilex will post -0.57 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, D. Boral Capital reaffirmed a “buy” rating and set a $22.00 target price on shares of Scilex in a research note on Friday, February 28th.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. State Street Corp raised its stake in Scilex by 0.7% during the 3rd quarter. State Street Corp now owns 7,484,310 shares of the company’s stock valued at $6,920,000 after purchasing an additional 54,404 shares during the last quarter. Northern Trust Corp raised its position in Scilex by 64.0% in the 4th quarter. Northern Trust Corp now owns 1,273,968 shares of the company’s stock worth $543,000 after purchasing an additional 497,182 shares during the last quarter. RA Capital Management L.P. raised its holdings in Scilex by 296.7% during the 4th quarter. RA Capital Management L.P. now owns 1,036,218 shares of the company’s stock worth $442,000 after purchasing an additional 775,039 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of Scilex by 28.7% in the 4th quarter. Janus Henderson Group PLC now owns 687,547 shares of the company’s stock worth $293,000 after purchasing an additional 153,245 shares during the last quarter. Finally, Norges Bank bought a new position in Scilex during the 4th quarter worth approximately $204,000. Institutional investors and hedge funds own 69.67% of the company’s 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.