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Midday movers: First Republic, Illumina, Seagen and more

Published Mar 13, 2023 02:06PM ET Updated Mar 13, 2023 02:28PM ET
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SCHW
-0.46%
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PFE
+0.08%
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KEY
-0.53%
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CMA
+0.43%
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SGEN
0.00%
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ILMN
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By Liz Moyer

Investing.com -- Stocks are falling as the shutdown of SVB Financial Group (NASDAQ:SIVB) sends shockwaves through the banking sector. Here are the midday movers for March 10.

  • First Republic Bank (NYSE:FRC)shares fell 55% and were halted in early afternoon trading as fear of contagion spread in bank stocks after the weekend collapse of Silicon Valley Bank and Signature Bank (NASDAQ:SBNY). Shares of PacWest Bancorp (NASDAQ:PACW) were down 47%, while KeyCorp (NYSE:KEY) shares were down 25% and Comerica Inc (NYSE:CMA) fell 26%.
  • Illumina Inc (NASDAQ:ILMN)shares rose 18.9% after activist investor Carl Icahn indicated plans to launch a proxy fight for three board seats at the biotech over its acquisition of cancer screening company Grail.
  • Seagen Inc (NASDAQ:SGEN)shares were up 15% after pharmaceutical giant Pfizer (NYSE:PFE) announced plans to buy the cancer drug maker. The deal was valued around $43 billion.

  • Charles Schwab Corp (NYSE:SCHW)shares were down 7.4% as the brokerage sought to reassure investors after SVB's collapse. The company said in a statement it has a diversified business mix and conservative investment portfolio.
  • Provention Bio Inc (NASDAQ:PRVB)shares soared more than 258% on Monday after its agreement to be acquired by France's Sanofi (NASDAQ:SNY) for $2.9 billion. Provention specializes in treatments for autoimmune diseases.

Midday movers: First Republic, Illumina, Seagen and more
 

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