Scilex (NASDAQ:SCLX) Issues Quarterly Earnings Results, Misses Estimates By $4.42 EPS

Scilex (NASDAQ:SCLX) announced its earnings results on Wednesday. The company reported ($4.76) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($4.42), Zacks reports. The company had revenue of $8.61 million during the quarter, compared to analysts’ expectations of $15.00 million.

Scilex Stock Performance

Scilex stock opened at $5.92 on Friday. The business’s 50-day simple moving average is $7.24 and its two-hundred day simple moving average is $11.16. The company has a market cap of $50.27 million, a PE ratio of -0.15 and a beta of 1.77. Scilex has a fifty-two week low of $4.20 and a fifty-two week high of $34.27.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Scilex in a research note on Thursday, January 22nd. Wall Street Zen downgraded Scilex from a “hold” rating to a “strong sell” rating in a research note on Saturday, May 2nd. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has an average rating of “Sell”.

Institutional Trading of Scilex

Several large investors have recently added to or reduced their stakes in SCLX. Goldman Sachs Group Inc. grew its stake in Scilex by 31.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 136,352 shares of the company’s stock valued at $34,000 after purchasing an additional 32,449 shares during the last quarter. Norges Bank purchased a new stake in Scilex during the 2nd quarter valued at about $80,000. BNP Paribas Financial Markets lifted its holdings in shares of Scilex by 189.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 7,430 shares of the company’s stock valued at $146,000 after buying an additional 4,864 shares during the period. OMERS ADMINISTRATION Corp purchased a new stake in shares of Scilex in the fourth quarter worth about $150,000. Finally, XTX Topco Ltd purchased a new stake in shares of Scilex in the fourth quarter worth about $249,000. Hedge funds and other institutional investors own 69.67% of the company’s stock.

Scilex Company Profile

Scilex Holdings, Inc (NASDAQ: SCLX) is a specialty pharmaceutical company focused on non-opioid treatments for chronic pain. The firm’s principal commercial product, ZTlido®, is a lidocaine topical system approved by the U.S. Food and Drug Administration for the management of post-herpetic neuralgia and certain peripheral neuropathic pain conditions. By leveraging a proprietary drug delivery platform, Scilex aims to improve patient comfort and safety compared to traditional oral analgesics.

In addition to marketing ZTlido® in the United States, Scilex is advancing other pain management assets through clinical development and regulatory pathways.