April 17, 2019 5:12pm
Equities were stampeded by sentiment, the lack of trust and algorithms but, at least I allocute when I miss the forecast! The problem of political and regulatory uncertainty worsened conviction as the IBB fell -3.89%
Pre-open indications: 3 HITs and 5 MISS
Short-term investors looking to pick up oversold shares should consider this a buying opportunity … even if it is EARLY!!
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There’s a difference between trust and conviction. Trust is something you can rely on, beyond certainty. Conviction doesn't demand that you, or anyone else, play by the rules. After gains, there’s pain; followed by advances, declines and other progressions or was it regressions?
Markets and indexes:
- The Dow closed down -3.12 points or -0.01% to 26,449.54
- The S&P closed down -6.61 points or -0.23% at 2,900.45
- The NASDAQ was down -4.14 points or -0.05% to 7,996.08
Henry’omics:
Sector stocks struggled on Wednesday as sharp losses in the health-care sector burned the soles off their shoes!
Health care fell 2.9% as a sector, eclipsing a 2% drop from the previous session.
There is NO real news from the sector. However, there were a couple of indirect news items from comparables, competitors and collaborators that seem to have investors taking profits … such as Ionis Pharmaceuticals (IONS) shares that were up 87% over the last year through yesterday!
So what now, it's understandable that no or negative news might cause investors to take profits considering the up, down, round and down run that 45 covered company’s shares have been on over the last year … and since the first of the year.
Short-term investors looking to pick up oversold shares should consider this a buying opportunity … even if it is EARLY!!
Pre-open post, “yippie-yi-yo-kai-yay; there should be a sector-wide round-up of oversold stocks to the upside pen.”
The advance/decline line scenario of 45 covered companies:
- The open was negative with the A/DL to 6/34, 3 flats and 2 acquired (AST &OSIR);
- The mid-day negative with an A/DL of 4/39 and 1 flat and 2 acquired;
- The close was positive with an A/DL of 7/36 and 0 flats and 2 acquired;
My pre-open indications: 3 HITs and 5 MISS
- Alnylam Pharmaceuticals (ALNY) closed down -$3.67 – miss;
- CRISPR Therapeutics (CRSP) closed down -$2.65 – hit;
- Editas Medicine (EDIT) closed down -$1.50 – miss;
- Intellia Therapeutics (NTLA) closed down -$1.18 – hit;
- Mesoblast Limited (MESO) closed down -$0.25 – miss;
- ReNeuron Group (AIM: RENE) closed up +$3.50 – hit;
- Spark Therapeutics (ONCE) closed down -$0.14 – miss;
- Verastem Oncology (VSTM) closed down -$0.14 – miss;
Cell and gene therapy company’s worst-performers were:
- BLUE (-$14.63), IONS (-$10.61), SAGE (-$6.59), BMRN (-$6.16) and ALNY(-$3.67)
- RENE.L (-$9.00), RARE (-$3.94), BMRN (-$3.34), IONS (-$0.60) and BLFS (-$0.43)
- SAGE (-$2.94), BLUE (-$1.67), GBT (-$1.58), ALNY (-$1.28) and QURE (-$1.11)
Sector equities posting gains were:
- RENE.L (+$3.50), RGNX (+$1.05), BSTG (+$0.03), ONVO (+$0.02) and FIXX (+$0.01)
- CRSP (+$1.93), GBT (+$0.89), BLUE (+$0.70), EDIT (+$0.68) and RGNX (+$0.68)
- BMRN (+$1.92), ADVM (+$0.59), EDIT (+$0.45), CLLS (+$0.35) and MESO (+$0.19)
Tonight’s percentage (%) indicators:
- Range of the 7 upside was +0.04% (FIXX) to +4.22% (HSGX) while the 36 downside ranged from -0.13% (ONCE) to -12.74% (IONS).
Volume stats:
- 2 out of the 7 upside had higher (than the 3 month average) volume
- 26 out of the 36 downside experienced greater volume (than the 3 month average)
0 flat – – with 2 acquired (AST & OSIR)
The iShares NASDAQ Biotechnology (IBB) indicator:
- Wednesday was down -3.89%;
- Tuesday was down -1%;
- Monday was down -0.50%;
- Friday was down -0.76%;
- Thursday was down -1.70 %;
- Last Wednesday was up +1.10%;
April sessions:
Wednesday closed NEGATIVE with36 decliners, 7 advancers, 0 flat and 2 acquired (AST & OSIR);
Tuesday closed POSITIVE with 17 decliners, 23 advancers, 4 flat and 1 acquired (AST);
Monday closed NEGATIVE with 29 decliners, 14 advancers, 1 flat and 1 acquired (AST);
Friday closed NEGATIVE with 22 decliners, 21 advancers, 1 flat and 1 acquired (AST);
Thursday closed NEGATIVE with 32 decliners, 11 advancers, 1 flat and 1 acquired (AST);
Wednesday closed POSITIVE with 10 decliners, 33 advancers, 1 flat and 1 acquired (AST);
Tuesday closed NEGATIVE with 34 decliners, 9 advancers, 1 flat and 1 acquired (AST);
Monday closed NEGATIVE with 24 decliners, 18 advancers, 3 flat and 1 acquired (AST);
Friday closed POSITIVE with 12 decliners, 31 advancers, 1 flat and 1 acquired (AST);
Thursday closed NEGATIVE with 30 decliners, 14 advancers, 0 flat and 1 acquired (AST);
Wednesday closed POSITIVE with 16 decliners, 27 advancers, 1 flat and 1 acquired (AST);
Tuesday closed POSITIVE with 11 decliners, 32 advancers, 1 flat and 1 acquired (AST);
Monday (4/1) closed POSITIVE with 19 decliners, 23 advancers, 2 flats and 1 acquired (AST);
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.
