Sangamo Therapeutics had approximately $34.4M in deposits with Silicon Valley Bank (SIVB), substantially all of which were uninsured. The company disclosed this morning that following the bank’s transfer by the FDIC Federal Deposit Insurance Corporation, it has been able to access the entirety of its deposits formerly with SVB and transferred substantially all such deposits to alternative global banking providers on March 13. Sangamo "expects to migrate all banking services previously obtained from SVB to alternative global banking providers."
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on SGMO:
- Silicon Valley Bank – The Aftermath. Which Companies Were Impacted?
- Sangamo price target lowered to $15 from $25 at H.C. Wainwright
- Wedbush upgrades Sangamo to Outperform, raises price target to $16
- Sangamo upgraded to Outperform from Neutral at Wedbush
- Sangamo sees FY23 operating expenses of $275M-$295M