Biotech Stock Opportunities
Plus, SVB's latest rumored buyer.
Today is Monday, March 27, 2023.
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Biotech Stock Opportunities
This is a great time for investors to get into biotechnology stocks, says Joe Springer of the Investors Club show in a new episode of the Early Bird podcast.
Powering the Story: Springer says that biotech stock prices have dropped down to 2015 levels and now is the time to buy as the sectors in the market rotate.
But: There are still plenty of risks associated with biotech stocks. Springer compares biotech stock investing to venture capital investing where a handful of winning investments make up for the investments that fall short.
Top Stocks: Cassava Sciences (Nasdaq: SAVA) and Fusion Pharmaceuticals (Nasdaq: FUSN) are among the top biotech stocks that Springer likes in 2023.
Final Thoughts: What advice does Springer have for investing in biotech stocks in 2023? What are Springer’s other favorite stock picks in biotech? Find out by listening to a new episode of the Early Bird podcast.
Notable Earnings Today: Carnival (NYSE: CCL), FreightCar America (Nasdaq: RAIL), BioNTech (Nasdaq: BNTX), PVH (NYSE: PVH), H World Group (Nasdaq: HTHT), Startek (NYSE: SRT), Venus Concept (Nasdaq: VERO), Excelerate Energy (NYSE: EE), AugMedix (Nasdaq: AUGX), Gold Royalty (NYSE American: GROY), The Real Good Food Company (Nasdaq: RGF), Midwest Holding (Nasdaq: MDWT), Gamida Cell (Nasdaq: GMDA), CytomX Therapeutics (Nasdaq: CTMX), Acumen Pharmaceuticals (Nasdaq: ABOS), Intellinetics (NYSE American: INLX), OPAL Fuels (Nasdaq: OPAL), Lifeway Foods (Nasdaq: LWAY).
Notable IPOs Today: SHENGFENG DEVELOPMENT Ltd (Nasdaq: SFWL).
Notable Equity Crowdfunding Campaigns Ending Today: Pitsa (SMBX), Riders Share (Republic), New Sapience (StartEngine), Nimbus (StartEngine).
Notable Economic Events Today: N/A.
Silicon Valley Bank’s Rumored Buyer
Another bank is looking to step in and buy Silicon Valley Bank, which collapsed earlier in March, according to a report on Sunday.
Details: Bloomberg reported on Sunday that First Citizens BancShares (Nasdaq: FCNCA) is in advanced talks to buy Silicon Valley Bank in a deal that could be reached as soon as today. No financial decision has been made and the deal could fall through. Both banks have not commented on the news.
Background: Silicon Valley Bank collapsed earlier in March due to a high percentage of uninsured deposits, investments in securities that didn’t live up to expectations, and depositors withdrawing billions in a short period of time.
Stock Price: First Citizens BancShares is down 16% in the last 12 months, including a 21% drop in the last 30 days thanks to problems in the banking sector.
Final Thoughts: It should be noted that First Citizens BancShares is not the only bank that has been rumored to buy Silicon Valley Bank. We might get an answer about an acquisition this week.
Bitcoin Holds Steady and Inches to $28K
The price of the cryptocurrency Bitcoin ticked up by 1.3% on Sunday, better than most cryptos that day, and is now closer to $28,000.
Final Thoughts: Despite industry volatility in the past month, Bitcoin is up about 16% during that time. The 2023 comeback rides on.
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Trends to Watch
Risky Business: Where Financial Risk Lies, in 12 Charts (The Wall Street Journal)
Meat-ing Adjourned: 1.7 tons of boneless beef chuck recalled in 9 states due to E. coli detection (USA Today)
Coming Soon: Fed’s Kashkari Says Bank Strains Bring Risk of Recession Closer (Bloomberg)
Looking Bad: IMF chief warns global financial stability at risk from banking turmoil (The Guardian)
iClap: Apple CEO Tim Cook welcomed with applause at Beijing conference sponsored by Chinese government (Fox Business)
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