May 28, 2024 4:30pm

As indented sentiment starts the short week with Friday’s month’s ending

Anyone who reads my posts, knows that I am about making money in a portfolio, no matter what happens in the sector

Never leave an investor uninformed!

 

The sector is being driven by the same theme - until we get some optimism, the path of least resistance is lower.

 

Tuesday: The Dow closed DOWN -126.73 points or -0.55%, the S&P closed UP +1.32 points or +0.02% while the Nasdaq closed UP +99.09 points or +0.59%

 

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 were mixed … over concerns as rising yields upends sentiment to start the week.

Economic Data Docket: Consumer confidence unexpectedly increased in May, though so did inflation expectations, according to a Conference Board survey released Tuesday. The board’s Present Situation Index increased to 102 from an upwardly revised 97.5, better than the 96 estimate from the Dow Jones consensus. Similarly, the Expectations Index increased to 74.6, up nearly 6 points.

 

All-time Low:

  • Verve Therapeutics (VERV) at $5.17

 

Advance/Decline (A/D) Line:

Tuesday’s advance/decline line at the open was neutral with 16 incliner, 16 decliners and 3 flats; ending with a negative close of 15 incliners, 16 decliners and 4 flats

Monday was a market holiday.

 

Ebb and flow of MY covered sector cell and gene therapy session daily “endings”:

Q2/24: 1 holiday, 9 positive and 10 negative closes

  • April; 16 negative and 6 positive closes

 

Key Metrics:

The iShares NASDAQ Biotechnology (IBB) and the SPDR S&P ETF (XBI) indicators:

  • Tuesday, the IBB was down -1.17% and the XBI was up +0.34%

The CBOE Volatility Index (VVIX: INDEX) tracked:

  • Tuesday was up +0.53 point or +4.29% at 12.89

 

Tuesday’s Closing Down (10 of 16):

  • Intellia Therapeutics (NTLA -$2.12),
  • Ultragenyx Pharmaceuticals (RARE -$1.00),
  • Blueprint Medicine (BPMC -$0.45),
  • Prime Medicine (PRME -$0.43),
  • CRISPR Therapeutics (CRSP -$0.40),
  • Editas Medicine (EDIT -$0.31),
  • Lenz Therapeutics (LENZ -$0.31),
  • Vericel (VCEL -$0.26),
  • MiMedx (MDXG -$0.24),
  • Solid Biosciences (SLDB -$0.22),

Flat (4):

  • Bellicum Pharmaceuticals (BLCM) – dropped)
  • Harvard Apparatus RT (OTCQB: HRGN)
  • Generation BIO (GBIO)
  • Homology Medicine (FIXX)

Tuesday’s Closing Up (10 of 15):

  • Alnylam Pharmaceuticals (ALNY +$2.30),
  • Agenus (AGEN +$1.63),
  • BioLife Solutions (BLFS +$0.41),
  • AxoGen (AXGN +$0.37),
  • Ionis Pharmaceuticals (IONS +$0.36),
  • Mesoblast (MESO +$0.35),
  • Sage Therapeutics (SAGE +$0.15),
  • Adverum Biotechnologies (ADVM +$0.06),
  • Compass Therapeutics (CMPX +$0.06),
  • Regenxbio (RGNX +$0.04),

 

Q2/24 – May

  • Tuesday closed negative with 15 incliners, 16 decliners and 4 flats
  • Monday was a market holiday

 

The BOTTOM LINE:  Fading optimism with a busy week for me (after a busy weekend of yard and garden work) more of yard work, the pool open and prep, winterizing the extended porch will keep my writing to a minimum but still hit the highs and lows.

Indexes were mixed in afternoon trading on Tuesday, kicked off a holiday-shortened week by focusing on a coming inflation report watched closely by the Fed.

 

Hotter-than-expected economic prints and hawkish Fed minutes, have prompted traders to once again scale back bets on interest rate cuts this year. Data chasers will get updates on first quarter GDP and consumer confidence later this week that could prove catalysts. <Yahoo Finance>

 

The top three (3) performing in the session:  

  • Tuesday: Alnylam Pharmaceuticals (ALNY), Agenus (AGEN) and BioLife Solutions (BLFS)
  • Monday:  was a holiday

The worst three (3) in the session:

  • Tuesday: Intellia Therapeutics (NTLA), Ultragenyx Pharmaceuticals (RARE) and Blueprint Medicine (BLMC)
  • Monday: was a market 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.