July 23, 2019 8:03am
To push the sector’s slow incline while volume continues low
What more is to say, it’s not quite our “earnings” time!
News: Applied Genetic Technologies Corporation (AGTC) has completed enrollment of the 3rd group in the dose escalation portion of its P1/2 clinical trial evaluating the safety and efficacy of subretinal injection of (rAAV2tYF-PR1.7-hCNGA3) for the treatment of achromatopsia (ACHM) caused by mutations in the CNGA3 gene. AGTC expects to provide interim dose-escalation data in Q4/19.
It's a daunting task to understand risk, seeing the unforeseen; on the basis of my own “rules”, I set-up my own “warning analysis” which isn’t machine oriented!
I make a commitment to provide need-to-know “facts in evidence” as equity’s volatility is one tactical signal for stocks.
Dow futures are up +0.34% (+92 points), S&P futures are UP +0.29% (+9 points) and NASDAQ futures are UP +0.38% (+29 points)
U.S. stock index futures were higher as investors anticipate earnings;
European markets trade higher as UK prepares a new Prime Minister (Boris Johnson) to assume leadership while the pan-European Stoxx 600 was up around 0.45% shortly after the opening bell;
Asian Pacific stocks are up as investors await closely-watched central bank meetings in the coming days and quarterly earnings were better than expected;
Data docket: May’s Federal Housing Finance Agency House Price Index (HPI) due at 9:00 a.m. ET and June’s existing home sales figures set for release at 10:00 a.m. ET
Henry’omics:
Amid the ongoing earnings season, more than a quarter of the S&P 500 companies has reported earnings this week. So far, more than 15% of the S&P 500 has posted quarterly results. Of those companies, 78.5% have topped analyst expectations for earnings while 67% have reported better-than-expected quarterly revenues <FactSet data>.
“Our” universe earnings kick-off on 8/1 with another addition, BioMarin Pharmaceuticals (BMRN), following Sage Therapeutics (SAGE), AxoGen (AXGN) and Vericel (VCEL) on 8/6, Athersys (ATHX) on 8/7 and Organovo (ONVO) on 8/8.
I anticipate larger LPS (loss-per-share) quarterly results causing gyrating price moves during "our" earngs response season!
From Monday’s evening post, “the upside swelled from Friday’s decline. As I had stated, “Friday’s tin could be today’s gold after a 38 of 45 “covered” companies declined!”
- The NASDAQ was up +57.65 or +0.71% to 8,204.14;
- The IBB closed up +0.23%, the XBI closed up +0.34% while the NASDAQ rose +0.71%;
- The close was positive with an A/D Line of 24/17 and 2 flats and 2 acquired;
- The range of the 24 upside was +0.04% (BMRN) to +7.36% (BLFS) while the 17 downside ranged from -0.10% (HSGX) to -6.34% (ADRO);
- 4 out of the 24 upside had higher than the 3 month average volume;
- 2 out of the 17 downside had higher than the 3 month average volume;
Q3/19 so far: there were 6 positive, 1 holiday and 10 negative closes;
Companies in my headlights – It’s your decision; I provide an idea and context:
News is a “pricing” mover:
- Applied Genetic Technologies (AGTC)
Oversold:
- uniQure (QURE)
- ReNeuron (RENE.L)
Overbought:
- BioLife Solutions (BLFS)
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.
