Scilex (NASDAQ:SCLX) Releases Earnings Results, Misses Estimates By $2.87 EPS

Key Points

• Scilex (NASDAQ:SCLX) reported a significant earnings miss of $7.42 EPS, falling short of analysts' estimates by $2.87.
• The company's stock price increased by 18.8% during trading, reaching $21.00, with trading volume exceeding its average.
• Goldman Sachs raised its stake in Scilex by 31.2%, with institutional investors owning approximately 69.67% of the company’s shares.

Scilex (NASDAQ:SCLX - Get Free Report) issued its earnings results on Wednesday. The company reported ($7.42) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($4.55) by ($2.87), Zacks reports.

Scilex Trading Up 18.8%

NASDAQ SCLX traded up $3.33 during trading hours on Wednesday, reaching $21.00. 443,547 shares of the company's stock were exchanged, compared to its average volume of 282,937. The stock has a market cap of $145.95 million, a PE ratio of -0.72 and a beta of 1.32. Scilex has a one year low of $3.60 and a one year high of $49.00. The firm has a fifty day moving average of $8.89 and a 200-day moving average of $8.68.

Institutional Investors Weigh In On Scilex

A hedge fund recently raised its stake in Scilex stock. Goldman Sachs Group Inc. increased its holdings in shares of Scilex Holding Company (NASDAQ:SCLX - Free Report) by 31.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 136,352 shares of the company's stock after acquiring an additional 32,449 shares during the period. Goldman Sachs Group Inc. owned about 1.96% of Scilex worth $34,000 at the end of the most recent 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.