Scilex (NASDAQ:SCLX) Announces Earnings Results, Misses Expectations By $16.47 EPS

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

Scilex Price Performance

Shares of SCLX stock traded up $0.02 on Friday, hitting $6.76. 27,961 shares of the stock traded hands, compared to its average volume of 75,201. The company has a market capitalization of $57.39 million, a PE ratio of -0.17 and a beta of 1.67. The company’s fifty day moving average is $7.55 and its 200 day moving average is $7.63. Scilex has a 1-year low of $4.20 and a 1-year high of $34.27.

Hedge Funds Weigh In On Scilex

Several institutional investors have recently made changes to their positions 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 worth $34,000 after buying an additional 32,449 shares during the last quarter. Norges Bank bought a new position in shares of Scilex in the second quarter valued at approximately $80,000. BNP Paribas Financial Markets increased its position in shares of Scilex by 189.6% during the 3rd 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 period. Bank of America Corp DE raised its position in Scilex by 81.0% in the third quarter. Bank of America Corp DE now owns 17,387 shares of the company’s stock worth $342,000 after acquiring an additional 7,783 shares in the last quarter. Finally, Armistice Capital LLC acquired a new stake in Scilex during the third quarter valued at approximately $1,299,000. 69.67% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on SCLX shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Scilex in a research report on Tuesday, June 16th. Wall Street Zen upgraded Scilex from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company presently has a consensus rating of “Sell”.

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.