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

Scilex Holding (NASDAQ:SCLX) was the target of a large growth in short interest during the month of February. As of February 15th, there was short interest totalling 6,100,000 shares, a growth of 40.6% from the January 31st total of 4,340,000 shares. Approximately 3.4% of the company’s stock are short sold. Based on an average daily trading volume, of 1,430,000 shares, the days-to-cover ratio is presently 4.3 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC raised its holdings 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 period. RA Capital Management L.P. raised its stake in shares of Scilex by 296.7% in the fourth quarter. RA Capital Management L.P. now owns 1,036,218 shares of the company’s stock valued at $442,000 after buying an additional 775,039 shares during the period. Jane Street Group LLC grew its stake in shares of Scilex by 965.8% during the 4th quarter. Jane Street Group LLC now owns 321,480 shares of the company’s stock worth $137,000 after acquiring an additional 291,316 shares during the period. Northern Trust Corp increased its holdings 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 acquiring an additional 497,182 shares during the last quarter. Finally, Norges Bank bought a new stake in Scilex in the 4th quarter valued at about $204,000. 69.67% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, D. Boral Capital reiterated a “buy” rating and issued a $22.00 target price on shares of Scilex in a report on Friday.

Scilex Stock Down 2.5 %

Scilex stock traded down $0.01 during mid-day trading on Tuesday, reaching $0.28. 1,208,757 shares of the company’s stock were exchanged, compared to its average volume of 1,399,619. The business’s fifty day simple moving average is $0.40 and its 200 day simple moving average is $0.70. Scilex has a one year low of $0.21 and a one year high of $2.30. The firm has a market capitalization of $69.10 million, a PE ratio of -0.34 and a beta of 1.06.

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

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.