Why Shares of Scilex Soared This Week
Shares of Scilex Holding (NASDAQ: SCLX) were up 39.7% this week as of Thursday, according to data provided by S&P Global Market Intelligence. The stock closed at $7.60 last Friday and hit a high of $11.16 on Thursday, just shy of its 52-week high of $11.17, before closing the day at $10.62. Scilex is up more than 5% since it began trading on the Nasdaq on Nov. 10.
Scilex develops non-opioid treatments for acute and chronic pain. The healthcare company is majority owned by Sorrento Therapeutics, and there have been rumors of a potential buyout.
Scilex announced on Tuesday in a filing with the Securities and Exchange Commission that its board of directors had adopted a plan to offer stock options to attract top employees.
Source Fool.com
