January 7, 2021 7:58am
Although, markets should NOT totally shrug off riots at the U.S. Capitol, there could be a lingering sentiment
Pre-open indication: 3 SELLs and 2 BUYs
News: Alnylam Pharmaceuticals (ALNY) HELIOS-A P3 study of vutrisiran, an investigational RNAi therapeutic in development for the treatment of transthyretin-mediated (ATTR) amyloidosis, met its primary and both secondary endpoints at nine (9) months in patients with hATTR amyloidosis with polyneuropathy.
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Dow futures are UP +0.30% (+91 points), S&P futures are UP +0.43% (+16 points) and NASDAQ futures are UP +0.72% (+91 points)
U.S. stock futures rose on Thursday as Congress certified the election of Biden as president;
European markets modestly higher as the coronavirus pandemic remains a key concern and the pan-European Stoxx 600 gained +0.3% in early trade;
Asia-Pacific markets were higher after the Dow surged to an all-time high overnight despite unrest in Washington as the MSCI’s index of Asia-Pacific shares outside Japan advanced +0.62%.
Data Docket: EIA report (natural gas), International trade deficit, ISM – non-manufacturing index and the Initial jobless claims at 8:30 a.m. Economists are expecting 815,000 Americans who filed for unemployment last week, compared to the previous week’s 787,000 claims.
Henry’omics:
Last night, “The U.S. Capitol was stormed by rioters and the halls of Congress evacuated as supporters of President Trump swarmed past barricades, overwhelming outnumbered police and sending lawmakers fleeing proceedings in which they were formalizing the election victory of President-elect Biden.”
Yet, the Dow climbed more than 400 points or 1.4% to close at a record high, the S&P 500 rose 0.57%, also hitting an intraday all-time high during the session while the Nasdaq underperformed, dipping 0.6%. The small cap benchmark Russell 2000 jumped nearly 4% to top the 2,050 level on hopes of further fiscal aid
After all the afternoon craziness, Biden was formally recognized (3:34 a.m.) by Congress as the next U.S. president early today, a day after demonstrators overpowered police and stormed through the Capitol building in a scene of unprecedented turmoil in Washington.
Wednesday’s evening’s recap: RegMed Investors’ (RMi) closing bell: “sector sustained as share pricing defies gravity as investor fears moved higher heading into the close” … https://www.regmedinvestors.com/articles/11709
- The Nasdaq closed DOWN -78.17 points (-0.61%);
- The IBB closed up +1.21% and XBI closed up +2.04%;
- Sector volume was LOW with 14 of the 22-upside having higher than the 3-month average volume with the increased volume of 5 of 12-downside having higher than the 3-month average volume;
- The CBOE Volatility Index (VVIX: INDEX) was down -0.27 points or -1.07% at 25.07;
- Wednesday’s percentage (%) of the 22-upside were +0.03% (VCEL) to +15.06% (FATE) while the 12-downside ranges from -0.07% (BLUE) to -6.06% (BLFS);
January:
- 3 positive closes, so far
Companies in my headlights – It’s your decision; I provide an idea and context:
Maintaining Sell:
Biostage (BSTG) closed up +$0.06 to $1.21 with 366 shares traded after Tuesday’s -$0.10 to $1.15 with 11,943 shares traded, Monday’s flat at $1.25 with 2,652 shares traded and last Thursday’s +$0.04 to $1.15 with 5,491 shares traded. Reiterating the questions …
- Question#1: WHY has eleven (11) months gone by without the initiation of the approved IND clinical trial or even a partnering?
- Question#2: WHAT is Shunfu Hu, VP of business development and operations doing through these months with NO activity to advance the company forward, asleep at the helm?
- Question#3; HOW will RSM US LLP, their accounting firm explain their operational audit of the years progress and the “going concern” issues, lack of audit committee BOD members and the continued rental CFO status?
- Question#4: WHAT is the relationship with Dixintong Technology Group in China and DST Capital from Weston, Mass in funding the company?
Aftermarket indications:
BUY:
Alnylam Pharmaceuticals (ALNY) closed down -$0.62 to $126.83 and has a positive +$0.32 or +0.25% aftermarket indication. ALNY announced the HELIOS-A P3 study of vutrisiran, an investigational RNAi therapeutic in development for the treatment of transthyretin-mediated (ATTR) amyloidosis, met its primary and both secondary endpoints at nine months in patients with hATTR amyloidosis with polyneuropathy.;
Maintaining BUY:
bluebird bio (BLUE) closed down -$0.03 to $44.90 after Tuesday’s +$0.27 to $44.93, Monday’s $44.66, and last Thursday’s $43.27 with a positive +$0.30 or +$0.67% aftermarket indication;
SELL into Strength:
FATE Therapeutics (FATE) closed up +$13.06 or +15.06 to $99.78 as an $85.59 priced offering of 4.42 million shares with $376 million of proceeds was executed and has a negative -$0.29 0r -0.29% aftermarket indication;
uniQure NV (QURE) closed up +$0.77 to $38.54 and has a positive +$0.44 or +1.14% aftermarket indication;
SELL based on proposed offering:
Regenxbio (RGNX) closed up +$3.77 to $48.68 which was followed by a proposed $175 million offering and has a negative -$1.68 or -3.45% aftermarket indication;
The BOTTOM LINE: Despite the disruption, markets showed little sign of worry and trading throughout the day was normal. Bullish themes, such as the prospect for more U.S. stimulus spending in a Democrat-controlled Congress and the vaccine rollout, have dominated investor attention.
Today, U.S. and global markets extended the sustainability of a rally and fiscal aid/stimulus hopes as Trump pledges orderly transition; the new U.S. Congress will enact further stimulus to offset the spectacle of violence in the capital of the world’s leading economy.
To reiterate, my soapbox is still in place as I re-emphasize volatility will remain elevated into the New Year.
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.
