Key takeaways:

• Risk assets hit hardest in the wake of the mini-crisis affecting the bank sector

• The ASX has significantly underperforming US indexes this week

As investors responded to the fallout of several spot fires across the banking sector, the ASX at one stage touched a four-and-a-half month low, despite US markets surging.

Which shares excelled?

The week biggest winner, Neuren Pharmaceuticals (ASX: NEU), was up more than 60% before entering the final trading session of the week. In a landmark development, the biotech company treatment for Rett syndrome, Trofinetide, was approved by the US Food and Drug Administration. Rett syndrome is a severe neurological disorder that affects upwards of 350,000 girls and women. 

Trofinetide is the first drug approved by the FDA to treat Rett syndrome. NEU stands to benefit in partnership with Acadia Pharmaceuticals by way of royalties of up to 15% on net sales above US$750 million, and sales milestone payments in the hundreds of millions of dollars for sales exceeding US$1 billion in a calendar year. With brokers rushing to upgrade the stock, NEU shares reached a fresh all-time high.

With the price of gold surging nearly 3% week-to-date, precious metals stocks are one of the week best performers, despite a Friday sell-off hitting the sector. Nonetheless, with uncertainty hanging over banks across the world, prompting governments to step in and offer support to banks in the US and Europe, traders sought safety in the physical metal. 

That strength flowed through to ASX-listed gold names like Capricorn Metals (ASX: CMM), Ramelius Resources (ASX: RMS), Silver Lake Resources (ASX: SLR), Gold Road Resources (ASX: GOR), Perseus Mining (ASX: PRU), Regis Resources (ASX: RRL), Newcrest Mining (ASX: NCM), and Northern Star Resources (ASX: NST).Recently out of favour following its half-year results, pathology and diagnostics imagery firm Healius (ASX: HLS) finds itself winning back some support this week. While the company did not release any news that might support the stock rally, investors may be gaining confidence from recent reports that Healius is cutting up to 500 full-time jobs, which is roughly 13% of its workforce.Another name marching higher this week is REA Group (ASX: REA). The property portal has enjoyed an encouraging fortnight since reports highlighted a strong improvement in auction clearance rates and higher property prices. However, this week mini-crisis in the banking sector may also be leading some investors to believe that the RBA could be forced to press pause on its rate hike program, which in theory would offer support to the property market.There aren't as many names flying higher this week than usual, but gains have come from the likes of Dalrymple Bay Infrastructure (ASX: DBI), Ventia Services (ASX: VNT), and Emerald Resources (ASX: EMR).

Which shares dragged on the market?

Ex-dividend day took a big bite out of the market cap of coal explorer Yancoal (ASX: YAL). In its most-recent results, Yancoal declared a huge fully-franked final dividend of 70 cents per share. That came right out of the company share price this week, with investors re-adjusting the value of the business in light of the cash being extracted from its balance sheet and being distributed towards shareholders. Although the Nasdaq is up more than 5% this week, tech weakness played out across the ASX this week as investors pivoted away from more risky stocks amid the storm engulfing banks. Computershare (ASX: CPU) and Brainchip (ASX: BRN) are two of the names still nursing a hangover, each setting a fresh 52-week low in the process. 

Computershare is one of the few tech companies that tends to benefit from rising interest rates as it earns income from cash it holds on behalf of its registry clients. The notion that the Federal Reserve may need to rethink its rate hike program could put a cap on upside growth on that front. On the other hand, AI chip-maker Brainchip has faced selling pressure as a loss-making business at a time where attention is squarely centred on tech firms calling in money due to cash flow problems.

On a related note, the risk sell-off also extended to a host of battery metals stocks. This includes Core Lithium (ASX: CXO), Pilbara Minerals (ASX: PLS), Argosy Minerals (ASX: AGY), Lynas Rare Earths (ASX: LYC), and Arafura Rare Earths (ASX: ARU), among others. Market volatility has rocked the cohort as investors eye alternatives with less risk exposure. One company directly caught up in the Silicon Valley Bank collapse was SiteMinder (ASX: SDR). The hotel technology provider announced to the market that it had cash holdings of up to $10 million with the bank as of this time last week, as well as an undrawn US$20 million revolving credit facility. Although depositors have received assurances they will receive their money in full, and the company no longer expects an impact to its cash holdings, investors remain cautious about the situation.There have also been heavy losses for stocks such as Weebit Nano (ASX: WBT), Hutchison Telecommunications (ASX: HTA), Perpetual (ASX: PPT), Paladin Energy (ASX: PDN), and Grange Resources (ASX: GRR).

We'll be back next week with another Weekly ASX Trading Wrap Up - until then, have a great week!