June 16, 2023 4:52pm
It did come to an end, down like I thought it would
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We are about to face a prisoner’s dilemma- a situation wherein individuals acting in their own best interest do not achieve the optimal outcome for the overall group.
The week in review and what a week it was!
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 DOWN -108.94 points (-0.32%), the S&P closed DOWN -16.25 points (-0.37%) while the Nasdaq closed DOWN -93.25 points (-0.68%)
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 were subdued i.e., slower on the uptake on Friday, but on course for weekly gains as signs of easing price pressures and slowing share pricing growth
“A gauge of global stock markets jumped to a fresh 14-month high on Friday, while the U.S. dollar headed for its biggest weekly slide since January following a heavy week of central bank meetings around the world.” <Reuters>
The S&P index recorded 24 new 52-week highs and no new lows, while the Nasdaq recorded 90 new highs and 36 new lows.
Here are the major market milestones on the week <CNBC>:
- The S&P 500 is up 2.7% on the week, its best performance since March but, breaking its six-day streak.
- A positive, it’s the S&P 500′s fifth positive week in a row, the first such streak since November 2021.
- The benchmark is now up more than 26% from its bear market low.
- The Nasdaq Composite is up 4% on the week, its best week since March.
- The Nasdaq is up eight weeks in a row, its best winning streak since 2019.
- Both the Nasdaq and S&P 500 were up six days in a row through Thursday.
- The Dow Jones Industrial Average was up 2% for the week, its third positive week in a row.
- The S&P 500 and Nasdaq are at their highest levels since April 2022.
Economic Data Docket: “Consumer inflation expectations fell in June, with one-year assumptions for price pressures declining to 3.3% from 4.2% in May. The headline reading from the University of Michigan Survey of Consumers came in at 63.9, higher than estimates of 60.2 from Dow Jones.” <CNBC>
Friday (6/16) … RegMed Investors’ (RMi) pre-open: “quadruple witching Friday. What and which get covered, usually result in a surge of market volatility and trading volume.” … https://www.regmedinvestors.com/articles/13007
RegMed/Stem/Cell and Gene Therapy’s 35 covered equities’ Advance/Decline (A/D) lines: what happened – differences …
- Friday’s advance/decline line opened negative at 11 up/ 23 down and 2 flats, stayed negative with 6 up/ 28 down and 1 flat at the mid-day, ending with a negative close of 11 incliners, 24 decliners and 0 flat
- Thursday’s advance/decline line opened negative at 13 up/ 20 down and 2 flats, stayed negative with 16 up/ 17 down and 3 flats at the mid-day, ending with a positive close of 19 incliners and 16 decliners and 0 flats
- Wednesday’s advance/decline line opened negative at 13 up/ 20 down and 2 flats, stayed negative with 13 up/ 21 down and 1 flat at the mid-day, ending with a negative close of 10 incliners and 25 decliners and 0 flats
- Tuesday’s advance/decline line opened positive at 26 up/ 8 down and 1 flat, stayed positive with 27 up/ 7 down and 1 flat at the mid-day, ending with a positive close of 27/7 and 2 flats
- Monday’s advance/decline line opened positive at 26 up/ 7 down and 1 flat, stayed positive with 22 up/ 12 down and 1 flat at the mid-day, ending with a positive close of 21/11 and 3 flat
Key Metrics:
The iShares NASDAQ Biotechnology (IBB) and the SPDR S&P ETF (XBI) indicators:
- Friday, the IBB was down -0.39% and the XBI was down -1.88%
- Thursday, the IBB was up +1.16% and the XBI was up +0.36%
- Wednesday, the IBB was down -0.80% and the XBI was down -1.49%
- Tuesday, the IBB was up +0.93% and the XBI was up +1.67%
- Monday, the IBB was up +0.80% and the XBI was up +1.10%
The CBOE Volatility Index (VVIX: INDEX) tracked:
- Friday was down -1.01 point or -6.97% at 13.49
- Thursday was up +0.61 point or +4.39% at 14.49
- Wednesday was down -0.73 point or -5% at 13.88
- Tuesday was down -0.37 point or -2.47% at 14.69
- Monday was up +1 point or +7.23% at 14.83
Closing Down (10 of 24):
- CRISPR Therapeutics (CRSP -$1.19),
- Sage Therapeutics (SAGE -$0.87 after Thursday’s -$1.94, Wednesday’s -$0.73, Tuesday’s +$1.11 and Monday’s -$1.88),
- Alnylam Pharmaceuticals (ALNY -$0.77 after Thursday’s +$3.85, Wednesday’s +$0.95, Tuesday’s +$4.45 and Monday’s +$2.26),
- Ionis Pharmaceuticals (IONS -$ after Thursday’s +$0.87 and Wednesday’s -$1.07),
