June 30, 2023 7:41pm
Final trading session, June and Q2 there over
Pre-open Indications: 2 Hits and 0 Miss
News: Agenus (AGEN -$0.07) P1b trial on the botensilimab and balstilimab combination - new data shows substantial survival benefits and long-lasting responses for patients with non-MSI-H (microsatellite stable or non-microsatellite instability-high) metastatic colorectal cancer previously resistant to chemotherapy and/or immunotherapy.
Subscription is coming, it is not conscription but, an offer to join our collective of like-minded investors! Join me … in the NO spin zone.
Never leave an investor uninformed! Framing the main takeaway … pricing, volume and machine trading creates volatility and liquidity!
Week in review
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 +285.18 points (+0.84%), the S&P closed UP +53.94 points (+1.23%) while the Nasdaq closed UP +196.59 points (+1.45%)
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 rose Friday to cap off June and Q2/23, and the best 1H/23 for the Nasdaq since 1983.
Telling quote, “Despite these strong gains, some on Wall Street expect volatility in the second half and likely profit taking from investors that benefited from the rally. This, coupled with changing technicals, could lead to sideways action, or a slight pullback in the S&P.” <Anna Han, equity strategist at Wells Fargo Securities>
· For June: The S&P 500 gained 6.5% for its best monthly performance since October. The Nasdaq advanced 6.6%. Both indexes notched a fourth consecutive positive month. The Dow climbed 4.6%, for its best month since November.
· For Q2: The S&P 500 rose 8.3%, on track for a third straight quarter of gains and its biggest quarterly advance since the fourth quarter of 2021. The Nasdaq jumped 12.8% for back-to-back positive quarters. The Dow added 3.4% for a third winning quarter.
· For FY23 and 1H: The S&P 500 has popped 15.9% for its best first half since 2019. The Nasdaq surged 31.7%, for its best first half since 1983. The 30-stock Dow added a modest gain of 3.8%. <CNBC>
Economic Data Docket: Consumer confidence accelerated in June while inflation expectations hit their lowest in more than two years, according to the University of Michigan sentiment survey. The headline index rose to 64.4 for the month, up from 59.2 in May and better than the 63.9 Dow Jones estimate.
· The personal consumption expenditures price index increased 0.3% for the month when excluding food and energy, in line with the Dow Jones estimate. That’s also below the 0.4% increase see in April.
Friday (6/30) … RegMed Investors’ (RMi) pre-open: “will the oxygen get sucked out of the sector? After yet another weak aftermarket on Thursday; today, the month and Q2 ends.” … https://www.regmedinvestors.com/articles/13026
Pre-open Indications: 2 Hits < Blueprint Medicine (BPMC -$3.17), Vericel (VCEL -$0.80) > and 0 Miss
RegMed/Stem/Cell and Gene Therapy’s 35 covered equities’ Advance/Decline (A/D) lines: what happened – differences …
- Friday’s advance/decline line opened positive at 27 up/ 4 down and 4 flats, stayed positive with 22 up/ 12 down and 1 flat at the mid-day, ending with a positive close of 21 incliners, 13 decliners and 1 flat
- Thursday’s advance/decline line opened negative at 13 up/ 20 down and 2 flats, stayed negative with 11 up/ 20 down and 4 flats at the mid-day, ending with a negative close of 14 incliners, 17 decliners and 4 flats
- Wednesday’s advance/decline line opened negative at 16 up/ 17 down and 2 flats, flipped barely positive with 18 up/ 16 down and 1 flat at the mid-day, ending with a positive close of 21 incliners, 14 decliners and 0 flats
- Tuesday’s advance/decline line opened negative at 6 up/ 26 down and 3 flats, turned positive with 20 up/ 15 down and 0 flat at the mid-day, ending with a positive close of 18 incliners, 15 decliners and 2 flats
- Monday’s advance/decline line opened negative at 8 up/ 26 down and 1 flat, stayed negative with 7 up/ 26 down and 2 flats at the mid-day, ending with a negative close of 8/26 and 1 flat
Key Metrics:
The iShares NASDAQ Biotechnology (IBB) and the SPDR S&P ETF (XBI) indicators:
- Friday, the IBB was up +0.80% and the XBI was +0.70%
- Thursday, the IBB was down -0.24% and the XBI was down -1.62%
- Wednesday, the IBB was up +0.57% and the XBI was up +1.28%
- Tuesday, the IBB was down -1.21% and the XBI was down -0.30%
- Monday, the IBB was down -1.11% and the XBI was down -2.42%
The CBOE Volatility Index (VVIX: INDEX) tracked:
- Friday was up +0.05 point or +0.37% at 13.59
- Thursday was up +0.11point or +0.82% at 13.54
- Wednesday was down -0.26 point or -1.89% at 13.48
- Tuesday was down -0.48 point or -3.37% at 13.77
- Monday was up +0.76 point or +5.65% at 14.20
Closing Down (10 of 13):
- Blueprint Medicine (BLMC -$3.17 after Thursday’s +$1.28, Wednesday’s +$2.10, Tuesday’s +$0.27 and Monday’s -$1.10),
