July 1, 2024 4:39pm
Alongside US political risks, questions about whether President Biden can oversee the country’s functions or will he step down after a "poor mental health" debate showing does NOT make for stable country and markets until November
News: Solid Biosciences (SLDB +$0.60) has been added to the broad-market Russell 3000® Index as part of the annual reconstitution, effective at the open of US equity markets today, 7/1/24.
I say today what others won't, so you can do what others can't by sticking to the FACTS!
Never leave an investor uninformed!
I follow the dictum, quoting Churchill that “short words are best, and the old words when short are best of all.”
Monday: The Dow closed UP +50.66 points or +0.13%, the S&P closed UP +14.61 points or +0.27% while the Nasdaq closed UP +146.70 points or +0.83%
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 higher Monday maintaining the strong momentum seen in 1/H24.
Gains were kept in check as Treasury yields soared. The benchmark 10-year yield climbed 14 basis points to 4.481%
Economic Data Docket: US manufacturing activity data released on Monday showed the Institute for Supply Management's manufacturing PMI fell further into contraction territory in June, hitting a four-month low.
- The ISM's manufacturing PMI registered a reading of 48.5 in June, down from May's reading of 48.7 and below the 49.1 economists expected, according to Bloomberg data. A print below 50 reflects a shrinking in activity.
Metrics & Advance/Decline (A/D) Line:
Monday’s advance/decline line at the open was positive with 23 incliner, 9 decliners and 4 flats; ending with a negative close of 13 incliners, 19 decliners and 3 flats
- the IBB was down -0.21% and the XBI was up +0.36%
- the VIX was down -0.27 point or -2.17% at 12.17
52-week low:
- Regenxbio (RGNX) at $11.14
- Editas Medicine (EDIT) at $4.61
Ebb and flow of MY covered sector cell and gene therapy session daily “endings”:
Q3/24
- July: 1st negative close
Q2/24:
- June: 1 market holiday, 7 positive and 12 negative closes
- May – 1 holiday, 11 positive and 12 negative closes
- April - 16 negative and 6 positive closes
Monday’s Closing Down (10 of 19):
- Vericel (VCEL -$1.72 after Friday’s -$1.03
- BioLife Solutions (BLFS -$0.64 after Friday’s +$0.93
- Regenxbio (RGNX -$0.63 after Friday’s +$0.07
- Beam Therapeutics (BEAM -$0.37 after Friday’s -$0.55
- Generation BIO (GBIO -$0.24),
- MiMedx (MDXG -$0.23 after Friday’s +$0.17),
- Agenus (AGEN -$0.06 after Friday’s +$2.63),
- Editas Medicine (EDIT -$0.06)
- Caribou Biosciences (CRBU -$0.05)
- Compass Therapeutics (CMPX -$0.0545)
Flat (3):
- Bellicum Pharmaceuticals (BLCM) – dropped)
- Harvard Apparatus RT (OTCQB: HRGN)
- Homology Medicine (FIXX) – under $1.00
Monday’s Closing Up (13 of 13):
- Blueprint Medicine (BPMC +$1.40 after Friday’s -$0.74
- Solid Biosciences (SLDB +$0.60),
- AxoGen (AXGN +$0.47 after Friday’s +$0.02
- Lenz Therapeutics (LENZ +$0.40 after Friday’s -$0.52),
- Prime Medicine (PRME +$0.34 after Friday’s -$0.19
- Alnylam Pharmaceuticals (ALNY +$0.32 after Friday’s -$4.00
- Sage Therapeutics (SAGE +$0.17 after Friday’s +$0.17
- Verve Therapeutics (VERV +$ after Friday’s +$0.12),
- Intellia Therapeutics (NTLA +$0.09 after Friday’s -$0.81),
- Adverum Biotechnologies (ADVM -$0.11),
- Cellectis SA (CLLS +$0.065 after Friday’s +$0.01)
- Ultragenyx Pharmaceuticals (RARE +$0.02 after Friday’s -$0.32),
- Brainstorm Cell Therapeutics (BCLI +$0.0185),
Q3 and July to date:
- (7/1) Monday ended with a negative close of 13 incliners, 19 decliners and 3 flats
The BOTTOM LINE: Monday, 7/1, the cell and gene therapy sector took it in the “shorts” after a positive open.
As investors began counting down to the July 4 break, key US jobs report and weekend.
- Watch if the June jobs report due Friday will cool the labor market and help make a case for interest-rate cuts.
Reiterating from this a.m. post, In July, wait until you see the green of the upside is a bit like the “famous order "Don't fire until you see the whites of their eyes" which was popularized in stories about the battle of Bunker Hill.
- The real issue is being OVERSOLD yet sentiment and breadth is in the toilet and due are Q2 LPS (loss per-share) boding releases.
Upside her, downside there, uncle algo and his electronic dwarfs seek lows and highs to sell or buy … everywhere is coming to the sessions. Is he in heaven? From the idea of, “Is he in hell? That dammed, elusive Pimpernel?”
- Investors need be cognizant of a lack of market breadth that continues to plague the market and could influence moves into the 2H/24,
Easy for me, a mid-week holiday and another birthday … which I intend to take off a few days/sessions also with my brother’s birthday on 7/6.
The top three (3) performing in the session:
- Monday: Blueprint Medicine (BPMC), Solid Biosciences (SLDB) and AxoGen (AXGN)
The worst three (3) in the session:
- Monday: Vericel (VCEL), BioLife Solutions (BLFS) and Regenxbio (RGNX)
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 it’s 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.
