August 1, 2023 4:52pm
Monday, I wrote “Cash out July in its last session of month” sector crashed followed by Tuesday’s downside clatter and proven right again
Pre-Open Indications: 1 Hits and 0 Miss
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If I have learned one thing as a former research analyst in a venture and public fund, operating executive, x-military officer and x-FBI, an adjunct (MBA) business school professor now a journalist; my life and your portfolio are largely tied to our knowledge of price movements and questioning pricing targets.
The Dow closed UP +71.15 points (+0.20%), the S&P closed DOWN -12.23 points (-0.27%) while the Nasdaq closed DOWN -62.11 points (-0.43%)
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 …
Tuesday, indexes closed mixed …
Merck (MRK) pulled back 1.3% even after reporting a smaller-than-expected loss and revenue that exceeded expectations thanks to strong Keytruda sales. Pfizer (PFE) fell 1.2% after posting mixed results due to plummeting Covid product sales.
Tuesday (8/1) … RegMed Investors’ (RMi) pre-open: “stock futures lower as earnings’ releases begin” … https://www.regmedinvestors.com/articles/13057
RegMed Investors (RMi) Research Note: Q2/23 net losses earnings, cash positions and runway outcomes. LPS (loss-per-share) releases will present challenges to share pricing with outcomes included … https://www.regmedinvestors.com/articles/13058
Pre-Open Indications: 1 Hit < Blueprint Medicine (BPMC -$1.86) and 0 Miss
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 5 up/ 28 down and 2 flats, stayed negative with 7 up/ 26 down and 2 flats at the mid-day, ending with a negative close of 7 incliners, 27 decliners and 1 flat
Key Metrics:
The iShares NASDAQ Biotechnology (IBB) and the SPDR S&P ETF (XBI) indicators:
- Tuesday, the IBB was down -0.97% and the XBI was down -1.17%
The CBOE Volatility Index (VVIX: INDEX) tracked:
- Tuesday was up +0.25 point or +1.83% at 13.88
Closing Down (10 of 27):
- Alnylam Pharmaceuticals (ALNY -$6.35 after Monday’s -$3.89)
- Beam Therapeutics (BEAM -$2.36 after Monday’s -$0.51),
- Blueprint Medicine (BPMC -$1.86 after Monday’s +$2.88),
- Intellia Therapeutics (NTLA -$1.37 after Monday’s -$0.03),
- Verve Therapeutics (VERV -$1.07 after Monday’s +$0.59),
- CRISPR Therapeutics (CRSP -$0.92 after Monday’s +$0.44),
- Vericel (VCEL -$0.80 after Monday’s -$1.86),
- BioLife Solutions (BLFS -$0.54 after Monday’s +$0.14),
- Generation Bio (GBIO -$0.34 after Monday’s -$0.07),
- Prime Medicine (PRME -$0.23)
Flat (1):
- Bellicum Pharmaceuticals (BLM)
Closing Up (7 of 7):
- Sage Therapeutics (SAGE +$1.32 after Monday’s -$0.28),
- uniQure NV (QURE +$0.25 after Monday’s +$0.51),
- Regenxbio (RGNX +$0.15 after Monday’s +$0.19),
- Caribou Biosciences (CRBU +$0.12),
- Harvard Apparatus RM (HRGN +$0.06) – formerly Biostage (BSTG),
- Adverum Biotechnologies (ADVM +$0.05),
- Homology Medicine (FIXX +$0.04),
Q3/23 – August
- Tuesday closed negative with 7 incliners, 27 decliners and 1 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.”
An indicator, “Economic data over the last month has painted a more positive picture of the US economy than many thought more than halfway through 2023. Inflation is cooling while Americans continue to gain jobs at a healthy clip, and consumers have remained resilient.” <Yahoo Finance>
August tends to frighten many stock market investors and historians.
- The stock market is riding high after a strong performance in July, but August could be a difficult month for investors.
- Data compiled by the Stock Trader’s Almanac shows the S&P 500 averages just a 0.1% gain in August. That makes it the third-worst month on average for the benchmark index. The Dow, meanwhile, averages a loss of 0.04% in August. <CNBC>
RegMed Investors (RMi) Research Note: Q2/2023 earnings reporting date announcements …
1st to release … uniQure NV (QURE) with equity appreciating and 1st net income MiMedx (MDXG) … https://www.regmedinvestors.com/articles/13044
Cell and gene therapy sector performance continues to suggest the results of earning season although uniQure NV (QURE) – the first to release net share consensus and revenue misses where this equity (QURE) actually rose after earnings release – Tuesday (+$0.25) and possibly WHERE “this” market wants to go despite fears of recession, inflation, aggressive monetary policy, and problems earlier this year.
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!”
The top three (3) performing in the session:
Tuesday: Sage Therapeutics (SAGE), uniQure NV (QURE), and caribou Biosciences (CRBU)
Monday: Blueprint Medicine (BPMC), Ionis Pharmaceuticals (IONS) and Verve Therapeutics (VERV)
While The worst three (3) in the session:
Tuesday: Alnylam Pharmaceuticals (ALNY), Beam Therapeutics (BEAM) and Blueprint Medicine (BPMC),
Monday: Alnylam Pharmaceuticals (ALNY), Vericel (VCEL) and Beam Therapeutics (BEAM)
Earnings: uniQure NV (QURE)
· a net loss of -$68.5 M or -$1.44 per share with a cash position of $628.6 M (excluded $100 M from Hemgenix, and $400 M from royalty sale) and a runway until 02/26
· Per-share net loss consensus and revenue misses
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 …
Harvard Apparatus Regenerative Technology (HRGN) formerly Biostage (OTCQB: BSTG) … as of 7/20/23 -- so many issues!
· Question: is HRGN just another Ponzi scheme (with their pump/promote buy and sell agenda) as shares are bought to replace those sold?
· Accumulated deficit: $85,901 M
· Will HRGN ESCAPE the scandals when its “former” corporate name was used by a former chairman and CEO Green initiating scandal plagued utilization of an Italian surgeon and the $5 M it took to settle out the executive responsibility as it was SHIFTED to the company shareholders and Harvard Bio (HBIO)???
· Can this management team be TRUSTED by ANY shareholder other then major holders’ Chinese off-shore investors.
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.
