The Latest Breaking News from SVB

UK economy has proved ‘more resilient than many expected’ says chancellor Jeremy Hunt, while problems at Silicon Valley Bank knock FTSE 100 down 2%

Startup founders are pulling cash from Silicon Valley Bank, even as some VCs say the panic is overblown and fueling the fire.

Axsome Therapeutics Inc (NASDAQ: AXSM) held an investor event to review its strategy with Sunosi, which is indicated for excessive daytime sleepiness (EDS) in narcolepsy and obstructive sleep apnea (OSA).  SVB Leerink says its view on Sunosi has not changed.

Madrigal Pharmaceuticals Inc (NASDAQ:MDGL) presented multiple resmetirom abstracts at the European Association for the Study of the Liver's International Liver Congress. The data included new details on changes in FibroScan controlled attenuation parameter and liver stiffness measurement along with magnetic resonance elastography, which serves as critical non-invasive measures of liver stiffness and fibrosis. …

SVB Securities conducted a pro-forma analysis of the financial impact to Merck & Co Inc (NYSE: MRK) from a potential acquisition of Seagen Inc (NASDAQ: SGEN).

Jefferies has decided to maintain its Buy rating of SVB Finl Gr (NASDAQ:SIVB) and lower its price target from $692.00 to $534.00. Shares of SVB Finl Gr are trading down 7.14% over the last 24 hours, at $411.27 per share. A move to $534.00 would account for a 29.84% increase…

SVB Leerink initiated Selecta Biosciences Inc (NASDAQ:SELB) coverage with an Outperform rating and a price target of $7. The analysts view ImmTOR's approach to mitigate ADAs as de-risked by early clinical data from SEL-212 and believe that the ability to tame the immune response bodes well for ImmTOR's clinical potential in combination with…

Intercept Pharmaceuticals Inc's (NASDAQ:ICPT) pre-submission meeting to discuss the marketing application for obeticholic acid (OCA) in NASH has been moved to July (vs. June scheduling). The update follows a recent request from the FDA that topline data from the REGENERATE reanalysis be provided to the agency for review before the meeting.  SVB Leerink…

SVB Leerink is initiating coverage of HilleVax Inc (NASDAQ:HLVX) shares with an Outperform rating and a $30 price target.  The analyst believes the company’s potentially first-in-class infant norovirus vaccine HIL214 represents a uniquely de-risked opportunity.  It estimates $625 million in risk-adjusted infant HIL214 sales in 2030E ($1 billion unadjusted).  The outlook is supported by…