March 9, 2023 4:53pm
Equities plummeting on Thursday with a volume expansion bracing for Friday’s job’s report
Pre-open indication Results: 2 Hits and 4 Miss
As I have stated, “What goes up with ceremony, goes down with disdain followed by the opposite effect.”
I write this blog/newsletter to inform investors with facts and supporting numbers focused on what they need to hear that others will not say or write about - truth!
Subscription is coming, it is not conscription but, an offer to join our collective of like-minded investors! Join me … in the NO spin zone.
If I have learned one thing as a former research analyst in a venture and public fund, a CEO of three (3) companies, a consultant/fixer involved with many and now a journalist; it is that your life and your portfolio are largely tied to your knowledge of price movements and questioning pricing targets.
The Dow closed DOWN -543.54 points (-1.66%); the S&P closed DOWN -73.69 points (-1.85%) while the Nasdaq closed DOWN -237.65 points (-2.05%)
Henry’omics:
We need to more than consider the economic environment - rising rates and inflation to comprehend the micro re “our” universe of cell and gene therapy companies …
Indexes deeply sold-off on Thursday bracing for a key payroll report tomorrow, Friday that could set the direction of interest rates.
Defining the title, “The limbo is a dance in which participants have to cross under a stick by bending backward at the waist. The stick is lowered a notch each time every one passes under it, and those who touch the stick are eliminated from the dance.”
Investors received more news on the state of the labor market ahead of Friday’s closely watched nonfarm payrolls report. Jobless claims for the week ended March 4 rose more than expected, signaling that the labor market may be starting to slow. In retrospect, ADP’s payrolls report and JOLTs data on Wednesday suggested a resilient economy, heightening fears that the Fed needs more hiking to slow it. <CNBC>
Today’s labor market data release was weaker than expected again ahead of Friday morning's key February jobs report.
Economic Data Docket: weekly report on initial filings for unemployment insurance Thursday morning showed 211,000 claims (from 190 K last week) were filed last week, an increase of 21,000 from the prior week and what economists at Oxford Economics called the "first hint of weakness" in this data.
Pre-open indication Results: 2 Hits <Mesoblast (MESO -$0.25), Sage Therapeutics (SAGE -$1.35)> and 4 Miss <Agenus (AGEN -$0.05), Caribou Biosciences (CRBU -$0.36), MiMedx (MDXG -$0.04), uniQure NV (QURE -$0.90)>
52-week low:
· Sangamo Therapeutics (SGMO) at $2.30
RegMed Investors (RMi) Research Note: Q4 and FY22 earnings reporting … https://www.regmedinvestors.com/articles/12843 - 20 of 35
RegMed Investors (RMi) Research Note: Upcoming Q4 earnings reporting dates … https://www.regmedinvestors.com/articles/12830
RegMed/Stem/Cell and Gene Therapy’s 35 covered equities’ Advance/Decline (A/D) lines: what happened – differences
- Thursday’s advance/decline line opened negative at 10 up/ 21 down and 4 flats, stayed negative at the mid-day with 8 up/ 26 down and 1 flat, ending with a negative close of 2/33 and 0 flats
Key Metrics:
The iShares NASDAQ Biotechnology (IBB) and the SPDR S&P ETF (XBI) indicators:
- Thursday, the IBB was down -1.92% and the XBI was down -3.08%
The CBOE Volatility Index (VVIX: INDEX) tracked:
- Thursday was up +3.21 points or +16.80% at 22.32
Closing Down (10 of 33):
- Alnylam Pharmaceuticals (ALNY -$4.46 after Wednesday’s -$3.93, Tuesday’s -$5.36 and Monday’s -$2.88),
- Intellia Therapeutics (NTLA -$2.83 after Wednesday’s -$0.22),
- Beam Therapeutics (BEAM -$2.58 after Wednesday’s -$0.23, Tuesday’s -$0.51 and Monday’s -$0.97),
- Ultragenyx (RARE -$2.57 after Wednesday’s -$0.17, Tuesday’s -$1.50 and Monday’s -$1.54),
- CRISPR Therapeutics (CRSP -$2.14 after Wednesday’s -$0.09, Tuesday’s -$1.49 and Monday’s -$1.51)
- Sage Therapeutics (SAGE -$1.35 after Wednesday’s +$3.67, Tuesday’s -$1.34 and Monday’s +$0.30),
- Regenxbio (RGNX -$1.21 after Wednesday’s -$0.47, Tuesday’s +$0.51 and Monday’s -$1.46),
- uniQure NV (QURE -$0.90),
- Ionis Pharmaceuticals (IONS -$0.87),
- Vericel (VCEL -$0.87 after Wednesday’s -$0.09),
Closing Up (2 of 2):
- Chinook Therapeutics (KDNY +$0.10 after Wednesday’s +$0.01 and Tuesday’s +$0.13),
- Bellicum Pharmaceuticals (BLCM -$0.098),
Q1/23 – March
- Thursday closed negative with 2 incliner, 33 decliners and 0 flat
The BOTTOM LINE: I try to keep it simple … and short!
Cell and gene therapy sector equities kissed the ground even deeper than yesterday, Wednesday.
From last night, another victim of the times; gene therapy start-up backed by two key bio-pharma companies and two named biotech VC firms has ceased operations … Coda Biotherapeutics – shut down.
The rush of Q4 and FY22 earnings to release is on … 20 of my 35 covered have reported.
Today:
· Cellectis SA (CLLS),
· Prime Medicine (PRME),
· Homology Medicine (FIXX)
Upcoming Q4 earnings reporting will present challenges to share pricing.
· Agenus (AGEN) 3/14 -Tuesday
· AxoGen (AXGN) 3/14 Tuesday
· BioLife Solutions (BLFS) 3/16 - Thursday
WHY (?) do I keep posting, so investors can get a daily update of the sector's share pricing and some individual companies TRUTHS while electronic trading chews on our portfolio edges.
Remember, there are four (4) phases of the stock cycle: accumulation; markup; distribution; and markdown.
My advice: open that portfolio envelope and think of a game of monopoly and follow RMi’s moves to recoup losses. As I have stated, “What goes up with ceremony, goes down with disdain followed by the opposite effect.”
I am definitely considered a contrarian depending on the session – one has to be a watcher of the ups and downs as well as measurer of sentiment. I am also a NO trust investor but, a validate and verify journalist/analyst.
The NO spin zone!
Biostage (OTCQB: BSTG) – still pumping!!
Thursday -$0.02 with 13,252 shares traded after Wednesday’s +$0.02 with 2,700 shares traded Tuesday -$0.10 with 510 shares traded after Monday closed flat with 0 shares traded <3-month average volume = 1,071 shares> after Friday’s down -$0.20 with 2,270 shares traded after being flat on Thursday with 0 shares traded after Wednesday flat with 71 shares traded after Tuesday’s flat 5,601 shares traded.
· Yet another CEO and chairman, Jerry He – what changes to the ill-fated story will ONLY be relieved by TRULY reviewing the past and communicating with those who have something to say – to right-size this company!
· Question: Review the number of shares traded … is OTCQB: BSTG a Ponzi scheme (with their pump/promote buy and sell agenda) as shares are bought to replace those sold??
· Let’s also welcome a NEW accounting firm – the fourth (4th) in five (5) years. When will they resign …??
My question that resounds, that should be asked is how many companies are at the end of sentiments … leash?
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.
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.
