: Jounce Therapeutics stock bounces after saying only 1.4% of its cash was in an SVB operating account

Shares of Jounce Therapeutics Inc. JNCE bounced 6.6% in premarket trading Monday, after the immunotherapy company said only about $2.6 million, or 1.4% of its total cash and cash equivalents was in an operating account at SVB Financial Group’s SIVBSilicon Valley Bank, which was shut down last week. Jounce, which had $189.5 million in total cash and cash equivalents as of Dec. 31, said it also holds a $1.3 million letter of credit at SBV. “the company does not believe that the issues faced by SVB will impact its operations or liquidity,” Jounce said in a statement. Jounce added that it opened an additional operating account with TD Bank on Friday to funding ongoing operations and payroll. Jounce’s stock, which sank 15.9% the past two sessions after SVB’s troubles became public, has run up 36.4% over the past three months through Friday while the S&P 500 SPX has lost 3.9%.

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