April 24, 2019 6:28pm

Extreme weakness in volume and very low percentage change as the Advance/Decline (A/D) line also bottoms with the IBB (-1.09%) shrinking from yesterday’s (+0.09%) and Monday's (+0.05%)

Pre-open indications: 5 HITs and 4 MISS

The days of being long are not the strongest investing rationale!

 

 

One can take a good or bad feeling, re-frame it, and suddenly that sensation is the solution. Not me, I don’t run from any feeling but, take that sensation itself as a sharpened stick to “poke’ mainstream thinking.

A daily report may say little or a lot and its final judgement may be inconclusive; yet it serves as insurance that all indications are being examined and evaluated.

 

Markets and indexes:

  • The Dow closed down -59.34 points or -0.22% to 26,597.05
  • The S&P closed down -6.43 points or -0.22% at 2,927.25
  • The NASDAQ was down -18.81 points or -0.23% to 8,102.02

 

Henry’omics:

Sector equities fell as sentiment … flickered after a solid upside on Tuesday!

Reiterating, “Confidence perceived is not always value achieved.”

I wrote this a.m., “Sector focus is to maintain and sustain current highs – in a few cases it won’t matter which will be all about safety and selling into strength. The next obvious question is whether “our” universe is in the midst of the usual overreaction (?) or not – anxiety is growing re LPS (loss-per-share) earning’s release dates.”

This sector is about trust and convection!

  • 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?

BioMarin Pharmaceuticals (BMRN) reports tomorrow and it dived -$0.51 to $85.49 with 818.1 K shares traded (3 month average = 991.6 K shares) – the usual indication pre “earnings” release.

 

Pre-open post, “volatility bubbles and risk boils just below the surface; I’d fold on some of yesterday’s and today’s “upsiders”- taking profits.”

 

The advance/decline line scenario of 45 covered companies:  

  • The open was positive with the A/DL to 37/4, 2 flats and 2 acquired (AST & OSIR);
  • The mid-day was negative with an A/DL of 13/30 and 0 flat and 2 acquired;
  • The close was negative with an A/DL of 13/29 and 1 flat and 2 acquired;

 

My pre-open indications:  5 HITs and 4 MISS

  • Athersys (ATHX) closed down -$0.02 – hit;
  • Regenxbio (RGNX) closed up +$0.67 – miss;
  • bluebird bio (BLUE) closed up +$4.06 – miss;
  • Alnylam Pharmaceuticals (ALNY) closed down -$1.66 – miss;
  • CRISPR Therapeutics (CRSP) closed down -$0.67 – hit;
  • Editas Medicine (EDIT) closed down -$0.35 – hit;
  • Intellia Therapeutics (NTLA) closed down -$0.27 – hit;
  • ReNeuron holdings (RENE.L) closed up +$4.50 – hit;
  • Verastem Oncology (VSTM) closed down -$0.15 - miss;

 

Cell and gene therapy company’s worst-performers were:

  • Wednesday: BLUE (-$4.06), SAGE (-$2.54), IONS (-$1.99), ALNY (-$1.66) and FIXX (-$1.24)
  • MDXG (-$0.06), BLFS (-$0.060, BCXLI (-$0.015) and KOOL (-$0.001)
  • Monday: RGNX (-$3.57), ONCE (-$0.37), AXGN (-$0.34), GBT (-$0.33) and QURE (-$0.28)

Sector equities posting gains were:

  • Wednesday: RENE.L (+$4.50), BLFS (+$0.45), AXGN (+$0.28), STML (+$0.26) and VCEL (+$0.24);
  • RENE.L (+$12.00), ALNY (+$4.250, BLUE (+$3.57), GBT (+$2.45) and RARE (+$2.43)
  • Monday: CUR (+$0.08), RENE.L (+$6.50), CLBS (+$0.07), BOLD (+$0.83) and ADVM (+$0.12)

 

Tonight’s percentage (%) indicators: 

  • Range of the 13 upside was +0.06% (ONCE) to +4.33% (BCLI) while the 29 downside ranged from -0.11% (FATE) to -6.61% (VSTM).

Upside volume stats: 

  • Wednesday: 2 out of 13 upside had higher than the 3 month average volume
  • Tuesday: 13 out of 36 upside had higher than the 3 month average volume
  • Monday: 1 out of the 20 upside had higher (than the 3 month average) volume

Downside volume stats:

  • Wednesday: 3 out of the 29 downside experienced greater volume than the 3 month average;
  • Tuesday: 1 out of the 4 downside experienced greater volume than the 3 month average;
  • Monday: 1 out of the 22 downside experienced greater volume (than the 3 month average)

1 flat – MDXG – with 2 acquired (AST & OSIR)

 

The iShares NASDAQ Biotechnology (IBB) indicator:

  • Wednesday was down -1.09%;
  • Tuesday was up +0.09%%;
  • Monday was up +0.05%;
  • Friday was a market holiday
  • Thursday was down -0.57%;
  • Last Wednesday was down -3.89%;

 

April sessions:

Wednesday closed NEGATIVE with 29 decliners, 13 advancers, 1 flat and 2 acquired (AST & OSIR);

Tuesday closed POSITIVE with 4 decliners, 36 advancers, 3 flat and 2 acquired (AST & OSIR);

Monday closed NEGATIVE with 22 decliners, 20 advancers, 1 flat and 2 acquired (AST & OSIR);

Friday was a market holiday;

Thursday closed NEGATIVE with 34 decliners, 7 advancers, 2 flat and 2 acquired (AST & OSIR);

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.