May 21, 2018 5:39pm
… Started slipping at 11 a.m. to closed negative of the 45 covered
Initial sector strength became a liability after Friday’s barely negative close
As the upside was weak (range of +$0.01 to $0.48) while the downside ranged (-$0.01 to -$3.62) seeing larger amounts
Pre-open indications: 1 HIT and 1 MISS
Out and about: uniQure N.V. (QURE) presented new data demonstrating clinical benefit in Hemophilia B patients with pre-existing Anti-AAV5 Neutralizing Antibodies and closed up +$0.19
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Henry’omics:
Today’s moves … Market (stock) benchmarks traded off their loftiest levels of the session but still retained gains, as investors applauded easing trade animosities between the U.S. and China.
From the pre-open newsletter, “the market is set to open up more than 200 points as the potential of a trade war goes “on-hold.” While the dice are rolled, the IBB (+0.61%) is jumping – the hand is hot yet the table is cold as technicals, fundamentals and momentum seem “pushed” to a current optimism.’
What happened to the sector?
- Last Friday closed barely negative after Thursday’s, Wednesday and last Monday’s high as the small-cap benchmark Russell 2000 index (RUT) rose +0.54% and hit its latest in a series of records.
Traders were “thinning” the upside from the past 10 positive closes of 14 sessions since May 1st.
I had also stated, “Always a skeptic, I am not expecting momentum to slow however, the sector is totally controlled by algorithmic - which will roll over you or with you with their “rules” to be followed in calculations. ETFs are a basket of weighted assets which also have a daily liquidity through a mechanism known as creation and redemption. The process of creation/redemption involves a few large specialized investors, known as authorized participants (APs) - A measurement tool or a derivative to deceive?”
Today’s session was NOT far from the truth …
Some sector “names” stocks kept the lights on: BMRN, CLLS, VCEL, QURE and VSTM
While losers hid in the open – ONCE, BLUE (again), RGNX, ALNY and RENE.L (after Friday’s upside)
Pre-open indications:
- Cellectis SA (CLLS) closed up +$0.30 – hit;
- Voyager Therapeutics (VYGR) closed down -$0.13 – miss;
The advance/decline line scenario of 45 covered companies:
- The open was positive with an ADL of 30/13 and 2 flats;
- The mid-day was negative with an A/DL of 26/19 and 2 flats;
- The close was negative with an A/DL of 12/30 and 3 flat;
MY working five (5) trend lines:
… The greatest volume to the downside: SGMO, CRSP, EDIT, MDXG and XON
… Upside volume was weighted to: VSTM, ONVO, BMRN, ATHX and BOLD
… Biggest $ downside: ONCE (-$3.62), BLUE (-$2.45), RGNX (-$2.30), ALNY (-$2.01) and RENE.L (-$2.00)
… Best moves to the $ upside: BMRN (+$0.48), CLLS (+$0.30), VCEL (+$0.25), QURE (+$0.19) and VSTM (+$0.14)
… Flats: AGTC, AST and STML
Out and about:
QURE presented data showing successful liver transduction with the AAV5 vector in both non-human primates and humans with pre-existing anti-AAV5 neutralizing antibodies (NABs).
- In a study re-analyzing pre-treatment sera samples of the ten patients in the P1/2 clinical trial of AMT-060, no relationship was detected between the presence of pre-treatment anti-AAV5 NABs and clinical outcomes of AMT-060 in patients with hemophilia B.
“The study suggests that, in contrast to experience with other AAV vectors, detectable pre-existing neutralizing antibodies do not prevent successful gene transfer using AAV5 at clinical doses. In patients pre-exposed to AAV5 who tested positive for anti-AAV5 antibodies, therapeutic transgene expression was established with no cellular immune response observed after systemic administration of AAV5.”
Daily analytics:
Markets closed higher on Monday as trade tensions between the U.S. and China dissipated for the moment, while investor sentiment was also boosted by news of deal making activity.
- The Dow jumped +1.21%, while the S&P 500 gained +0.74% and NASDAQ gained 0.54%
The CBOE Volatility Index (VIX) widely considered the best gauge of fear in the market,
- Monday traded at 13.08, down -2.53%
- Friday traded at 13.42, down -0.07%
- Thursday traded at 13.40, down -0.15%
- Wednesday traded at 13.42, down -8.27%
- Tuesday traded at 14.50, up +12.14% …
- Last Monday traded at 12.96, up +2.45% …
The iShares Russell 2000 (IWM) indicated:
- Monday closed up +$0.66%
- Friday closed up +0.13%
- Thursday +0.46%
- Wednesday +1.04%
- Tuesday +0.03%
- Last Monday -0.59%
The iShares NASDAQ Biotechnology (IBB) indication:
- Monday closed down -1.32%
- Friday closed up +0.20%
- Thursday was up +0.06%
- Wednesday +0.89%
- Tuesday -1.52%
- Last Monday +1.03%
The count in May - decliners versus gainers:
……. look at the differences in decliners:
- Monday’s decliners ranged from -0.09% <FATE -$0.01 > to -6.35% <SLDB -$1.39 > in 30 equities;
- Friday’s decliners ranged from -0.13% <OSIR -$0.01 > to -8.24% <EDIT -$3.13 > in 23 equities;
- Thursday’s decliners ranged from -0.14% <MDXG -$0.01> to -5.57% <SAGE -$9.77> in 20 equities;
- Wednesday’s decliners ranged from -0.17% <CRSP -$0.10 > to -33.07% <KOOL -$0.27 > in 15 equities;
- Tuesday’s decliners ranged from -0.70% <PSTI -$0.01 > to -29.01% <KOOL -$0.32 > in 21 equities;
- Last Monday’s decliners ranged from -0.45% <BTX -$0.01> to -5.16% <OSIR -$0.40 > in 10 equities;
Versus
… Look at the percentage’s (%) and spreads …
- Monday’s gainers ranged from +0.11% <BLFS +$0-.01> to +3.27% <ATHX +$0.08 > in 12 equities;
- Friday’s gainers ranged from +0.13% <BCLI +$0.01 > to +5.68% <VSTM +$0.27 > in 22 equities;
- Thursday’s gainers ranged from +0.05% <ALNY +$0.05 > to +21.91% < BOLD +$7.44> in 23 equities;
- Wednesday’s gainers ranged from +0.26% <STML +$0.05 > to +7.59% <ATHX +$0.17 > in 27 equities;
- Tuesday’s gainers ranged from +0.49% <BLCM +$0.04 > to +12.26% < ONVO +$0.19> in 20 equities;
- Last Monday’s gainers ranged from +0.30% <RGNX +$0.15 > to +24.14% <BSTG +$0.70> in 33 equities;
Opinions expressed are those of the author and are subject to change, and not intended to be a forecast of future events, a guarantee of future results, nor investment advice.
Whether information or intelligence is good, bad or somewhere in between; I put into context what is relevant and useful for investors. All investments are subject to risks. Investors should consider investment objectives.
Henry McCusker, the editor and publisher of RegMed Investors does not hold or have positions in securities referred to in this publication.
