November 12, 2020 5:28pm

Thursday’s moves came as the number of coronavirus cases continues to rise

Pre-open indication results: 5 HITs and 5 MISS

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The Dow closed DOWN -317.46 points (-1.08%), the S&P closed DOWN -35.65 points (-1%) while the Nasdaq closed DOWN -76.84 points (-0.65%)

 

Henry’omics:

Indexes fell on Thursday as an increasing number of U.S. coronavirus cases raised concerns over the health of the economy heading into year-end.

The major averages turned sharply lower after Fed Chair Powell said the U.S. economic outlook remained uncertain even after this week’s positive vaccine news.

 

From this A.M.’s Data Docket: Another 709,000 Americans filed for first-time unemployment benefits last week, marking another modest improvement in the number of those newly unemployed even as coronavirus cases in the U.S. continue to creep higher.

  • Initial jobless claims, week ended Nov. 7: 709,000 versus 731,000 expected and a revised 757,000 during prior week;
  • Continuing claims, week ended Oct. 31: 6.786 million versus 6.825 million expected and a revised 7.222 million during prior week.

 

Pre-open indication: 5 HITs <Biostage (BSTG -$0.075 with 810 shares traded), Homology Medicine (FIXX +$0.13), Ultragenyx (RARE -$5.20), Sell into strength: Fate Therapeutics (FATE -$1.40) and 5 MISS < Intellia Therapeutics (NTLA +$0.08), Verastem (VSTM +$0.08), uniQure NV (QURE -$0.68), bluebird bio (BLUE-+$0.07), Sage Therapeutics (SAGE -$0.27);

 

This morning, I stated in this a.m.’s newsletter – RegMed Investors’ (RMi) pre-open: a sector of choices but, at a cost as “eyes” are elsewhere … https://www.regmedinvestors.com/articles/11632

 

RegMed/Cell and Gene therapy 35 covered equities’ Advance/Decline (A/D) lines: progressions and regressions …

  • Thursday opened positive at 17/14 and 4 flats, stayed positive at the mid-day at 18/16 and 1 flat, closing negative at xx/15 and 1 flat;
  • Wednesday opened negative at 13/19 and 3 flats, stayed negative at the mid-day at 16/17 and 2 flats, closing positive at 17/15 and 3 flats;
  • Tuesday opened negative at 13/17 and 5 flats, stayed negative at the mid-day at 9/923 and 3 flats, cruised at 3 p.m. at 21/12 and 2 flats to close positive at 22/11 and 2 flats;
  • Monday opened positive at 25/7 and 3 flats, stayed positive at the mid-day at 24/9 and 2 flats, closing positive at 21/12 and 2 flats;

 

Key metrics:

  • Sector volume was the usual LOW with 5 of the 15-upside having higher than the 3-month average volume with the increased volume of 6 of 19-downside having higher than the 3-month average volume;
  • Thursday’s percentage (%) of the 15-upside were +0.04% (ADVM) to +6.85% (GBT) while the 19-downside ranges from -0.15% (BLUE) to -5% (BSTG);

 

Hammered in today’s market:

  • Ultragenyx (RARE), Fate Therapeutics (FATE), Editas Medicine (EDIT), ReNeuron (RENE.L), BioLife Solutions (BLFS) to name 5 of the 19 declining of the 35 covered

Jumping with share pricing momentum:  

  • Alnylam Pharmaceuticals (ALNY), Global Blood Therapeutics (GBT), Chinook Therapeutics (KDNY), CRISPR Therapeutics (CRSP), Brainstorm Cell Therapeutics (BCLI) to name 5 of the 15 inclining of the 35 covered

 

The iShares NASDAQ Biotechnology (IBB) and the SPDR S&P ETF (XBI) indicators:

  • Thursday, the IBB closed up +0.01% and XBI closed up +0.06%
  • Wednesday, the IBB closed up +1.29% and XBI closed up +1.39%
  • Tuesday, the IBB closed up +0.40% and XBI closed up +1.50%
  • Monday, the IBB closed down -0.08% and XBI closed up +0.42%

 

Thursday’s (10 of 15) incliners:

  • Alnylam Pharmaceuticals (ALNY +$3.35 after Wednesday’s +$3.20, Tuesday’s -$2.43 and Monday’s -$3.25);
  • Global Blood Therapeutics (GBT +$2.58);
  • CRISPR Therapeutics (CRSP +$1.13 after Wednesday’s +$1.35, Tuesday’s -$0.95 and Monday’s -$3.01);
  • Chinook Therapeutics (KDNY +$0.67);
  • Brainstorm Cell Therapeutics (BCLI +$0.46);
  • Cellectis SA (CLLS +$0.38 after Wednesday’s +$0.23, Tuesday’s -$0.92 and Monday’s +$0.84);
  • MiMedx (MDXG +$0.36 after Wednesday’s -$0.21, Tuesday’s -$0.08 and Monday’s -$0.19);
  • Precigen (PGEN +$0.15 after Wednesday’s -$0.22 and Tuesday’s +$0.57);
  • Pluristem (PSTI +$0.14 after Wednesday’s +$0.43, Tuesday’s -$0.04 and Monday’s -$1.13);
  • Homology Medicine (FIXX +$0.13);

