Stocks making the biggest moves midday: First Republic Bank, Moderna, Newmont, Illumina and more

Check out the companies making the biggest moves midday:

Regional banks —Shares of regional banks plummeted following the collapse of Silicon Valley Bank and Signature Bank. First Republic Bank sank 64%, and Western Alliance Bancorp dropped about 57%. PacWest Bancorp shed 26%. KeyCorp fell nearly 30%, and Zions Bancorporation lost about 24%.

Citi, Bank of America, Goldman Sachs — Shares of major banks also saw losses after the closure of the Silicon Valley Bank and Signature Bank. Citi dropped 6%. Bank of America shed 3%, and Goldman Sachs lost about 2%.

Charles Schwab — The stock sank 10% as part of the broader rout in the banking sector. However, Schwab reassured shareholders and customers that it isn’t seeing any significant outflows and that 80% of its total deposits fall within the FDIC insurance limits. Citi also upgraded the stock to buy from neutral, saying the stock’s recent decline gives it a “compelling” risk-reward ratio.

Illumina — Shares soared by more than 20% after The Wall Street Journal reported Sunday that billionaire activist Carl Icahn is preparing a proxy fight at the biotech company. He is arguing that the company’s acquisition of Grail cost its shareholders about $50 billion.

Moderna — The biotechnology company’s shares gained nearly 6% after TD Cowen upgraded the stock to outperform from market perform. The Wall Street firm said Moderna will be a leader in the RSV vaccine market.

Newmont — Shares of the gold miner rallied 5% following a spike in gold prices. Spot gold passed the key level of $1,900 as investors bet the Federal Reserve may tone down rate hikes on the heels of Silicon Valley Bank’s collapse.

Eli Lilly — Shares of the drug maker rose about 2.5% after Wells Fargo upgraded the shares to overweight, calling recent weakness a buying opportunity for investors….