Scilex downgraded to Hold from Buy at D. Boral Capital

D. Boral Capital analyst Jason Kolbert downgraded Scilex (SCLX) to Hold from Buy after the company announced a 1-for-35 reverse stock split, effective April 15. While the firm recognizes the reverse split as a necessary step to maintain the company’s Nasdaq listing, it is moving to the sidelines pending greater clarity on the company’s next steps and says it will “revisit our stance once the split is implemented and implications for valuation and capital structure become more transparent.”