- Vericel (VCEL -$0.67 after Thursday’s +$0.67),
- Intellia Therapeutics (NTLA -$0.66 after Thursday’s +$0.37, Wednesday’s -$0.83, Tuesday’s +$2.42 and Monday’s +$0.37),
- Ultragenyx (RARE -$0.58 after Thursday’s -$1.23, Wednesday’s -$1.94 and Tuesday’s+$0.63),
- Editas Medicine (EDIT -$0.46 after Thursday’s -$1.81 on the heels of an $125 M stock offering),
- AxoGen (AXGN -$0.40),
- Beam Therapeutics (BEAM -$0.31 after Thursday’s +$0.22),
Closing Up (11 of 11):
- BioLife Solutions (BLFS +$0.80 after Thursday’s -$0.39 after Wednesday’s -$1.13),
- Solid Biosciences (SLDB +$0.75),
- UniQure NV (QURE +$0.44 after Thursday’s -$0.37 after Wednesday’s +$0.80 and Monday’s -$0.40)
- Blueprint Medicine (BPMC +$0.42 after Thursday’s +$2.13, Wednesday’s +$0.46 after Tuesday’s +$0.67 and Monday’s -$0.84),
- Mesoblast (MESO +$0.31),
- Regenxbio (RGNX +$0.23 after Thursday’s -$0.04 after Wednesday’s -$0.54),
- Generation Bio (GBIO +$0.13),
- Homology Medicine (FIXX +$0.08 after Thursday’s -$0.03),
- Cellectis SA (CLLS +$0.08),
- Verve Therapeutics (VERV +$0.06 after Thursday’s +$2.74 after Wednesday’s -$1.02 after Tuesday’s +$0.67),
Q2/23 – June
- Friday closed negative with 11 incliners, 24 decliners and 0 flat
- Thursday closed positive with 19 incliners, 15 decliners and 0 flat
- Wednesday closed negative with 10 incliners, 25 decliners and 0 flat
- Tuesday closed positive with 27 incliners, 6 decliners and 2 flats
- Monday closed positive with 21 incliners, 11 decliners and 3 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.”
Trading dripped, dripped, and poured down the sector while trading experienced a quadruple witching Friday.
I paused Friday and Thursday, as it was a shooting craps "game in an alley" on share pricing.
As trading was expected to be volatile, today - Friday due to the simultaneous expiration of stock options, stock index futures and index options contracts.
I believe, there is a great deal of money on the sidelines of people who had been scared of the coming July, a usual slow month for trading.
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!”
Yet, there is VALUE out there after electronic trading and algorithms take their toll on share pricing however, it’s about playing or betting and timing of the sector. Even as I had stated, “I wouldn’t be buying … I would be selling into this upside!”
Dropped Chinook Therapeutics (KDNY) which is soon to be acquired by Novartis (NVS) and add Graphite Bio (GRPH) a clinical-stage gene editing company, engages in developing therapies for serious and life-threatening diseases in the United States. It offers GPH102 for the treatment of beta-thalassemia; GPH201 for the treatment of X-linked severe combined immunodeficiency syndrome; and GPH301, a product candidate for the treatment of Gaucher disease, a genetic disorder that results in a deficiency in the glucocerebrosidase enzyme. The company was formerly known as Integral Medicines, Inc., and changed its name to Graphite Bio, Inc. in August 2020.
The top three (3) performing in the session:
· Friday: BioLife Solutions (BLFS), uniQure NV (QURE) and Regenxbio (RGNX)
· Thursday: Alnylam Pharmaceuticals (ALNY) – again, Verve Therapeutics (VERV) and Blueprint Medicine (BPMC) - again
· Wednesday: Alnylam Pharmaceuticals (ALNY) – again, Blueprint Medicine (BPMC) and AxoGen (AXGN)
· Tuesday: Alnylam Pharmaceuticals (ALNY) – again, Intellia Therapeutics (NTLA) and Editas Medicine (EDIT)
· Monday: Chinook Therapeutics (KDNY), Alnylam Pharmaceuticals (ALNY) and BioLife Solutions (BLFS)
While The worst three (3) in the session:
· Friday: CRISPR Therapeutics (CRSP), Vericel (VCEL) and Alnylam Pharmaceuticals (ALNY)
· Thursday: Sage Therapeutics (SAGE), Editas Medicine (CRSP and Ultragenyx (RARE)
· Wednesday: Ultragenyx (RARE), CRISPR Therapeutics (EDIT) and BioLife Solutions (BLFS)
· Tuesday: Solid Biosciences (SLDB), Chinook Therapeutics (KDNY) and Homology Medicine (FIXX)
· Monday: Sage Therapeutics (SAGE), CRISPR Therapeutics and Blueprint Medicine (BPMC)
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!
Friday closed down -$0.2175 with 410 shares traded after Thursday closed up +$0.11 with 1,001 shares traded, Wednesday closed up +$0.11 with 2,899 shares traded, Tuesday closed FLAT with 20 shares traded, Monday closed FLAT with 116 shares traded and last Friday closed FLAT with 0 shares traded, <3-month average =857 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?
· 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.
