Scilex Holding Company (NASDAQ: SCLX): Stock Forecast For 2024 Remains Weak With A Downward Revision Of 35.3%

ZM Stock

In the last trading session, 1.11 million shares of the Scilex Holding Company (NASDAQ:SCLX) were traded, and its beta was 0.70. Most recently the company’s share price was $1.57, and it changed around -$0.02 or -1.26% from the last close, which brings the market valuation of the company to $260.92M. SCLX currently trades at a discount to its 52-week high of $16.90, offering almost -976.43% off that amount. The share price’s 52-week low was $0.90, which indicates that the current value has risen by an impressive 42.68% since then. We note from Scilex Holding Company’s average daily trading volume that its 10-day average is 0.86 million shares, with the 3-month average coming to 939.39K.

Scilex Holding Company (NASDAQ:SCLX) trade information

Instantly SCLX has showed a red trend with a performance of -1.26% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently down -23.04% year-to-date, but still up 9.03% over the last five days. On the other hand, Scilex Holding Company (NASDAQ:SCLX) is -30.84% down in the 30-day period. We can see from the shorts that 6.79 million shares have been sold at a short interest cover period of 4.87 day(s).

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Scilex Holding Company (SCLX) estimates and forecasts

Scilex Holding Company share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 6.08 percent over the past six months and at a 58.87% annual growth rate that is well above the industry average of 13.00%. The year-over-year growth rate is expected to be 88.70%, up from the previous year.

Consensus estimates provided by 1 financial analysts predict the company will bring in an average of $21 million in revenue for the current quarter. 1 analysts expect Scilex Holding Company to make $21.9 million in revenue for the quarter ending Jun 2024.

SCLX Dividends

Scilex Holding Company’s next quarterly earnings report is expected to be released in May.

Scilex Holding Company (NASDAQ:SCLX)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 37.70% of Scilex Holding Company shares, and 15.99% of them are in the hands of institutional investors. The stock currently has a share float of 25.67%. Scilex Holding Company stock is held by 150 institutions, with State Street Corporation being the largest institutional investor. By Jun 29, 2023, it held 4.77% of the shares, which is about 7.33 million shares worth $40.8 million.

Blackrock Inc., with 3.56% or 5.46 million shares worth $30.4 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

SPDR (R) Ser Tr-SPDR (R) S&P (R) Biotech ETF and Vanguard Total Stock Market Index Fund were the top two Mutual Funds as of Aug 30, 2023. The former held 5.94 million shares worth $17.04 million, making up 3.87% of all outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held roughly 2.56 million shares worth around $14.26 million, which represents about 1.67% of the total shares outstanding.