SVB Securities Stock Recommendations and Price Targets

This is a list of recent ratings by SVB Securities.

Date	Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
3/30/2023	ACLX Arcellx	Boost Price Target	$31.00	$35.00 ➝ $39.00		Low
3/27/2023	REGN Regeneron Pharmaceuticals	Upgrade	$812.00	$834.00 ➝ $976.00	Market Perform ➝ Outperform	Low
3/24/2023	INCY Incyte	Upgrade	$71.00	$61.00	Underperform ➝ Market Perform	Low
3/21/2023	RAIN Rain Oncology	Initiated Coverage	$9.00	$11.00	Outperform	Low
3/17/2023	CNTA Centessa Pharmaceuticals	Initiated Coverage	$4.00	$6.00	Outperform	Low
3/17/2023	PTCT PTC Therapeutics	Initiated Coverage	$49.00	$48.00	Market Perform	Low
3/16/2023	HALO Halozyme Therapeutics	Downgrade	$37.00	$42.00	Outperform ➝ Market Perform	Low
3/15/2023	DBTX Decibel Therapeutics	Downgrade	$3.00	$7.00 ➝ $2.00	Outperform ➝ Market Perform	Low
3/14/2023	SGEN Seagen	Boost Price Target	$203.00	$141.00 ➝ $229.00		Low
3/10/2023	FULC Fulcrum Therapeutics	Lower Price Target	$3.00	$18.00 ➝ $10.00		Low
3/8/2023	MORF Morphic	Boost Price Target	$37.00	$45.00 ➝ $56.00		Low
3/3/2023	ICPT Intercept Pharmaceuticals	Boost Price Target	$13.00	$17.00 ➝ $18.00		Low
3/3/2023	ARGX argenx	Boost Price Target	$370.00	$430.00 ➝ $435.00		Low
3/1/2023	APTX Aptinyx	Downgrade	$0.00		Outperform ➝ Market Perform	Low
3/1/2023	MDRX Veradigm	Lower Price Target	$13.00	$24.00 ➝ $17.00		Low
3/1/2023	AHCO AdaptHealth	Lower Price Target	$13.00	$30.00 ➝ $23.00		Low
3/1/2023	RETA Reata Pharmaceuticals	Boost Price Target	$90.00	$35.00 ➝ $75.00		N/A
2/28/2023	GPCR Structure Therapeutics	Initiated Coverage	$22.00	$33.00	Outperform	Low
2/28/2023	IRON Disc Medicine Opco	Initiated Coverage	$22.00	$36.00	Outperform	Low
2/24/2023	NKTR Nektar Therapeutics	Lower Price Target	$1.00	$5.00 ➝ $3.00		N/A
2/24/2023	BPMC Blueprint Medicines	Lower Price Target	$44.00	$45.00 ➝ $38.00		Low
2/24/2023	MRNA Moderna	Downgrade	$147.00	$111.00 ➝ $93.00	Market Perform ➝ Underperform	Low
2/23/2023	TDOC Teladoc Health	Upgrade	$24.00	$34.00	Market Perform ➝ Outperform	Low
2/23/2023	IONS Ionis Pharmaceuticals	Lower Price Target	$35.00	$34.00 ➝ $27.00		Low
2/10/2023	ABBV AbbVie	Upgrade	$158.00	$135.00 ➝ $153.00	Underperform ➝ Market Perform	Low
2/8/2023	CI The Cigna Group	Lower Price Target	$254.00	$335.00 ➝ $309.00		Low
2/8/2023	VRTX Vertex Pharmaceuticals	Lower Price Target	$312.00	$374.00 ➝ $365.00		Low
2/6/2023	SGEN Seagen	Downgrade	$203.00	$162.00 ➝ $141.00	Outperform ➝ Market Perform	Low
2/2/2023	META Meta Platforms	Boost Price Target	$208.00	$220.00 ➝ $255.00	Outperform	Low
2/2/2023	AMGN Amgen	Lower Price Target	$242.00	$282.00 ➝ $267.00		Low
1/30/2023	DNLI Denali Therapeutics	Initiated Coverage	$22.00	$50.00	Outperform	Low
1/24/2023	BHVN Biohaven	Initiated Coverage	$14.00	$24.00	Outperform	Low