March 27, 2023 7:46am
Headlines were diffident this weekend, North Carolina-based bank First Citizens will buy Silicon Valley Bank, (SVB) after it collapsed and fall with disgrace
News: BrainStorm Cell Therapeutics Inc. (BCLI +$0.05 or +3.02%), the U.S. FDA will hold an Advisory Committee Meeting (ADCOM) to discuss its Biologics License Application (BLA) for NurOwn® for the treatment of amyotrophic lateral sclerosis (ALS). Given the goal to proceed to an ADCOM as expeditiously as possible, BCLI requested that the Center for Biologics Evaluation and Research (CBER) utilize the FDA's File Over Protest procedure and has filed an amendment to the BLA which responds to most of the outstanding questions the FDA has posed.
Pre-open Indications: 3 Positive Indications, 3 Negative Indications and 1 Sell into Strength
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 UP +0.67% or (+216 points), S&P futures are UP +0.72% or (+28 point) and NASDAQ futures are UP +0.45% or (+58 points) early in the pre-open – so far
Stock futures rose slightly Monday,
Europe markets open higher,
Asia-Pacific markets trade mixed.
Henry’omics:
We need to understand the macro to comprehend the micro re “our” universe of cell and gene therapy companies …
Friday, indexes closed up even after selling pressure, weighed down by weakness in European financial stocks. The Dow closed UP +132.28 points (+0.41%), the S&P closed UP +22.27 points (+0.56%) while the Nasdaq closed UP +36.56 points (+0.31%).
Last week, indexes had a series of big volatile swings and divergent action. On Wednesday and Thursday, the indexes ran sharply higher but fell back from resistance.
Economic Data Docket: next week, the data calendar will be busy, but none of the releases are likely to offer markets direction until Friday …
· Several Congressional hearings on the events surrounding Silicon Valley Bank's collapse will be held Tuesday, when the Senate Banking Committee grills Fed vice chair for supervision Michael Barr and FDIC chair Martin Gruenberg, among others.
· Consumer confidence from The Conference Board and the University of Michigan will pick up some initial readings on how the current banking crisis is affecting average Americans.
· Data on personal income and spending, which also includes the latest read on the personal savings rate, for February will be released Friday morning, offering an overview of how U.S. consumers are spending and saving across categories.
Thursday’s (3/24) … RegMed Investors’ (RMi) closing bell: “the cell and gene therapy sector reversed losses to close positive. Shaking-off some of the fear and uncertainty.” … https://www.regmedinvestors.com/articles/12888
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 --- 28 of 35 (my coverage group)
Ebb and flow:
Q1/23 –
March – 7 positive and 11 negative closes
· 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:
Friday’s closing price, aftermarket dollar ($) and cent ($0.00) value and percentage (%)
BrainStorm Cell Therapeutics (BCLI) closed down -$0.0355 with a positive +$0.05 or +3.22% aftermarket indication following news of the U.S. FDA will hold an Advisory Committee Meeting (ADCOM) to discuss its Biologics License Application (BLA) for NurOwn® for the treatment of amyotrophic lateral sclerosis (ALS).
Prime Medicine (PRME) closed down -$0.37 after Thursday’s -$0.82, Wednesday’s -$0.88, Tuesday’s +$0.38 and Monday’s +$0.61 with a positive +$0.46 or +4.10% pre-open indication.
CRISPR Therapeutics (CRSP) closed up +$0.29 after Thursday’s -$0.40, Wednesday’s +$1.52, Tuesday’s +$0.60 and Monday’s -$1.28 with a positive +$0.12 or +0.28% pre-open indication
Negative indications:
Friday’s closing price, aftermarket dollar ($) and cent ($0.00) value and percentage (%)
Sage Therapeutics (SAGE) closed up +$0.46 after Thursday’s +$0.42, Wednesday’s -$1.26, Tuesday’s -$0.69 and Monday’s +$1.23 with a negative -$0.33 or -0.77% aftermarket indication.
Ultragenyx (RARE) closed up+$0.69 after Thursday’s -$0.29, Wednesday’s -$1.06, Tuesday’s -$0.66 and Monday’s +$0.47 with a negative -$0.75 or -1.99% aftermarket indication,
AxoGen (AXGN)closed up +$0.30 with a negative -$0.33 or -3.6$% aftermarket indication
Sell into Strength Indications:
Friday’s closing price, aftermarket dollar ($) and cent ($0.00) value and percentage (%)
Intellia Therapeutics (NTLA) closed up +$1.12 with a positive +$0.19 or +0.50% pre-open indication
The BOTTOM LINE: I try to keep it simple and short!
“This weekend has been relatively quiet for banking news, at least in comparison to the prior two weekends. The news generally has been about resolution vs. frantic efforts to avoid systemic collapse.” <IBD>
As I have stated, “What goes up with ceremony, goes down with disdain followed by the opposite effect.”
Last Friday, “the Nasdaq rose strongly, holding above all the moving averages despite being turned back at the 12,000 level. The S&P 500 reclaimed its 200-day line this past week, but then hit resistance at the 50-day line and tested its 200-day again late in the week. Still, it did hold the 200-day and moved back above the 21-day line”. <IBD>
Also, the rush of Q4 and FY22 earnings to release is slowing …
· AVRO and SLDB reported last Thursday
· 28 of my 35 covered have reported - 7 remaining
Waiting for announcements …
· Brainstorm Cell Therapeutics (BCLI) 3/30 - Thursday
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, I am mostly EARLY!
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.
