Scilex (NASDAQ:SCLX) Posts Earnings Results, Misses Expectations By $21.76 EPS

Scilex (NASDAQ:SCLX) posted its quarterly earnings data on Friday. The company reported ($22.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($21.76), Zacks reports.

Scilex Price Performance

Shares of SCLX traded down $0.18 during mid-day trading on Friday, hitting $17.69. The company’s stock had a trading volume of 61,732 shares, compared to its average volume of 146,317. The firm has a 50-day moving average price of $19.97 and a 200 day moving average price of $13.12. Scilex has a fifty-two week low of $3.60 and a fifty-two week high of $34.27. The stock has a market capitalization of $134.27 million, a price-to-earnings ratio of -1.11 and a beta of 1.34.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. lifted its position in shares of 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 acquiring an additional 32,449 shares during the last quarter. Norges Bank acquired a new stake in shares of Scilex during the second quarter worth $80,000. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Scilex by 189.6% during the third quarter. BNP Paribas Financial Markets now owns 7,430 shares of the company’s stock valued at $146,000 after purchasing an additional 4,864 shares during the last quarter. Institutional investors own 69.67% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Scilex in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $630.00.

About Scilex

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.