June 6, 2019 8:13am
After yesterday’s profiteering from strength and low volume, the starting gates re-open
Pre-open indications: 4 BUYs, 2 SELLs and 3 TRADES
News: Government scientists will no longer conduct research using fetal tissue, the Trump administration granting the wishes of anti-abortion groups and overruling the concerns of scientists <STAT … read more>
While many talk about the shift in alternating sentiment, I monitor the pulse and focus of possible outcomes
Opinion extraction, summarization and tracking are three important techniques for understanding sentiment.
Dow futures are UP +0.24% (+61 points), S&P futures are UP +0.22% (+7 points) and NASDAQ futures are also UP +0.25% (+19 points)
U.S. stock index futures were higher Thursday morning as rally based on hopes of a rate cut from the Federal Reserve looked set to continue;
Europe markets higher as traders look ahead to ECB decision as the pan-European Stoxx 600 ticked 0.6% higher;
Asia Pacific markets traded mixed as markets in the Greater China region struggled for gains, while South Korea remained shut for a public holiday.
Data docket: jobless claims, first-quarter productivity and unit labor cost figures are expected at 8.30 a.m. ET, along with April’s international trade figures.
- Investors will also be keeping an eye on the European Central Bank (ECB) which is set to announce its latest monetary policy decision today,
- Also gross domestic product data for the euro area is scheduled for publication on today...
Keeping the sector moving in an up market; although some equities will take a hit!
Markets will be monitoring ongoing global trade tensions, however, particularly the threat from President Donald Trump to impose a 5% tariff on all Mexican imports, in a political ploy criticized even by members of his own party.
The Department of Health and Human Services said it has discontinued all internal research that involves fetal tissue, which is obtained through elective abortions. External fetal-tissue projects that receive government funding will continue, but any grant application that is either new or up for renewal will require the approval of an ethics advisory board, the department said in a statement.
From Wednesday night’s post, “did or will the dead cat bounce? As I had stated, “Anticipate the highs but, strength has its issues of being sold into! Also watch … volumes!”
- The close was negative with an A/DL of 17/24 and 2 flats and 2 acquired;
- Wednesday’s range of the 17 upside was +0.11% (SGMO) to +14.40% (KOOL +$0.36 post reverse) while the 24 downside ranged from -0.20% (NTLA) to -12.21% (ONVO);
- 3 out of the 17 upside had higher than the 3 month average volume;
- 7 out of the 24 downside had higher than the 3 month average volume;
- The iShares NASDAQ Biotechnology (IBB) indicator: closed up +0.17% after Tuesday’s +1.93% after Monday’s+1.08% after Friday closed down -1.78%;
Q2/19 so far:
- In June, there were 2 positive and 1 negative close, so far;
- In May, there were 14 negative, 1 holiday and 8 positive closes;
- In April, there has been 10 positive and 11 negative closes;
Companies in my headlights – It’s your decision; I provide an idea and context: post earnings release:
Alnylam Pharmaceuticals (ALNY) closed up +$1.75 to $70.55 after Tuesday’s +$1.93 to $68.80 and news of the completion of a rolling submission of an NDA to the U.S. FDA for givosiran, an investigational RNAi therapeutic targeting aminolevulinic acid synthase 1 (ALAS1) in development for the treatment of acute hepatic porphyria (AHP). Givosiran previously received Breakthrough Therapy Designation from the FDA and Orphan Drug Designation in the U.S. for AHP – BUY to SELL;
Applied Genetic Technologies (AGTC) closed flat at $3.68 after Tuesday’s -$0.20 to $3.68 following Monday’s $3.88, Friday’s $3.65 and last Thursday’s $3.70 - oversold on no news with 2nd half results due. A trading stock, BUY;
BioMarin Pharmaceuticals (BMRN) closed down -$0.19 to $83.59 after Tuesday’s +$1.71 to $83.78, Monday’s -$0.17 to $82.07, Friday’s -$1.14 to $82.24, Thursday’s +$0.43 to $83.38 and last Wednesday’s $82.95. BMRN announced today that Vimizim® has been approved by the National Medical Products Administration (NMPA) for the treatment of patients with mucopolysaccharidosis type IVA (MPS IVA), also known as Morquio A syndrome. Vimizim is the first treatment in China approved for this condition. – Maintaining BUY;
bluebird bio (BLUE) closed down -$4.67 to $124.77 after Tuesday’s +$7.02 to $129.44, Monday’s $122.42, Friday’s $119.92, Thursday’s $120.53 and last Wednesday’s $122.25 - profit, SELL to BUY;
CRISPR Therapeutics (CRSP) closed up +$0.27 to $37.53 after Tuesday’s +$1.27 to $37.26, Monday’s +$0.42 to $35.99, Friday’s -$1.02 to $35.57 and last Thursday’s -$0.27 to $36.59 following the previous Wednesday’s +$0.14 to $36.86 as May 1st opened at $38.82, Oversold, – TRADE;
Editas Medicine (EDIT) closed down -$0.35 to $20.48 after Tuesday’s +$0.07 to $20.83, Monday’s +$0.21 to $20.76, Friday’s -$0.68 to $20.55 and last Thursday’s +$0.08 top $21.23 following the previous Wednesday’s -$0.28 to $21.15. Needs some upside – TRADE;
Intellia Therapeutics (NTLA) closed down -$0.03 to $14.66 after Tuesday’s +$0.44 to $14.69, Monday’s +$0.37 to $14.25, Friday’s -$0.62 to $13.88 and last Thursday’s +$0.03 to $14.50 following the previous Wednesday’s -$0.29 to $14.47. Needs some upside - TRADE
uniQure NA (QURE) closed up +$3.46 to $74.20 after Tuesday’s +$6.10 to $70.74 after Monday’s +$5.33 or +8.99% to $64.64 following Friday’s $59.31, Thursday’s $57.51 and last Wednesday ‘s $60.43 – profited last night, Maintaining SELL;
ReNeuron (RENE.L) closed down -$22.00 after Tuesday’s -$5.00 to $295.00, Monday’s -$5.00 to $300.00, Friday’s at $305.00 and last Thursday’s -$5.00 following the previous Wednesday’s -$15.00 to $300.00. RENE.L has a time differential trading with a market upside of -$0.90 – SELL to BUY;
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.