Scilex (NASDAQ:SCLX) Issues Quarterly Earnings Results

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

Scilex Stock Down 1.5%

SCLX opened at $5.92 on Friday. The firm has a 50 day moving average price of $7.24 and a 200-day moving average price of $11.16. Scilex has a twelve month low of $4.20 and a twelve month high of $34.27. The stock has a market capitalization of $50.26 million, a price-to-earnings ratio of -0.15 and a beta of 1.77.

Wall Street Analysts Forecast Growth

SCLX has been the subject of a number of recent research reports. Wall Street Zen cut Scilex from a “hold” rating to a “strong sell” rating in a research note on Saturday, May 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Scilex in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has a consensus rating of “Sell”.

Hedge Funds Weigh In On Scilex

Several hedge funds and other institutional investors have recently modified their holdings of SCLX. Goldman Sachs Group Inc. increased its stake in Scilex by 31.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 136,352 shares of the company’s stock worth $34,000 after acquiring an additional 32,449 shares during the last quarter. Norges Bank purchased a new position in shares of Scilex in the second quarter valued at $80,000. BNP Paribas Financial Markets grew its holdings in shares of Scilex by 189.6% in 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 in the last quarter. OMERS ADMINISTRATION Corp bought a new stake in Scilex in the fourth quarter worth $150,000. Finally, XTX Topco Ltd bought a new stake in Scilex in the fourth quarter worth $249,000. 69.67% of the stock is owned by institutional investors.

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.