Scilex (NASDAQ:SCLX) Releases Quarterly Earnings Results, Misses Estimates By $21.76 EPS

Scilex (NASDAQ:SCLX) posted its quarterly earnings results 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. The firm had revenue of $10.56 million during the quarter, compared to analysts’ expectations of $26.25 million.

Scilex Trading Down 1.0%

NASDAQ:SCLX traded down $0.18 during mid-day trading on Friday, reaching $17.69. The company’s stock had a trading volume of 61,732 shares, compared to its average volume of 146,317. The stock has a market cap of $134.27 million, a P/E ratio of -1.11 and a beta of 1.34. The firm’s fifty day moving average price is $19.97 and its two-hundred day moving average price is $13.12. Scilex has a 12-month low of $3.60 and a 12-month high of $34.27.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. 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 worth $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 $80,000. Finally, BNP Paribas Financial Markets boosted its stake 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 worth $146,000 after buying an additional 4,864 shares during the last quarter. 69.67% of the stock is owned by hedge funds and other institutional investors.

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.