Stifel says SVB fallout ‘appears limited’ across firm’s biotech coverage

Stifel analyst Dae Gon Ha noted that repercussions of the fallout related to the failure of Silicon Valley Bank (SIVB) is "dominating headlines" and stocks under the analyst’s coverage are down sharply today since the majority of them are "unprofitable, pre-commercial companies" in biotechnology. After having reached out to the respective management teams, the firm was "reassured that the impact could be, at least for now, less catastrophic," although Stifel cautions there is "no way to know the medium-to-longer term repercussions beyond SVB." Still, the firm contends that the direct impact from SVB "seems limited" for companies it covers, including Buy-rated Beam Therapeutics (BEAM), Amicus (FOLD), Intellia Therapeutics (NTLA), Ultragenyx (RARE) and Rocket Pharmaceuticals (RCKT) along with Hold-rated Editas Medicine (EDIT), Fulcrum Therapeutics (FULC) and ProQR Therapeutics (PRQR).