November 21, 2018 6:01pm
Upside takeaway: the sector recoiled without conviction yet, pricing moved forward, volume was still low and volatility stayed high!
Volume stat: 5 out of 37 upsiders had higher volume and 4 out of 8 downside experienced greater volume (than the 3 month averages). While volatility was exhibited by Wednesday’s 8 decliners, 37 advancers and 0 flat following Tuesday’s 29 decliners, 14 advancers and 2 flat;
Pre-open indications: 4 HITs and 1 MISS
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Some have stated, “I am the “weatherman” of the sector; forecasting and presenting conditions of the sector in a given period.”
Daily analytics and metrics:
- The Dow closed down -0.95 points or -0.00% to 24,464.69
- The S&P closed up +8.04 points or +0.3% to 2,649.93
- The NASDAQ closed up +63.43 points or +0.92% to 6
From the pre-open newsletter, “if you’ve ever cleaned a barrel, you can only see a bottom once it’s been washed-out. We almost see bottoms; there are more than a few positive indications, some with none and a couple with negative warnings.”
The advance/decline line scenario of 45 covered companies:
- The open was positive with an A/DL of 34/7 and 4 flats;
- The mid-day was positive with an A/DL of 35/10 and 0 flat;
- The close was positive with an A/DL of 37/8 and 0 flats;
- BioLife Solutions (BLFS) closed up +$0.30 – miss;
- Editas Medicine (EDIT) closed up +$2.41 – hit;
- Intellia Therapeutics (NTLA) closed up +$0.68 – hit;
- uniQure NV (QURE) closed up +$1.33 – hit;
- Verastem Oncology (VSTM) closed up +$0.12 – hit;
Five (5) key metrics:
… Greatest volume to the downside: MDXG, KOOL, ADRO, BLCM and SLDB
… Upside volume was weighted to: HSGX, EDIT, VSTM, SGMO and XON
… Weakness ($) to the downside: SLDB (-$1.200, RENE,L (-$0.50), MDXG (-$0.29), CLBS (-$0.28) and ADRO (-$0.23)
… Best moves ($) to the upside: RARE (+$2.64), EDIT (+$2.41), CRSP (+$2.33), BMRN (+$2.12) and ONCE (+$1.63)
… The iShares NASDAQ Biotechnology (IBB) closed:
- Wednesday was up +0.61% after indicating a POSITIVE +0.02% UPSIDE in the pre-market;
- Tuesday was down -0.60% after indicating a NEGATIVE -0.47% DOWNSIDE in the pre-market;
- Monday was down -2.14% after indicating a NEGATIVE -0.22% DOWNSIDE in the pre-market;
- Friday was up +0.86% after indicating a POSITIVE +0.14% UPSIDE in the pre-market;
- Thursday was up +2.19% after NOT indicating in the pre-market;
- Last Wednesday was down -2.03% after NOT indicating in the pre-market;
RegMed stocks have featured prominently in recent equity weakness; but I think it's important to discriminate within “our” universe.
The weakness is being driven by the lack of clinical data to justify many share pricing, but the outlook for the sector is less than hearty!
After Tuesday’s “dud” and Monday’s “thud”, as Solid Biosciences (SLDB -$1.20), ReNeuron (RENE.L -$0.50),MiMedx (MDXG -$0.29) and Caladrius Biosciences (CLBS -0.28) were the biggest losers while the upsiders were led Ultragenyx Pharmaceuticals (RARE +$2.64), Editas Medicine (EDIT +$2.41) and CRISPER Therapeutics (CRSP +$2.33) were the most popular cell therapy stocks MiMedx (MDXG) slipped -$0.40 after Monday’s +$1.40 and Osiris (OSIR) closed down -$0.04 after Monday’s -$0.26 or a current criminal “proceeder” and a past contemporary defendant led the gainers.
Athersys (ATHX) closed up +$0.11 to $1.99 after Tuesday’s-$0.04 or -2.08% after Monday’s -$0.09 killing any of last week’s downs;
BioLife Solutions (BLFS) has gained again another +$0.30 after Tuesday’s +$0.42 and Monday’s drop of -$0.97 or -8.82% to $10.03;
Brainstorm Cell Therapy (BCLI) closed up again +$0.08 after Tuesday’s +$0.02 after Monday’s +$0.02 to $3.17after reporting a NEW (?) IND in a second indication - progressive multiple sclerosis (MS). BCLI plans to initiate a P2 study for progressive MS, expanding NurOwn beyond amyotrophic lateral sclerosis (ALS, pivotal P3 ongoing). WHY not get their first indication’s data – they’re always LOW on cash …?
Global Blood Therapeutics (GBT) closed up +$0.98 to $33.99 after being maligned by this market post their “earnings” call closing FLAT ($33.01) on Tuesday after Monday’s flip -$3.30 or -9.09% to $33.01;
MiMedx (MDXG closed down -$0.29 to $3.26 after Tuesday’s-$0.40 or -10.13% after Monday’s +$1.40 or +54.9% and its fellow past criminal Osiris (OSIR) closed down -$0.04 or -0.38% after Monday’s +$0.26 or +2.51 have taken-on a life of their own under the legal sword of legal Damocles. One question is Vericel (VCEL) closed up +$0.04 after Tuesday’s +$0.02 after Monday’s -$0.36 or -2.12% being judged by the same ruler <they’re selling-into comparable markets). Let’s hope they’re NOT into STUFFING the channel!
Verastem (VSTM) bounced +$0.12 to $5.16 after taking a hits with Tuesday’s-$0.15 or -2.89% after Monday’s -$0.22 or 4.07% to $5.04. Oversold spread its share pricing wings – but, is there a management credibility issue?
Tonight’s percentage (%) indicators:
- Review the range of the 37 upside from +0.03% (ALNY) to +20.01% (HSGX +$0.09) while the 8 downside ranged from -0.85% (RENE.L) to -8.17% (MDXG) with a 0 flat close.
- 5 out of 37 upside had higher (than the 3 month average) volume
- 4 out of 8 downside experienced greater volume (than the 3 month average).
Wednesday closed POSITIVE with 8 decliners, 37 advancers and 0 flat;
Tuesday closed NEGATIVE with 29 decliners, 14 advancers and 2 flat;
Monday closed NEGATIVE with 37 decliners, 7 advancers and 1 flat;
Friday closed POSITIVE with 14 decliners, 28 advancers and 3 flat;
Thursday closed POSITIVE with 12 decliners, 33 advancers and 0 flat;
Wednesday closed NEGATIVE with 36 decliners, 7 advancers and 2 flats;
Tuesday closed NEUTRAL with 21 decliners, 21 advancers and 3 flats;
Monday closed NEGATIVE with 40 decliners, 4 advancers and 1 flat;
Friday closed NEGATIVE with 39 decliners, 6 advancers and 0 flat;
Thursday closed NEGATIVE with 26 decliners, 19 advancers and 1 flat;
Wednesday closed POSITIVE with 12 decliners, 32 advancers and 1 flat;
Tuesday closed NEGATIVE with 22 decliners, 21 advancers and 2 flats;
Monday closed NEGATIVE with 35 decliners, 7 advancers and 3 flats;
Friday closed POSITIVE with 20 decliners, 22 advancers and 3 flats;
Thursday (11/1) closed POSITIVE with 3 decliners, 42 advancers and 0 flat;
- In 23 sessions in October – there were 17 negative closes and 6 positive closes
- In 19 sessions in September – there were 10 negative closes and 9 positive close;
- In 21 August sessions – 6 had negative and 15 had positive closes
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.