June 8, 2023 5:06pm
It’s STILL time to take some risk off the table
Pre-open Indications: 1 Hit and 2 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 +168.59 points (+0.50%), the S&P closed UP +26.41 points (+0.62%) while the Nasdaq closed UP +133.63 points (+1.02%)
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 ticked higher Thursday as considering initial jobless claims reached their highest level since October 2021; yet, the market built on its recent gains, while traders waited for key inflation data next week as well as awaiting the Fed’s latest policy announcement.
The CBOE Volatility Index, or VIX, fell to 13.55 Thursday, marking its lowest point since Feb. 14, 2020.
Conflicting economic data is making a case for both the market bulls and bears, creating a “little bit of a tug of war” between the equity markets and fixed income markets. <CNBC>
Bullishness toward the stock market over the next six months climbed to 44.5% of investors answering a weekly survey; the highest since November, 2021 and up from 29.1% last week. The bullish historical average is 37.5%.
- Bearish opinion mirrored the bulls, slumping to 24.3% of respondents, the lowest since November, 2021, and down from 36.8% last week. The bearish historical average is 31%. < from the American Association of Individual Investors, and Scott Schnipper>
Economic Data Docket: Jobless claims totaled 261,000 for the week ended June 3, an increase of 28,000 from the previous week. The total was well ahead of the Dow Jones estimate for 235,000 and was the highest weekly rate since Oct. 30, 2021.
Wednesday (6/8) … RegMed Investors’ (RMi) pre-open: “the sector hesitated on Wednesday at midday to close positive in five (5) sessions. We’re in a bit of a news vacuum: earnings are done, the debt ceiling is resolved, and now we wait for the Fed next week.” <B. Doran, CEO of BD8 Capital Partners> … https://www.regmedinvestors.com/articles/12993 .
Pre-open Indications: 1 Hit < Sage Therapeutics (SAGE +$0.17) > and 2 Miss < Intellia therapeutics (NTLA -$0.10), Chinook Therapeutics (KDNY -$0.02)>
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 14 up/ 18 down and 3 flats, stayed negative with 16 up/ 18 down and 1 flat at the mid-day, ending with a negative close of 11/22 and 2 flat
Key Metrics:
The iShares NASDAQ Biotechnology (IBB) and the SPDR S&P ETF (XBI) indicators:
Thursday, the IBB was up +0.16% and the XBI was down -0.10%
The CBOE Volatility Index (VVIX: INDEX) tracked:
- Thursday was down -0.29 point or -2.08% at 13.65
Closing Down (10 of 22):
- Blueprint Medicine (BPMC -$3.42 after Wednesday’s +$2.03, Tuesday’ +$1.98 and Monday’s -$2.20),
- Prime Medicine (PRME -$1.78 after Wednesday’s -$0.26),
- Editas Medicine (EDIT -$0.92 after Wednesday’s +$0.27, Tuesday’ +$0.81 and Monday’s -$0.23),
- Beam Therapeutics (BEAM -$0.91),
- Vericel (VCEL -$0.70 after Wednesday’s +$0.47 after Tuesday’ +$1.18),
- BioLife Solutions (BLFS -$0.43 after Wednesday’s -$0.47),
- Caribou Biosciences (CRBU -$0.31),
- Ultragenyx (RARE -$0.24 after Wednesday’s +$0.34),
- Compass therapeutics (CMPX -$0.19 after Wednesday’s +$0.11)
- CRISPR Therapeutics (CRSP -$0.18 after Wednesday’s -$1.80, Tuesday’s +$1.54 and Monday’s -$1.96),
Flat (2):
- Bellicum Pharmaceuticals (BLCM)
- Homology Medicine (FIXX)
Closing Up (11 of 11):
- Ionis Pharmaceuticals (IONS +$1.10 after Wednesday’s -$2.78, Tuesday’s +$1.07 and Monday’s +$0.41),
- UniQure NV (QURE +$0.38 after Wednesday’s +$0.11)
- Alnylam Pharmaceuticals (ALNY +$0.26),
- Voyager Therapeutics (VYGR +$0.20),
- Sage Therapeutics (SAGE +$0.17 after Wednesday’s +$2.79, Tuesday’ +$1.81 and Monday’s +$2.11),
- AxoGen (AXGN +$0.17 after Wednesday’s +$0.16 and Wednesday’s +$0.41)
- Solid Biosciences (SLDB +$0.05),
- Cellectis SA (CLLS +$0.05 after Wednesday’s -$0.10),
- Generation BIO (GBIO +$0.05),
bluebird bio (BLUE +$0.04),
Q2/23 – June
- Thursday closed negative with 11 incliners, 22 decliners and 2 flats
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.”
I said yesterday (Wednesday) that I STILL believed in defensive moves i.e., changes in share pricing.
And along followed the cell and gene therapy sector initiating a fifth (5th) uplift session; with electronic trading and algorithms “champing-at-the bit” for a bite.
Right up front, “I also hate to be so negative or contrarian but, this is a NO spin zone and truth is its product; I can always be WRONG but, I am mostly EARLY!”
At ANY time, this week, be ready to take partial profits and exit losers.
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) and uniQure NV (QURE)
· Wednesday: Sage Therapeutics (SAGE), Blueprint Medicine (BPMC) and Vericel (VCEL)
· Tuesday: Blueprint Medicine (BPMC), Intellia Therapeutics (NTLA) and Sage Therapeutics (SAGE) – again
· Monday: Sage Therapeutics (SAGE), Prime Medicine (PRME) and Ionis Pharmaceuticals (IONS)
While The worst three (3) in the session:
· Thursday: Blueprint Medicine (BPMC), Prime Medicine (PRME) and Editas Medicine (EDIT)
· Wednesday: Alnylam Pharmaceuticals (ALNY), Ionis Pharmaceuticals (IONS) and CRISPR Therapeutics (CRSP)
· Tuesday: Chinook Therapeutics (KDNY), MiMedx (MDXG) and Biostage (OTCQB: BSTG)
· Monday: Blueprint Medicine (BPMC), CRISPR Therapeutics (CRSP) and Alnylam Pharmaceuticals (ALNY) – again
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.
Check your portfolio reports: Vanguard Group was fined and censured by the Financial Industry Regulatory Authority (FINRA) for errors appearing in about 8.5 million customer account statements.
The NO spin zone! U.S. public shareholders deserve accountability …
Biostage (OTCQB: BSTG) … so many issues from the past as many of those “miscreant management” members are still employed!
Thursday closed down -$0.11 with 301 shares traded after Wednesday closed FLAT with 46 shares traded, Tuesday closed down -$0.06 with 1,100 shares traded, Monday closed down -$0.33 with 500 shares traded, Friday close up +$0.20 with 1,141 shares traded and last Thursday closed down -$0.17 with 1,610 shares traded <3-month average =1,441 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 on a weekly and monthly basis … 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!
· OTCQB: BSTG is holding their annual meeting on 7/19, to vote the Beijing, China designated directors …??? Certainly NOT a US company ANYMORE!
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.
