March 6, 2019 6:09pm

Any upside was shallow (+$0.07) and the downside limited (-$6.32)

Volume to the downside was also shaded (20 out of 39 of 45 covered)

 

Q4 and FY18 earnings results: Adverum Biotechnologies (ADVM)

Pre-open indications: 6 HITs and 2 MISS

 

The 6 W’s: Who, what, where, when, why and what of it … when the “numbers” explain share pricing!

Whether information or intelligence is good, bad or somewhere in between; I put into context what is relevant and useful for investors and traders.

 

Markets and indexes:

  • The Dow closed down -133.47 points or -0.65% to 25,673.46
  • The S&P closed down -18.20 points or -0.65% to 2,771.45
  • The NASDAQ was down -70.44 points or -0932% to 7,505.92

 

Henry’omics:

Sector equities fell on Wednesday, while major indexes posted their third consecutive decline, as investors took a breather following sharp gains this year.

While small cap stocks closed lower, with the Russell 2000 sliding 2%.

Sector participants are tiring of the continuous trading “drain” and are awaiting some solid and positive catalysts to avert the further down ramping of share pricing.

 

More about the news: ALNY reported its gene silencing P3 givosiran met the main goal of reducing the yearly number of attacks in patients with acute intermittent porphyria (AIP) - a disease that affects the liver and causes debilitating attacks that render most disabled.

  • Givosiran also did NOT meet four of its nine secondary goals which tested the reduction in symptoms like daily pain, nausea and fatigue levels. The drug was tested in patients with acute hepatic porphyria (AHP) - a family of rare diseases that affects the liver. Acute intermittent porphyria is the most common subtype of AHP.
  • Currently, there are no approved treatments to prevent the attacks and treat the chronic symptoms of the disease, which include intense abdominal pain.
  • ALNY estimates about 1,000 patients in the U.S. and Europe suffer severe, recurrent attacks and nearly 5,000 experiences less frequent attacks.

 

Pre-open post, “any which way is tradeable; don’t get caught-up with expectation; it’s all about the lack of indications. Are lows rising to being overbought? We just got out of being oversold!”

 

The advance/decline line scenario of 45 covered companies:  

  • The open was negative with the A/DL to 29/11 and 5 flats;
  • The mid-day was negative with an A/DL of 4/40 and 1 flat;
  • The close was negative with an A/DL of 5/39 and 1 flat;

 

Pre-open indications: 6 HITs and 2 MISS

  • Alnylam Pharmaceuticals (ALNY) closed down -$3.56 – miss;
  • CRISPR Therapeutics (CRSP) closed down -$2.48 – hit;
  • Editas Medicine (EDIT) closed down -$1.01 – hit;
  • Intellia Therapeutics (NTLA) closed down -$0.99 – hit;
  • BioTime (NYSEMKT: BTX) closed flat at $0.00 – hit;
  • ReNeuron (RENE.L) closed down -$3.00 – hit;
  • Verastem Oncology (VSTM) closed down -$0.30 – miss;
  • uniQure NV (QURE) closed down -$2.99 – hit;

 

Bouncing to the upside:

  • OSIR (+$0.03 after yesterday’s +$0.94), MDXG (+$0.020, CUR (+$0.0035), BSTG (+$0.07) and AST (+$0.06)

Leading the pack to the downside:

  • BLUE (-$6.32 after yesterday’s -$2.01 after Monday’s -$3.83), SAGE (-$4.71 after yesterday’s -$1.17, Monday’s -$3.43 and Friday’s -$0.24), ALNY (-$3.56), RGNX (-$3.15) and GBT (-$3.04)

Closing FLAT:  

  • BTX

 

Tonight’s percentage (%) indicators: 

  • Range of the 5 upside was +0.17% (OSIR) to +6.74% (AST) while the 39 downside ranged from -0.18% (ONCE) to -9.62% (VSTM).

Volume stat: 

  • 0 out of the 5 upside had higher (than the 3 month average) volume
  • 20 out of the 39 downside experienced greater volume (than the 3 month average)

 

Q4 and FY18 earnings results: Adverum Biotechnologies (ADVM)

Net loss was $15.7 M, or $0.25 per basic and diluted share, for Q4/18, compared to $14.8 M, or $0.32 per basic and diluted share, for Q4/17 and a cash position of $205.1 M with a runway to 2020.

  • Revenue was down to $100 K from $500 K
  • R&D expense was $11.6 M versus $12 M in Q4/17
  • G&A expense was $5.2 M compared to 4 M

 

The iShares NASDAQ Biotechnology (IBB) indicator:

  • Wednesday was down -3.13% after NOT indicating;
  • Tuesday was down -0.52% after NOT indicating;
  • Monday was down -0.96% after indicating a POSITIVE +0.4% in the pre-market;
  • Friday was up +2.10% after NOT indicating;
  • Thursday was down -1.23% after indicating a NEGATIVE -0.49% downside;
  • Last Wednesday was up +1.64% after NOT indicating in the pre-market;

 

 

March sessions:

Wednesday closed NEGATIVE with 39 decliners, 5 advancers and 1 flat;

Tuesday (3/4) closed POSITIVE with 17 decliners, 23 advancers and 5 flats;

Monday (3/1) closed NEGATIVE with 24 decliners, 18 advancers and 3 flats;

Friday (3/1) closed POSITIVE with 11 decliners, 32 advancers and 2 flats;

 

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.