Thursday’s (10 of 19) decliner:

  • Ultragenyx (RARE -$5.20 after Wednesday’s +$2.35, Tuesday’s +$3.76 and Monday’s +$2.30);
  • Fate Therapeutics (FATE -$1.40 after Wednesday’s +$0.31, Tuesday’s +$1.92 and Monday’s +$2.41);
  • Editas Medicine (EDIT +$1.30 after Wednesday’s -$0.78, Tuesday’s -$0.53 and Monday’s -$0.08);
  • BioLife Solutions (BLFS -$1.11 after Wednesday’s +$0.58);
  • ReNeuron (RENE.L -$1.00 after Wednesday’s -$1.00, Tuesday’s -$10.00 and Monday’s +$16.00);
  • uniQure NV (QURE -$0.68 after Wednesday’s -$0.88, Tuesday’s +$2.00 and Monday’s +$1.02);
  • Regenxbio (RGNX -$0.67 after Wednesday’s +$0.62, Tuesday’s +$0.60 and Monday’s +$2.99);
  • Mesoblast (MESO -$0.36);
  • Sage Therapeutics (SAGE -$0.27 after Wednesday’s -$1.27, Tuesday’s +$1.81 and Monday’s -$0.23);

Closing flat - 1 –Stemline Therapeutics (STML – acquired)

 

Percentage (%) movement/range statistics: a 360 degrees comparison of % and pricing

  • Thursday’s percentage (%) of the 15-upside were +0.04% (ADVM) to +6.85% (GBT) while the 19-downside ranges from -0.15% (BLUE) to -5% (BSTG);
  • Wednesday’s percentage (%) of the 17-upside were +0.03% (AXGN) to +9% (BLCM) while the 15-downside ranges from -0.36% (VCEL) to -8.14% (AGTC);
  • Tuesday’s percentage (%) of the 22-upside were +0.16% (IONS) to +11.11% (BSTG with only 200 shares traded) while the 11-downside of -0.46% (PSTI) to -23.21% (VYGR);
  • Monday’s percentage (%) of the 21-upside were +0.35% (BCLI) to +17.68% (RENE.L) while the 12- downside of -0.26% (EDIT) to -15.62% (BSTG);

 

Sentiment and a few daily indicators:

Newly diagnosed coronavirus cases and hospitalizations continue to rise in nearly every state across the country as the U.S. reports fresh record one-day spikes in cases. It’s not just cases that are rising. The seven-day average of hospitalized Covid-19 patients is up by at least 5% in 46 states. <CNBC>

Infection cases <Million>:

  • Thursday 10.41 M cases
  • Wednesday 10.26 M cases
  • Tuesday 10.1 M cases
  • Monday 10 M cases

Thursday’s death rate totaled 241,907 after Wednesday’s 239,732, Tuesday’s 238,251, Monday’s 237,742, Friday’s 234,049 and last Thursday’s 233,767 <Johns Hopkins University>

 

Stats:

Upside volume: 

  • Thursday: 5 out of the 15-upside had higher than the 3-month average volume;
  • Wednesday: 4 out of the 17-upside had higher than the 3-month average volume;
  • Tuesday: 8 out of the 22-upside had higher than the 3-month average volume;
  • Monday: 15 out of the 21-upside had higher than the 3-month average volume;

The CBOE Volatility Index (VVIX: INDEX) tracked:

  • Thursday was up +1.90 points or +8.10 % at 25.35
  • Wednesday was down -1.33 points or -5.36% at 23.47
  • Tuesday was down -0.95 points or -3.69% at 24.80
  • Monday was up +0.89points or +3.58% at 25.75

Downside volume:

  • Thursday: 6 out of the 19-downside had higher than the 3-month average volume;
  • Wednesday: 4 out of the 15-downside had higher than the 3-month average volume;
  • Tuesday: 6 out of the 11-downside had higher than the 3-month average volume;
  • Monday: 6 out of the 12-downside had higher than the 3-month average volume;

 

November, the 2nd month of Q4 …

Thursday closed negative with 15 advancers, 19 decliners and 1 flat 

Wednesday closed positive with 17 advancers, 15 decliners and 3 flats 

Tuesday closed positive with 22 advancers, 11 decliners and 2 flats 

Monday (11/9) closed positive with 21 advancers, 12 decliners and 2 flats 

Friday closed negative with 6 advancers, 28 decliners and 1 flat 

Thursday closed positive with 20 advancers, 11 decliners and 4 flats 

Wednesday closed positive with 28 advancers, 4 decliners and 3 flats 

Tuesday closed positive with 30 advancers, 4 decliners and 1 flat 

Monday (11/2) closed positive with 17 advancers, 15 decliners and 3 flats 

 

The Bottom Line: I knew the sector was to decline … the overbought to the oversold, the usual story!

Keep reducing risk ...!!

 

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.