Traders work on the floor of the New York Stock Exchange (NYSE), May 3, 2023.Brendan McDermid | ReutersStock Chart IconStock chart icon PacWest’s stock was rebounding on Friday.related investing newsHowever, Friday’s rally made only a small dent in the week-to-date losses. PacWest entered down more than 68% for the week and closed at just $3.17 per share on Thursday. The bank confirmed this week that it is exploring strategic options.Western Alliance, which said it is not seeking a sale, has also been under heavy pressure this week, falling 51%. The KRE was down 15% week to date.The steep declines, which came even at banks that reported much smaller deposit outflows than First Republic, led Wall Street analysts to warn that the stocks have become detached from their fundamentals.”We are arguably reaching a point of hysteria,” Fundstrat strategist Tom Lee said in a note to clients on Friday.Analysts at JPMorgan Chase upgraded Western Alliance, Z …
