December 28, 2023 4:54pm
As volume fell on the Nasdaq while an absence of news has not stopped investors jumping into upside “bets”
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News: MiMedx Group (MDXG -$0.10) announced that its outstanding 95,000 shares of Series B Convertible Preferred Stock together with any accrued dividends, were automatically converted into shares 12/22/23. As a result of this conversion, approximately 30 M shares have been added to its share count
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With no sigh of relief, I try to answer or qualify one question, in which company should investors put, keep and commit their money
Ask yourself, do you know why you own certain equity?
Thursday: The Dow closed UP +53.58 points or +0.14%, the S&P closed UP +1.77 points or +0.04% while the Nasdaq closed DOWN -4.04 points or +0.03%
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 closed mixed …. as indexes exhibit extreme resilience,” despite some technical indicators suggesting overbought conditions,
Economic Data Docket: The number of Americans filing initial claims for unemployment benefits rose last week, indicating the labor market continues to cool into 2023's Q4. Americans filed 218,000 jobless claims, up from 205,000 the week prior and above the 210,000 economists had projected.
- The index for pending home sales stayed at 71.6 in November, the National Association of Realtors (NAR) said on Thursday. The index reading was the lowest since the index’s founding in 2001 and came in below the 0.9% increase economists had expected.
- The 30-year fixed mortgage declined to 6.61% from 6.67% the week prior, the lowest since May.
RegMed/Stem/Cll and Gene Therapy’s 35 covered equities’ Advance/Decline (A/D) lines: what happened – differences …
- Thursday’s advance/decline line was positive at the open with 21 incliners, 14 decliners and 0 flat, ending with a negative close of 17 incliners, 18 decliners and 0 flat
Ebb and flow of MY covered sector cell and gene therapy session daily “endings”:
Q4: December – 1 holiday, 9 negative and 10 positive closes
- November – 11 positives, 1 holiday and 10 negative closes
- October – 12 negative and 10 positive closes
Key Metrics:
The iShares NASDAQ Biotechnology (IBB) and the SPDR S&P ETF (XBI) indicators:
- Thursday, the IBB was up +0.12% and the XBI was down -0.04%
The CBOE Volatility Index (VVIX: INDEX) tracked:
- Thursday was up +0.03 point or +0.24% at 12.46
Thursday’s Closing Down (10 of 18):
- Blueprint Medicine (BPMC -$1.49 after Wednesday’s +$2.03 and Tuesday’s +$1.98),
- Ultragenyx Pharmaceuticals (RARE -$0.92 after Wednesday’s +$1.57),
- Alnylam Pharmaceuticals (ALNY -$0.86 after Wednesday’s +$5.37),
- CRISPR Therapeutics (CRSP -$0.66 after Wednesday’s -$0.37 and Tuesday’s +$1.66),
- Regenxbio (RGNX -$0.33 after Wednesday’s +$0.12),
- Harvard Apparatus GN (HRGN -$0.264 after Wednesday’s +$0.44 after Tuesday’s -$0.47)
- Sage Therapeutics (SAGE -$0.20 after Wednesday’s +$0.09 after Tuesday’s +$0.32),
- BioLife Solutions (BLFS -$0.14 after Wednesday’s +$0.20 after Tuesday’s +$0.63),
- AxoGen (AXGN -$0.11 after Wednesday’s -$0.15),
- MiMedx (MDXG -$0.10)
Thursday’s Closing Up (10 of 17):
- Vericel (VCEL +$0.64 after Wednesday’s -$0.93 and Tuesday’s +$1.56),
- Beam Therapeutics (BEAM +$0.35 after Wednesday’s -$0.74 and Tuesday’s +$0.34),
- Ionis Pharmaceuticals (IONS +$0.34 after Wednesday’s -$1.14 and Tuesday’s +$0.11),
- Fate Therapeutics (FATE +$0.28),
- Verve Therapeutics (VERV +$0.28 after Wednesday’s -$0.14 and Tuesday’s +$0.542),
- Solid Biosciences (SLDB +$0.21 after Wednesday’s +$0.34 and Tuesday’s +$0.80),
- Prime Medine (PRME +$0.14 after Wednesday’s +$0.21 and Tuesday’s -$0.02)
- Graphite Bio (GRPH +$0.13 after Wednesday’s +$0.13),
- Voyager Therapeutics (VYGR +$0.11),
- Sangamo Therapeutics (SGMO +$0.0620),
Q4/23 – December
- Thursday closed negative with 17 incliners, 18 decliners and 0 flat
The BOTTOM LINE: I got the “vid” – covid – hasn’t make for a happy holiday week pre–New Year but I make the most of is as I was cook, cleaner, bottle washer (plus drinker) and playing doctor for the “babe” wasn’t fun as we finish 2023!
- As 2023 comes to a close, indexes expanded breadth and bullish technical patterns creating a tailwind for equities in 2024.
“Right now, we really do not want to step in front of Santa's gift-laden sleigh. It appears the rally could very well put the S&P 500 Index at or very near an all-time record high as we close out the year."
- Still, the market "will struggle to post meaningful gains in the first part of the year while the economy continues to slow." < Scott Wren, senior global market strategist at Wells Fargo Investment Institute>
Thursday’s backdrop and issue:
- Yields on 10-year Treasury notes stood at 3.842%, slightly up on the day after hitting a five-month low overnight. The two-year yield was down at 4.279%, having been as high as 5.295% as recently as October.
- Nasdaq has now gained more than 44% this year. If that holds, it would be the major average's best year since 2003.
It's time to think beyond December’s end and 2024’s Q1.
- Don’t FORGET portfolio December tax selling and a bit of rebalancing … “Investors NEED to start formulating their portfolio outlook into next year.”
- We’ve got three days left of tax harvesting, three days of portfolio window dressing ...
- It might be prudent to harvest and cash but, it’s too late … wait for 2nd or 3rd of January for tax purposes following the past month’s dramatic rally.
- And then comes January and with worries that the U.S. economy will be slowing down, the potential for continued Middle East violence and, of course, the real prospect of bitterly contested elections across all of the United States. <The Street>
The top three (3) performing in the session:
- Thursday: Vericel (VCEL), Beam Therapeutics (BEAM) and Ionis Pharmaceuticals (IONS)
- Wednesday: Alnylam Pharmaceuticals (ALNY), Blueprint Medicine (BPMC) and Ultragenyx Pharmaceuticals (RARE)
- Tuesday: Blueprint Medicine (BPMC), CRISPR Therapeutics (CRSP) and Vericel (VCEL)
- Monday: holiday
The worst three (3) in the session:
- Thursday: Blueprint Medicine (BPMC), Ultragenyx Pharmaceuticals (RARE) and Alnylam Pharmaceuticals (ALNY)
- Wednesday: Vericel (VCEL), Ionis Pharmaceuticals (IONS) and Intellia Therapeutics (NTLA)
- Tuesday: Harvard Apparatus GN (HRGN), Editas Medicine (EDIT) and Generation Bio (GBIO)
- Monday: holiday
Welcome to my world of defining the “grey’ in our universe!
- Right up front, “I also hate to be so negative or contrarian but, this is a NO spin zone and facts are its product; I can always be WRONG but … I am mostly EARLY!”
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.
