September 13, 2023 4:45pm
As gasoline also fueled US inflation, snatching the upside after August's Consumer Price Index report showed a bigger-than-expected jump in inflation last month especially
Pre-open Indications: 2 Hits and 1 Miss
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The Dow closed DOWN -70.46 points or -0.20%, the S&P closed UP +5.54 points or +0.12% while the Nasdaq closed UP +39.96 points or +0.29%
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 closed mixed as the Dow dumped, the S&P and Nasdaq slowly rose as … August’s core inflation rose and the consumer price index increased against estimates.
Economic Data Docket: The Consumer Price Index rose 0.6% on the month in August, in line with estimates, with a 3.7% year-over-year increase that topped the 3.6% estimate. Core CPI rose 0.3% for the month, above the 0.2% estimate, with a 4.3% annual pop that met estimates.
Wednesday (9/13) … RegMed Investors’ (RMi) Opening Bell: “try catching fog in a glass. The CPI inflation report is sure to swing futures before the open today and then markets” … https://www.regmedinvestors.com/articles/13118
Pre-Open indications: 2 Hits < Alnylam Pharmaceuticals (ALNY $0.00), Vericel (VCEL +$0.20) and 1 Miss < Editas Medicine (EDIT -$0.53)>
RegMed/Stem/Cell and Gene Therapy’s 35 covered equities’ Advance/Decline (A/D) lines: what happened – differences …
- Wednesday’s advance/decline line opened negative at 11 up/ 16 down and 8 flats, stayed negative with 9 up/ 21 down and 5 flats at 10:30 a.m. kept negative at the mid-day with 10 up/ 22 down and 3 flats, ending with a negative close of 7 incliners, 24 decliners and 4 flats
Ebb and flow:
Q3: September – 1 holiday, 5 positive and 3 negative closes
· August – 9 positive and 14 negative closes
· July - 1 holiday, 12 positive and 8 negative close
The iShares NASDAQ Biotechnology (IBB) and the SPDR S&P ETF (XBI) indicators:
- Wednesday, the IBB was down -0.30% and the XBI was down -1.06%
The CBOE Volatility Index (VVIX: INDEX) tracked:
- Wednesday was down -0.75 point or -5.27% at 13.48
Closing Down (10 of 24):
- Intellia Therapeutics (NTLA -$1.65 after Tuesday’s -$1.10 after Monday’s +$0.38),
- Beam Therapeutics (BEAM -$1.15),
- CRISPR Therapeutics (CRSP -$1.01 after Tuesday’s -$0.70 after Monday’s +$1.13),
- Blueprint Medicine (BPMC -$0.88 after Tuesday’s -$0.74 after Monday’s +$0.43),
- Sage Therapeutics (SAGE -$0.78 after Tuesday’s +$1.79),
- Editas Medicine (EDIT -$0.53 after Tuesday’s -$0.17),
- Caribou Biosciences (CRBU-$0.50 after Tuesday’s -$0.29 after Monday’s +$0.63),
- Voyager Therapeutics (VYGR -$0.47 after Tuesday’s -$0.25 after Monday’s -$0.32),
- Ultragenyx Pharmaceuticals (RARE -$0.45 after Tuesday’s +$0.67 after Monday’s -$0.41),
- Verve Therapeutics (VERV -$0.47 after Tuesday’s +$0.39 after Monday’s +$0.36),
- Alnylam Pharmaceuticals (ALNY)
- Cellectis SA (CLLS)
- Harvard Apparatus RN (HRGN)
- Homology Medicine (FIXX)
Closing Up (7 of 7):
- Regenxbio (RGNX +$0.70),
- Vericel (VCEL +$0.20 after Tuesday’s +$2.46 after Monday’s +$1.35),
- uniQure NV (QURE +$0.15 after Tuesday’s -$0.34),
- Sangamo Therapeutics (SGMO +$0.06),
- Bellicum Pharmaceuticals (BLCM +$0.04),
- Agenus (AGEN +$0.02),
- BioLife Solutions (BLFS +$0.01),
Q3/23 – September
- Wednesday closed negative with 7 incliners, 24 decliners and 4 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.”
My version of the morning’s “indications” is about what you need to know; it’s what could happen or materialize and what did happen at the close of the session
Investors will now shift focus to August producer prices and retail sales data on Thursday ahead of the Fed's Sept. 20 policy decision.
Another reiteration, “too many factors are calling the ball on share pricing – sentiment, economics, upcoming Q3 earnings, and I believe the political aspect of the country’s leanings, polarization, and disparities of the debt ceilings arguments are suppressing some share pricing actions.”
The cell and gene therapy sector equity dived negative on Wednesday, stayed positive on Tuesday after Monday’s positive close Friday’s positive close, Thursday’s negative close and last Wednesday’s positive close.
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!”
Being “greedy when others are fearful” is easier said than done
When a cell and gene therapy sector equity sells-off to or below a buy point, investors face a tough decision: hold tight, exit or trim the position. There's not necessarily a "right" answer. Sometimes the stock will bounce right back, others will keep falling — perhaps after briefly bouncing. A more-cautious approach may make more sense in the current volatile market.
The top three (3) performing in the session:
Wednesday: Regenxbio (RGNX), Vericel (VCEL) and uniQure NV (QURE)
Tuesday: Alnylam Pharmaceuticals (ALNY) - again, Vericel (VCEL) and Ionis Pharmaceutrals (IONS)
Monday: Alnylam Pharmaceuticals (ALNY), CRISPR Therapeutics (CRSP), Prime Medicine (PRMC)
While The worst three (3) in the session:
Wednesday: Intellia Therapeutics (NTLA) - again, Beam Therapeutics (BEAM) and CRISPR Therapeutics (CRSP) - again
Tuesday: Intellia Therapeutics (NTLA), Blueprint Medicines (BPMC) and CRISPR Therapeutics (CRSP)
Monday: Voyager Therapeutics (VYGR), Brainstorm Cell Therapeutics (BCLI) and Adverum Biotechnologies (ADVM)
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 according to the 8-K and 10-K!
Still labeled a … Going Concern
· HRGN has incurred substantial operating losses since its inception, and as of June 30, 2023 had an accumulated deficit of approximately $88.5 million and will require additional financing to fund future operations.
· HRGN will NEED to raise additional funds to fund its operations. WHO and WHICH U.S. investors would INVEST in a BASICALLY Chinese company with their history??
· As they continue pumping the price “pump share pricing and promote volume” just like a Ponzi scheme???
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.