Scilex (NASDAQ:SCLX) Issues Earnings Results, Misses Estimates By $16.47 EPS

Scilex (NASDAQ:SCLX) issued its earnings results on Friday. The company reported ($16.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($16.47), FiscalAI reports. The company had revenue of $7.64 million during the quarter, compared to the consensus estimate of $16.00 million.

Scilex Price Performance

NASDAQ:SCLX opened at $6.76 on Friday. The company’s fifty day moving average price is $7.55 and its 200-day moving average price is $7.63. Scilex has a 1-year low of $4.20 and a 1-year high of $34.27. The firm has a market capitalization of $57.40 million, a P/E ratio of -0.14 and a beta of 1.67.

Analysts Set New Price Targets

SCLX has been the topic of a number of research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Scilex in a report on Tuesday, June 16th. Wall Street Zen raised Scilex from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. boosted its holdings in Scilex by 31.2% in the first 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 position in shares of 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. Bank of America Corp DE lifted its holdings in shares of Scilex by 81.0% in the 3rd quarter. Bank of America Corp DE now owns 17,387 shares of the company’s stock valued at $342,000 after buying an additional 7,783 shares during the period. Finally, Armistice Capital LLC purchased a new stake in shares of Scilex in the third quarter worth about $1,299,000. 69.67% of the stock is currently owned by institutional investors and hedge funds.

About Scilex

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.