March 7, 2023 7:35am
With a tightening noose on share pricing
Pre-open Indications: 2 Positive and 2 Negative Indication
News: Ionis Pharmaceuticals (IONS +$0.84 or+2.32%) the FDA has accepted for review a New Drug Application (NDA) for eplontersen, an investigational antisense medicine for the treatment of people living with hereditary transthyretin-mediated amyloid polyneuropathy (ATTRv-PN). The application has been given a Prescription Drug User Fee Act (PDUFA) action date of Dec. 22, 2023.
Earnings: Voyager Therapeutics (VYGR)
A daily report may say little or a lot and its final judgement may be inconclusive; yet it serves as insurance that all indications are being examined, evaluated and reported.
Subscription is coming, it’s not conscription but, an offer to join our collective of like-minded investors! Join me … in the NO spin zone.
The 8:00 a.m. edition
Remember that overnight and pre-open actions in futures don't necessarily translate into actual trading in the coming day’s session. My interpretation of the morning’s numbers is written to be informative; it’s built on will happen behind the headlines today, not tomorrow or yesterday …
Dow futures are UP +0.01% or (+4 points), S&P futures are UP +0.11% or (+4 point) and NASDAQ futures are UP +0.22% or (+27 points) early in the pre-open – so far
Henry’omics:
We need to understand the macro to comprehend the micro re “our” universe of cell and gene therapy companies …
Monday, two indexes (Dow and S&P) rose while the Nasdaq pooped the bed, building on last week’s gains after its pains. The Dow closed UP +40.47 points (+0.12%); the S&P closed UP +2.78 points (+0.07%) while the Nasdaq closed DOWN -13.27 points (-0.11%)
Economic Data Docket: wholesale inventories data, consumer credit data and fed policy speak
· The remarks will guide investors and lawmakers on how the central bank is thinking about inflation and its rate-hiking campaign, and determine the market goes from here. <CNBC>
Monday’s (3/6) … RegMed Investors’ (RMi) closing bell: sector share pricing evaporated as upcoming Fed policy stymies share pricing. Markets grid for testimony from Powell on Tuesday and Wednesday.” … https://www.regmedinvestors.com/articles/12856
RegMed Investors (RMi) Research Note: Upcoming Q4 earnings reporting dates … https://www.regmedinvestors.com/articles/12830
RegMed Investors (RMi) Research Note: Q4 and FY22 earnings reporting … “The cell and gene therapy sector fluctuates in revenues, collaboration, regulatory submissions and expenses, but the changes may alarm investors who prefer to see expectation and consensus stability and share pricing growth” … https://www.regmedinvestors.com/articles/12843
Ebb and flow:
Q1/23 –
March – 1 positive and 3 negative close
· February – 1 holiday, 2 vacation, 7 negative and 8 positive closes
· January – 2 holidays, 11 positive and 9 negative closes
Companies in my headlights – It’s your decision; I provide ideas and context: INDICATIONS
Positive indications:
Monday’s closing price, aftermarket dollar ($) and cent ($0.00) value and percentage (%)
· Caribou Biosciences (CRBU) closed down -$0.31, with a positive +$0.20 or +3.45% aftermarket indication
· Ionis Pharmaceuticals (IONS) closed down -$0.35 with a positive +$0.84 or +2.32% pre-open indication on news <from title>
Negative Indications:
Monday’s closing price, aftermarket dollar ($) and cent ($0.00) value and percentage (%)
· Verve Therapeutics (VERV) closed down -$0.66, with a negative -$0.81 or -4.31% aftermarket indication
· Sage Therapeutics (SAGE) closed up +$0.30, with a negative -$1.09 or -2.59% aftermarket indication
The BOTTOM LINE: I try to keep it simple and short!
Index internals are showing that the market of stocks is declining, led by smaller capitalization stocks. <MarketWatch>
I had welcomed Friday’s upside notching a weekly gain as uncle algorithms recognized the oversold and bid them up; wait for the take-down – it came on Monday.
However, the broadly diversified SPDR S&P Biotech ETF is down more than 50% from its February 2021 peak. Opportunity or wait for another hammer to fall …
I believe in thinning the flock of sector holding equities as we await a report on the state of the U.S. labor market, along with testimony by Fed Chair Powell amid rising Treasury yields which could and probably will imperil any sector follow-through; so, you don't want to get caught out making big bets on a single day or stock.
The rush of Q4 and FY22 earnings to release is on … I do NOT believe there aren't a lot of cell/gene therapy companies in position yet – UNTIL earnings (Q4 and FY22) are reported – any breakout is a false hope with the inevitable downside re-occurring.
15 of my 35 covered have reported.
I also hate to be so negative or contrarian but, this is a NO spin zone and truth is its product.
And I can always be WRONG but, mostly EARLY!
Upcoming Q4 earnings reporting will present challenges to share pricing.
· Voyager Therapeutics (VYGR) 3/7 – Today
· Cellectis SA (CLLS) 3/9 - Thursday
· Agenus (AGEN) 3/14 – Tuesday
· AxoGen (AXGN) 3/14 – also on Tuesday
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.
All investments are subject to risks. Investors should consider investment objectives.
Regulation Analyst Certification (Reg AC): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
Henry McCusker, the editor and publisher of RegMed Investors does not hold or have positions securities referred to in this publication.
