Scilex (NASDAQ:SCLX) Given Sell (D-) Rating at Weiss Ratings

Key Points

• Scilex (NASDAQ:SCLX) received a "sell (D-)" rating from Weiss Ratings, indicating significant concerns regarding its stock performance.
• The company reported a loss of ($7.42) earnings per share in its latest earnings announcement, substantially missing analysts' expectations of ($4.55).
• Institutional ownership of Scilex is strong, with 69.67% of the stock held by institutional investors, including a 31.2% increase in shares owned by Goldman Sachs Group Inc.

Scilex (NASDAQ:SCLX - Get Free Report)'s stock had its "sell (d-)" rating reissued by equities research analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

Scilex Stock Performance

SCLX stock opened at $17.58 on Wednesday. The company has a fifty day moving average price of $20.45 and a 200-day moving average price of $11.37. The company has a market capitalization of $122.29 million, a P/E ratio of -0.61 and a beta of 1.36. Scilex has a 52-week low of $3.60 and a 52-week high of $39.90.

Scilex (NASDAQ:SCLX - Get Free Report) last announced its earnings results on Wednesday, August 13th. The company reported ($7.42) earnings per share for the quarter, missing analysts' consensus estimates of ($4.55) by ($2.87). The company had revenue of $9.90 million for the quarter, compared to analyst estimates of $26.25 million. As a group, sell-side analysts forecast that Scilex will post -0.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Scilex

An institutional investor recently raised its position in Scilex stock. Goldman Sachs Group Inc. increased its position in shares of Scilex Holding Company (NASDAQ:SCLX - Free Report) by 31.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 136,352 shares of the company's stock after buying an additional 32,449 shares during the period. Goldman Sachs Group Inc. owned 1.96% of Scilex worth $34,000 at the end of the most recent reporting period. 69.67% of the stock is owned by institutional investors.

Scilex Company Profile

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.

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