March 9, 2023 7:46am
Employment data and a weak aftermarket for a wait-and-see approach until the stock market shows any strength or breaks lower
Pre-open Indications: 4 Positive and 2 Negative Indication
Earnings: Cellectis SA (CLLS)
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.
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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 down -0.12% or (-39 points), S&P futures are DOWN -0.30% or (-12 point) and NASDAQ futures are DOWN -0.53% or (-65 points) early in the pre-open – so far
U.S. stock futures are down and falling on Thursday,
European markets were lower,
Asia-Pacific markets were mixed.
Henry’omics:
We need to understand the macro to comprehend the micro re “our” universe of cell and gene therapy companies …
Indexes on Wednesday struggled to recover from Tuesday's sell-off to closed mixed as the Dow fell, the S&P and Nasdaq bounced barely upward. The Dow closed DOWN -57.93 points (-0.18%); the S&P closed UP +5.64 points (+0.14%) while the Nasdaq closed UP +45.67 points (+0.40%)
Investors will get more indication on the state of the economy Friday, when the U.S. government releases its monthly jobs report.
Economic Data Docket: jobless claims report
Wednesday’s (3/8) … RegMed Investors’ (RMi) closing bell: “the cell/gene therapy sector opened down, climbed up and then fell back.” … https://www.regmedinvestors.com/articles/12860
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 17 of 35 (my coverage group)
Ebb and flow:
Q1/23 –
March – 1 positive and 5 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:
Wednesday’s closing price, aftermarket dollar ($) and cent ($0.00) value and percentage (%)
· Agenus (AGEN) closed down -$0.04 with a positive +$0.05 or +2.94% aftermarket indication,
· Caribou Biosciences (CRBU) closed down -$0.01 with a positive +$0.27 or +4.60% aftermarket indication,
· MiMedx (MDXG) closed down -$0.16 with a positive +$0.20 or +4.95% aftermarket indication,
· uniQure NV (QURE) closed down -$0.05 with a positive +$0.81 or +3.81% pre-open indication
Negative Indications:
Wednesday’s closing price, aftermarket dollar ($) and cent ($0.00) value and percentage (%)
· Mesoblast (MESO) closed up +$0.72 with a negative -$0.09 or -2.40% pre-open indication on past news of Resubmission of the Biologic License Application (BLA) for Remestemcel-L in children.
· Sage Therapeutics (SAGE) closed up +$3.67 with a negative -$1.62 or -3.65% aftermarket indication
The BOTTOM LINE: I try to keep it simple and short!
Investors should be cautious in this economic release short term and might want to reduce overall exposure to risky sector and market.
Friday's February jobs report, as well as next week's CPI inflation report will put pressure on share pricing.
The rush of Q4 and FY22 earnings to release is on … I do NOT believe there are not 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.
17 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.
· 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.
