Midday Stock Moves: First Republic Bank, Moderna, Newmont, Illumina, etc.

Regional banks

As a result of the collapse of Silicon Valley Bank and Signature Bank, shares of regional banks plummeted. The shares of First Republic Bank fell by 64%, and those of Western Alliance Bancorp fell by about 57%. PacWest Bancorp lost 26% of its value. Nearly 30% of KeyCorp's stock fell, and Zions Bancorporation fell 24%.

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Citi, Bank of America, Goldman Sachs

Silicon Valley Bank and Signature Bank's closure also led to losses for major banks' shares. Citi dropped by 6%. About 3% of Bank of America's shares were down, and about 2% of Goldman Sachs' shares were down.

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Charles Schwab

There was a 10% drop in the stock price as part of a broader rout in the banking sector as a whole. In spite of that, Schwab was able to reassure customers and shareholders that it is not seeing any significant outflows of funds and that over 80% of its total deposits are covered by the FDIC. Also, Citigroup upgraded the stock from neutral to buy, stating that the recent decline of the stock gives it a "compelling" risk-reward ratio, according to Citi.

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Illumina

Shares of the biotech company rose more than 20% Sunday after Trade Algo reported billionaire activist Carl Icahn was preparing a proxy fight. The company lost about $50 billion on the acquisition of Grail, according to him.

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Moderna

Following TD Cowen's upgrade of the stock to outperform market performance, shares of the biotechnology company gained nearly 6%. According to Wall Street analysts, Moderna will be one of the leading companies in the RSV vaccine market in the near future.

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Newmont

As gold prices spiked, the shares of the gold miner rallied 5% following a spike in the price of gold. After Silicon Valley Bank collapsed, the price of spot gold passed the key level of $1,900 as investors bet the Federal Reserve may tone down its rate hikes in response to the collapse of Silicon Valley Bank.

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Eli Lilly

The shares of the drug manufacturer rose about 2.5% after Wells Fargo upgraded the shares to overweight, saying the recent weakness creates a great buying opportunity for investors. There are no near-to-medium-term developments that could lead to any loss of exclusivity for the company in the near-to-medium term, according to the company's analyst. Moreover, Wells Fargo said that Eli Lilly's growth is not dependent upon M&A activity

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Seagen

There was a surge in shares by nearly 16% on news that Pfizer was planning to acquire the cancer drug maker as it moves past its Covid sales portfolio. It was reported that Pfizer's stock rose about 1.5% as a result of the news.

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Etsy

There was a 1% decline in the stock price. NBC News reported that the e-commerce company warned sellers of payment delays caused by Silicon Valley Bank's collapse over the weekend. Despite the delay, the company expects to begin processing the payments as early as Monday.

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Provention Bio

After Sanofi agreed to acquire Provention Bio, which provides treatments for type-1 diabetes and other immune-mediated diseases, shares rose 258%.

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Qualtrics International

The shares of the data analytics firm jumped 6.6% on reports that a U.S. private equity firm, Silver Lake, had agreed to purchase the company at $12.5 billion, or $18.15 per share, alongside Canada's largest pension fund. As part of the acquisition, SAP announced Monday that it will sell its stake in Qualtrics for $7.7 billion as part of the deal.

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Insulet

Insulet's stock gained 8.5% following news that it would replace SVB Financial Group in the S&P 500 index. The broad market index will remove SIVB after Tuesday's close.