March 8, 2021 8:05am
When the selling pressure relaxes, the downtrodden will be recognized
Pre-open indications: 5 BUYs and 5 SELLs
Earnings’ release: MiMedx (MDXG)
Companies mentioned this a.m.: BSTG, CRIS, EDIT, RARE, BLCM, AGTC, BLUE, FIXX, CLLS, NTLA
RMi’s daily report may say little or a lot; yet it serves as insurance that all indications are being examined and evaluated.
Dow futures are DOWN -0.19% (-63 points), S&P futures are DOWN -0.72% (-28 points) and NASDAQ futures are DOWN -1.63% (-207 points)
U.S. stock futures fell on Monday even as a new $1.9 trillion fiscal aid/stimulus/economic relief package from Washington headed back to the House of Representitives ... a toward final passage this week?
European stocks traded higher with the pan-European Stoxx 600 climbing+ 0.8% by late morning,
Asia-Pacific markets struggled for gains as major indexes in Japan, South Korea, China, and Hong Kong declined.
Data Docket: wholesale inventory data from January
Where is our big bounce today, that was expected or just wished for …?
Friday sent “our” universe of cell and gene therapy to the barely positive with an advance/decline (A/D) line of 18/17, 2 flats and 1 acquired from a sharp sell-off on Friday as a rally in bond yields eased, while a stronger-than-expected jobs report boosted optimism for a faster economic recovery.
Despite Friday’s rebound, the Nasdaq fell more than 2% last week which turned negative on the year. The S&P 500 gained 0.8% this week, snapping a two (2) week losing streak. The Dow was up with a 1.8% weekly gain.
Coming attractions: earnings’ release, Monday, 3/8 – MiMedx (MDXG)
Friday’s evening’s recap: “wild ride, stomach-turning session as the sector low-crawled in the downside to close positive as markets reversed from an earlier sell-off, jumped as a rally in bond yields eased and a stronger-than-expected jobs report boosted optimism; while, the sector drifted to a counter-trend” … https://www.regmedinvestors.com/articles/11799
- The Nasdaq closed UP +196.68 points (+1.55%);
- The IBB closed up +2.05% and XBI closed up +2.47%;
- Sector volume was LOW with 8 of the 18-upside having higher than the 3-month average volume with the volume of 9 of 14-downside having higher than the 3-month average volume;
- The CBOE Volatility Index (VVIX: INDEX) was down -3.91 points or -13.69% at 24.66
- Friday’s percentage (%) of the 18-upside were +0.54% (ATHX) to +8.96% (SAGE) while the 14-downside ranges from -0.11% (MESO) to -6.73% (PSTI);
March: 2 positive, 3 negative closes
February: 9 positive, 10 negative closes and 1 holiday
January: 10 positive, 9 negative closes and 1 holiday
Companies in my headlights – It’s your decision; I provide an idea and context:
Maintaining Sell: Questions continue …
Biostage (BSTG) closed flat again with 217 shares traded after Thursday’s 2,083 shares being traded after Wednesday’s being flat at $1.63 with 32 shares traded, Tuesday’s -$0.01 to $1.63 with 275 shares traded after Monday’s -$0.01 to $1.64 with 1,838 shares traded.
Question#1: Has the principal investigator, Dr. Christine Finck, MD, Connecticut Childrens (hospital) disclosed shares personally owned (?) whose lab was funded by multiple levels of a corporate GIFT, corporate spending and reimbursements from BSTG. BUT the largest issue is … the financial reporting at the end of the IND filing – WAS her stock holdings listed or the CEO’s personal holdings and the hospital’s stock holdings? Shouldn’t or don’t Investigators NOT own shares for many reasons which include issues of transparency that could be considered prejudicial to the “proper” designation of unbiased research role of lead investigators?
Question#2: Doesn’t these issues put MORE governmental, fiduciary and transparency responsibility on the new board and audit committee member, Herman Sanchez and RSM US LLP?
MINORITY shareholders are watching and weighting responses to MAINTAIN their RIGHTS.
Applied Genetic Technologies (AGTC) closed down -$0.18 to $4.88 after Thursday’s $5.06, Wednesday’s $5.42, Tuesday’s $5.81 and last Monday’s $5.51 with a positive +$0.10 or +2.05% pre-market indication.
bluebird bio (BLUE) closed up +$0.74 to $28.68 after Thursday’s -$1.40 to $27.94 with a positive +$0.23 or +0.80% pre-market indication.
Homology Medicine (FIXX) closed down -$0.27 to $9.46 after Thursday’s -$0.72 to $9.73 with a positive +$0.64 or +6.77% pre-market indication.
From SELL to BUY:
Cellectis SA (CLLS) closed down -$1.12 to $18.19 after Thursday’s-$0.83 to $19.31 with a positive +$0.36 or +1.98% pre-market indication post earnings’ release.
Intellia Therapeutics (NTLA) closed down again -$2.61 to $51.81 after Thursday’s -$3.29 to $54.42 with a positive +$0.19 or +o.37% pre-market indication
CRISPR Therapeutics (CRSP) closed down -$0.84 to $114.65 with a negative -$1.68 or -1.47%% pre-market indication.
Editas Medicine (EDIT) closed up +$1.27 to $41.63 after Thursday’s -$2.77 to $40.36 with a negative -$0.13 or -0.31% pre-market indication.
Ultragenyx (RARE) closed down -$0.13 to $118.50 after Thursday’s $118.63, Wednesday’s $125.40, Tuesday’s $139.93 and last Monday’s $142.47 with a negative -$2.50 or -2.11% pre-market indication.
Bellicum Pharmaceuticals (BLCM) closed down -$0.08 to $3.77 after Wednesday’s $3.85, Tuesday’s $4.17, Monday’s $4.41 and last Friday’s $4.37 with a negative -$0.06 or -1.63% pre-market indication.
The BOTTOM LINE: A tug-of-war is taking place in the sector as investors position in volatile trading and churning.
Investors remain wary of the impact that the massive Biden fiscal act will have on longer-term interest rates, making for a fragile equity environment.
I STILL am a “beware Man” whose focus has always been “warning analysis” … earnings’ season is NOT over … my advice, trim and skim … if one can!”
Many talk of horizons; “as I have said last week, my horizon is usually a Friday’s close …”
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.