June 20, 2023 4:43pm
Sector equities gained steam on Tuesday, as investors experienced 3 down sessions out of 6 with a market holiday thrown after a two session break down
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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 DOWN -245.25 points (-0.72%), the S&P closed DOWN -20.88 points (-0.47%) while the Nasdaq closed DOWN -22.28 points (-0.16%)
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 …
Cell and gene therapy equities popped as indexes slid Tuesday during the midday trading session as investors awaited fresh comments from Fed Chair Powell and eyed potential headwinds to the recent rally, including concerns about the Chinese economy.
“Investors are coming off of a strong week, with the S&P 500 hitting its highest level since April 2022. The S&P 500 and the Nasdaq posted their best weekly performances since March, with the broad-market benchmark rising 2.6% and the tech-heavy index adding 3.25%. It was also the S&P 500′s fifth positive week in a row — a first since November 2021 — and the Nasdaq’s eighth consecutive positive week, a feat it previously accomplished in 2019.” <CNBC>
Economic Data Docket: Housing starts jumped 21.7% to a 1.63 million annualized rate, the Commerce Department reported Tuesday, up from April's revised rate of 1.340 million units. The pace blew past expectations compiled by Bloomberg economists. Single-family construction climbed 18.5% in May to an annualized rate of 997,000 homes, up from April's revised figure of 841,000, while multi-family housing starts came in at 624,000.
- Applications to build, a forward-looking gauge of housing activity, advanced 5.2% to a 1.491 million annualized rate, but it's 12.7% below May's 2022 rate of 1.708 million. Permits to build single family homes gained 4.8% to a 897,000 annualized rate, while multi-family came in at a rate of 542,000 in May.
Tuesday (6/20) … RegMed Investors’ (RMi) pre-open: “will Icarus’ sector fly or stick to the currents? A “holiday” shortened week as June progresses to end Q2.” … https://www.regmedinvestors.com/articles/13009
RegMed/Stem/Cell and Gene Therapy’s 35 covered equities’ Advance/Decline (A/D) lines: what happened – differences …
- Tuesday’s advance/decline line opened negative at 12 up/ 21 down and 2 flats, stayed negative with 16 up/ 18 down and 1 flat at the mid-day, ending with a positive close of 20/15 and 0 flat
- Monday was market holiday
- 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
Pre-open Indication: 1 Hit < Precigen (PGEN +$0.025) and 1 Miss <uniQure NV (QURE -$0.01)>
Key Metrics:
The iShares NASDAQ Biotechnology (IBB) and the SPDR S&P ETF (XBI) indicators:
- Tuesday, the IBB was down -0.70% and the XBI was down -0.03%
- Monday, holiday
- Friday, the IBB was down -0.39% and the XBI was down -1.88%
The CBOE Volatility Index (VVIX: INDEX) tracked:
- Tuesday was down -0.30 point or -2.11% at 13.89
- Monday.
- Friday was down -1.01 point or -6.97% at 13.49
Closing Down (10 of 15):
- Intellia Therapeutics (NTLA -$1.29 after Friday’s -$0.66),
- CRISPR Therapeutics (CRSP -$0.86 after Friday’s -$1.19),
- Editas Medicine (EDIT -$0.46 after Friday’s -$0.46 after Thursday’s -$1.81 on the heels of an $125 M stock offering),
- Brainstorm Cell Therapeutics (BCLI -$0.37),
- Beam Therapeutics (BEAM -$0.36 after Friday’s -$0.31),
- bluebird bio (BLUE -$0.30),
- Caribou Biosciences (CRBU -$0.24),
- Verve Therapeutics (VERV -$0.21 after Friday’s +$0.06),
- Solid Biosciences (SLDB -$0.19 after Friday’s +$0.75),
- Cellectis SA (CLLS -$0.11 after Friday’s +$0.08),
Closing Up (10 of 20):
- Blueprint Medicine (BPMC +$2.69 after Friday’s +$0.42),
- Ultragenyx (RARE +$1.85 after Friday’s -$0.58),
- Voyager Therapeutics (VYGR +$1.02),
- BioLife Solutions (BLFS +$0.50 after Friday’s +$0.80),
- Regenxbio (RGNX +$0.40 after Friday’s +$0.23),
- Mesoblast (MESO +$0.31 after Friday’s +$0.31),
- Fate therapeutics (FATE +$0.29),
- Prime Medicine (PRME +$0.29),
- Compass Therapeutics (CMPX +$0.27),
- Sage Therapeutics (SAGE +$0.15 after Friday’s -$0.87),
Q2/23 – June
- Tuesday closed positive with 20 incliners, 15 decliners and 0 flat
- Monday was a market holiday
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 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!”
A positive for the sector --- Shares of Dice Therapeutics (DICE) jumped Tuesday after pharmaceutical giant Eli Lilly (LLY) agreed to buy the biotech in a $2.4 billion cash deal. Dice was up +$12.59. Shares of Dice Therapeutics jumped Tuesday after pharmaceutical giant Eli Lilly agreed to buy the biotech in a $2.4 billion cash deal
Dropped Chinook Therapeutics (KDNY) which is soon to be acquired by Novartis (NVS) and added … 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:
· Tuesday: Blueprint Medicine (BPMC), Ultragenyx (RARE) and Voyager Therapeutics (VYGR)
· Monday: holiday
· Friday: BioLife Solutions (BLFS), uniQure NV (QURE) and Regenxbio (RGNX)
While The worst three (3) in the session:
· Tuesday: CRISPR Therapeutics (CRSP), Intellia Therapeutics (NTLA) and Editas Medicine (EDIT)
· Monday: holiday
· Friday: CRISPR Therapeutics (CRSP), Vericel (VCEL) and Alnylam Pharmaceuticals (ALNY)
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!
Tuesday closed down -$0.08 with 1,523 shares traded after Monday’s market holiday post Friday closing 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 and last Tuesday closed FLAT with 20 shares traded, <3-month average =767 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.