- Alnylam Pharmaceuticals (ALNY -$1.12 after Thursday’s -$5.50, Wednesday’s +$7.76, Tuesday’s -$2.55 and Monday’s -$1.34),
- CRISPR Therapeutics (CRSP -$0.88),
- Vericel (VCEL -$0.80 after Thursday’s +$1.66, Wednesday’s -$0.65, Tuesday’s +$0.86 and Monday’s +$0.02),
- Ultragenyx (RARE -$0.52 after Thursday’s -$1.36, Wednesday’s -$0.54, Tuesday’s -$0.07 and Monday’s -$1.58),
- BioLife Solutions (BLFS -$0.49),
- Prime Medicine (PRMC -$0.20 after Thursday’s -$0.17),
- Biostage (OTCQB: BSTG -$0.135),
- Intellia Therapeutics (NTLA -$0.12 after Thursday’s -$1.25, Wednesday’s +$1.35 after Tuesday’s -$1.08 and Monday’s +$0.90),
- Ionis Pharmaceuticals (IONS -$0.08 after Thursday’s +$0.26, Wednesday’s +$1.49, Tuesday’s +$0.26 and Monday’s -$0.54),
Flat (1):
- Adverum Biotechnologies (ADVM)
Closing Up (10 of 21):
- Generation Bio (GBIO +$0.48),
- uniQure NV (QURE +$0.34),
- Compass Therapeutics (CMPX +$0.20),
- Regenxbio (RGNX +$0.16 after Thursday’s -$0.56, Wednesday’s +$0.71, Tuesday’s +$1.27 and Monday’s -$0.48),
- MiMedx (MDXG +$0.15 after Thursday’s +$0.04),
- Beam Therapeutics (BEAM +$0.12 after Thursday’s +1.27 and Wednesday’s +$1.06),
- AxoGen (AXGN +$0.10 after Thursday’s +$0.05, Wednesday’s -$0.09 and Tuesday’s +$0.10),
- Precigen (PGEN +$0.10),
- Cellectis SA (CLLS +$0975),
- Editas Medicine (EDIT +$0.08 after Thursday’s -$0.25 and Wednesday’s +$0.34),
Q2/23 – June
Friday closed positive with 21 incliners, 13 decliners and 1 flat
Thursday closed negative with 14 incliners, 17 decliners and 4 flats
Wednesday closed positive with 21 incliners, 14 decliners and 0 flat
Tuesday closed positive with 18 incliners, 15 decliners and 2 flats
Monday closed negative with 8 incliners, 26 decliners and 1 flat
Friday closed negative with 9 incliners, 26 decliners and 0 flat
Thursday closed negative with 10 incliners, 24 decliners and 1 flat
Wednesday closed negative with 13 incliners, 22 decliners and 0 flat
Tuesday closed positive with 20 incliners, 15 decliners and 0 flat
Monday was a market holiday
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
Friday closed negative with 14 incliners, 20 decliners and 1 flat
Thursday closed negative with 11 incliners, 22 decliners and 2 flats
Wednesday closed positive with 19 incliners, 15 decliners and 1 flat
Tuesday closed positive with 29 incliners, 6 decliners and 0 flat
Monday closed positive with 18 incliners, 17 decliners and 0 flat
Friday closed positive with 26 incliners, 8 decliners and 1 flat
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.”
Just when one thought the bottom was about to fall through, old uncle algorithm came to visit and spike the punch – many equities felt the high.
As the Advance/decline lines, popped after 6 of 9 declines and 1 holiday.
A new concern is that the Nasdaq is over-extended, raising the risk of another market pullback – next week??
The coming issue is Q2 reporting is weeks if not a month away.
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!”
Reiterating, there was VALUE out there as electronic trading and algorithms stated their claim to the upside on Tuesday, it’s STILL about playing or betting and timing of the sector.
Unresolved issues --- political investigation of the White House and the Bidens, future rate increases, escalation of the Ukraine war, a Russia uncertainty after a on mercenary versus Russia fight and the major issue - recession - US and global could freezing investors' mood.
A long holiday is upon us, it will be good to get this market and sector out-of-mind and yet another birthday (7/2)!
The top three (3) performing in the session:
· Friday: Generation Bio (GBIO), uniQure NV (QURE) and Compass Therapeutics (CMPX)
· Thursday: Vericel (VCEL), Blueprint Medicine (BPMC) – again and Ionis Pharmaceuticals (IONS) - again
· Wednesday: Alnylam Pharmaceuticals (ALNY), Blueprint Medicine (BPMC) and Ionis Pharmaceuticals (IONS)
· Tuesday: Regenxbio (RGNX), Vericel (VCEL) – again, and Verve Therapeutics (VERV)
· Monday: Intellia Therapeutics (NTLA), CRISPR Therapeutics (CRSP) and Beam Therapeutics (BEAM)
While The worst three (3) in the session:
· Friday: Blueprint Medicine (BPMC), Alnylam Pharmaceuticals (ALNY) and CRISPR Therapeutics (CRSP)
· Thursday: Alnylam Pharmaceuticals (ALNY), Ultragenyx (RARE) and Beam Therapeutics (BEAM)
· Wednesday: Vericel (VCEL), Ultragenyx (RARE) and BioLife Solutions (BLFS)
· Tuesday: Alnylam Pharmaceuticals (ALNY), Intellia Therapeutics (NTLA) and Generation Bio (GBIO)
· Monday: Sage Therapeutics (SAGE), 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.
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 -$0.1365 with 762 shares traded after Thursday closed FLAT with 0 shares traded, Wednesday closed up +$0.02 with 425 shares traded, Tuesday closed down-$0.05 with 624 shares traded, Monday closed flat with 0 shares traded and last Friday closed down -$0.19 with 2,673 shares traded <3-month average = 812 shares>
· 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.
