June 1, 2023 4:58pm
As (defense) spending levels threaten to delay Senate plan to fast-track debt ceiling bill while Friday jobs data will highlight economic and inflation challenges
Pre-open Indications: 4 Hits and 1 Miss
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If I have learned one thing as a former research analyst in a venture and public fund, operating executive, adjunct (MBA) business school professor 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 UP +153.30 points (+0.47%), the S&P closed UP +41.19 points (+0.99%) while the Nasdaq closed UP +165.70 points (+1.28)
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 advanced on Thursday after the U.S. House passed a debt ceiling bill – the Fiscal Responsibility Act to avoid a U.S. default however, it now moves to the Senate with a delay.
“Beyond the debt ceiling battle, investors are looking ahead to the Federal Reserve’s June 13-14 policy meeting as another possible market catalyst. Philadelphia Fed President Patrick Harker said Thursday that he thinks the central bank is near the point of being able to stop interest rate hikes. But he said earlier in the week that Friday’s payrolls report could change impact how he’ll vote at the upcoming gathering.” <CNBC>
Economic Data Docket: Data from ADP showed private payrolls grew more than economists expected in May, while the number of jobless claims filed last week was smaller than economists forecasted.
Thursday (6/1) … RegMed Investors’ (RMi) pre-open: “is the “deal” done or will there be more frothiness? As the debt ceiling bill passes the House advancing to the Senate.” … https://www.regmedinvestors.com/articles/12983
Pre-open Indications: 4 Hits < Ionis Pharmaceuticals (IONS +$1.95), Voyager Therapeutics (VYGR +$0.16), bluebird bio (BLUE +$0.22), Blueprint Medicines (BPMC +$0.67)> and 1 Miss < Editas Medicine (EDIT +$0.32)>
All-Time low: Sangamo Therapeutics (SGMO) at $1.11
RegMed/Stem/Cell and Gene Therapy’s 35 covered equities’ Advance/Decline (A/D) lines: what happened – differences …
- Thursday’s advance/decline line opened positive at 18 up/ 15 down and 2 flats, stayed positive with 31 up/ 3 down and 1 flat at the mid-day, ending with a positive close of 28/7 and 0 flat
Key Metrics:
The iShares NASDAQ Biotechnology (IBB) and the SPDR S&P ETF (XBI) indicators:
- Thursday, the IBB was up +0.39% and the XBI was up +1.31%
The CBOE Volatility Index (VVIX: INDEX) tracked:
- Thursday was down -2.13 point or -11.87% at 15.81
Closing Down (7 of 7):
- BioLife Solutions (BLFS -$0.25),
- Biostage (OTCQB: BSTG -$0.18 after Wednesday’s $0.00 and Tuesday’s -$0.13)
- Adverum Biotechnologies (ADVM -$0.09 after Wednesday’s +$0.11),
- MiMedx (MDXG -$0.07 after Wednesday’s +$0.09),
- Verve Therapeutics (VERV -$0.07 after Wednesday’s +$0.15),
- Bellicum Pharmaceuticals (BLCM -$0.07),
- Sangamo Therapeutics (SGMO -$0.01),
Closing Up (10 of 28):
- Alnylam Pharmaceuticals (ALNY +$3.66 after Wednesday’s -$1.45)
- Ionis Pharmaceuticals (IONS +$2.04 after Wednesday’s +$0.35),
- Regenxbio (RGNX +$1.33 after Wednesday’s -$0.27),
- uniQure NV (QURE +$1.31),
- Prime Medicine (PRME +$ after Wednesday’s -$0.11),
- Regenxbio (RGNX +$1.04 after Wednesday’s -$0.27),
- Intellia Therapeutics (NTLA +$0.90 after Wednesday’s -$0.29),
- Beam Therapeutics (BEAM +$0.61),
- Chinook therapeutics (KDNY +$0.55),
- Vericel (VCEL +$0.54 after Wednesday’s -$0.82 and Tuesday’s +$0.48),
Q2/23 – June
- Thursday closed positive with 28 incliners, 7 decliners and 0 flat
The BOTTOM LINE: I try to keep it simple … and short!
I follow the dictum, quoting Churchill that “short words are best, and the old words when short are best of all.”
Reiterating, “Debt-ceiling negotiations - It ain’t over … as I remain VERY cautious about the sector’s share pricing
As I have stated, “The cell and gene therapy sector WILL be experiencing yet another “flight of Icarus” … since “our” universe have oscillated between gains and losses since the first of 2023!”
Yet, there is VALUE out there however, it’s about playing or betting the timing of the sector. Even as I had stated, “I wouldn’t be buying into this rally … I would be selling into this upside!”
The top three (3) performing in the session:
· Thursday: Alnylam Pharmaceuticals (ALNY), Ionis Pharmaceuticals (IONS) – again and Regenxbio (RGNX)
· Wednesday: Ultragenyx (RARE), Ionis Pharmaceuticals (IONS) and Editas Medicine (EDIT)
· Tuesday: Chinook Therapeutics (KDNY), BioLife solutions (BLFS) and Prime Medicine (PRME)
· Monday - holiday
While The worst three (3) in the session:
· Thursday: BioLife Solutions (BLFS), Biostage (OTCQB: BSTG) and Adverum Biotechnologies (ADVM)
· Wednesday: Alnylam Pharmaceuticals (ALNY), Vericel (VCEL) and CRISPR Therapeutics (CRSP)
· Tuesday: Alnylam Pharmaceuticals (ALNY), Intellia Therapeutics (NTLA) – again and Ultragenyx (RARE)
· Monday - holiday
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.
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! U.S. public shareholders deserve accountability …
Biostage (OTCQB: BSTG) … minimizing the downdraft by volume purchases!!
· Thursday closed down -$0.17 with 1,610 shares traded after Wednesday closed flat, Tuesday closed down -$0.13 with 2,718 shares traded, Monday’s holiday as Friday closed down -$0.15 with 341 shares traded and last Thursday closed down -$0.40 with 3,913 shares traded <3-month average =1,458 shares>
· Biostage (OTCQB: BSTG) finally announced a clinical trial initiation for an IND that was approved on 3/20/2020 – what’s with the time (3 years and 2 months) interval? They wouldn’t have had the IND unless I (Henry) had brought in an FDA specialist and worked so many hours diligently with him and others to NOT be paid!
· 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?
· Accumulated deficit: $85,901 M – still NO product in sight – a 4-to-5-year clinical trial BEFORE they can evolve to a pediatric protocol!
· NEVER “screw” any analyst as they have a lot of friends and contacts after 35 years in the business!
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.
