May 2, 2025 5:03pm

Markets breathed a sigh of relief this morning as the jobs data came in better than expected after I had asked/written, “what is the Ozempic of share pricing: econs or earnings?”

And after China said that it is evaluating the possibility of starting trade negotiations with the U.S.

Coming: BLFS and NTLA  5/8, RGNX 5/12

Never leave an investor uninformed! 

Week in review

 

On point, short on words, long on facts and being judicious!

My mission is to provide clear, actionable guidance on a regular basis to help investors and traders navigate the uncertain and often irrational financial markets. I put hours of effort to create reporting, while leveraging my 40 years of operating and research experiences to analyze the key market-moving events and distill that into a cogent outlook.

 

RegMed Investors’ (RMi) pre-open: what is the Ozempic of share pricing: econs or earnings? … https://www.regmedinvestors.com/articles/13903

Thursday night’s RegMed Investors (RMi) Closing Bell: earnings lift the veil, there’s “meat on the bones” … https://www.regmedinvestors.com/articles/13902

 

RegMed Investors (RMi) Research Note: Harvard Apparatus GT (OTCQB: HRGN) Chronicles: Yet another "screw job" for/on investors ... "wanting to effect a reverse split of its outstanding common stock" in its recent proxy statement filing!! … https://www.regmedinvestors.com/articles/13812

 

Friday: The Dow closed UP +564.47 points or +1.39%, the S&P closed UP +82.53 points or +1.47% while the Nasdaq closed UP +266.99 points or +1.51%

  • Indexes closed positive as cell and gene therapy sector also popped
  • This week, the S&P 500 rose +2.3%, the Dow +2.5% and Nasdaq was up 2.7%.

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

  • Payrolls grew by 177,000 in April, above the 133,000 that economists had anticipated; down sharply from the 228,000 added in March. The unemployment rate stood at 4.2%, in line with expectations.

Friday’s advance/decline line opened with a positive 30 incliner, 2 decline and 3 flats ending with a positive close of 24 incliners, 8 decliners and 3 flats        

Metrics:  Friday, the IBB was up +1.72%, the XBI was up +1% while the VIX was down -1.92 points or -7.80% at 22.68

 

Q2/25 – May – 1 negative and 1 positive closes

  • April – 11 positive and 10 negative closes

Q1/25

  • March, 10 positive and 12 negative closes
  • February – 12 holiday, 11 negative and 7 positive closes
  • January - 2 holidays, 1 market close, 10 negative and 10 positive closes

 

Friday’s Closing UP (10 of 24)

  • Blueprint Medicine (BPMC +$5.39 after Thursday’s +$9.75 and Wednesday’s +$1.02),
  • Alnylam Pharmaceuticals (ALNY +$4.26 after Thursday’s -$8.11, Wednesday’s +$6.05, Tuesday’s +$2.34 and Monday’s +$3.29
  • Ionis Pharmaceuticals (IONS +$1.07 after Thursday’s +$1.00 after Wednesday’s+$0.90),
  • Vericel (VCEL +$1.03 after Thursday’s -$0.10, Wednesday’s -$1.34, Tuesday’s +$0.62 and Monday’s -$0.99
  • BioLife Solutions (BLFS +$0.67 after Thursday’s +$0.49, Wednesday’s -$0.60, Tuesday’s +$0.24 and Monday’s -$0.49),
  • Solid Biosciences (SLDB +$0.66 after Thursday’s +$0.34, Wednesday’s +$0.26, Tuesday’s -$0.18 and Monday’s -$0.07),
  • AxoGen (AXGN +$0.65 after Thursday’s +$0.21, Wednesday’s -$0.24, Tuesday’s +$0.33 and Monday’s +$0.22)
  • Lenz Therapeutics (LENZ +$0.64 after Thursday’s -$0.36, Wednesday’s +$1.89, Tuesday’s -$0.65 and Monday’s +$0.40
  • Moderna (MRNA +$0.58 after Thursday’s -$1.51, Wednesday’s +$0.72, Tuesday’s +$0.36 and Monday’s +$0.24),
  • Regenxbio (RGNX +$0.57 after Thursday’s +$0.22),

Flat (3)

  • Harvard Apparatus RT (OTCQB: HRGN $0.00 after Thursday’s $0.00, Wednesday’s $0.00, Tuesday’s -$0.11 after Monday’s $0.00)
  • Homology Medicine (FIXX)
  • MiMedx (MDXG)

Friday’s Closing DOWN (8 of 8):

  • Verve Therapeutics (VERV -$0.31 after Thursday’s -$0.17),
  • uniQure NV (QURE -$0-.23 after Thursday’s +$0.24 after Wednesday’s +$0.90 after Tuesday’s -$0.11),
  • Sage Therapeutics (SAGE -$0.18 after Thursday’s +$0.19 after Wednesday’s -$0.31 after Tuesday’s -$0.17),
  • bluebird bio (BLUE -$0.10)
  • Prime Medicine (PRME -$0.06),
  • Cellectis SA (CLLS -$0.0190),
  • Sangamo Therapeutics (SGMO -$0.0129),
  • Generation Bio (GBIO -$0.0041),

 

As compared to … Thursday: The Dow closed UP +83.42 points or +0.21%, the S&P closed UP +35.05 points or +0.63% while the Nasdaq closed UP +264.40 points or +1.52%

  • Indexes closed positive as cell and gene therapy sector dives negative

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

  • The ISM manufacturing index, considered a key measure of broader economic health, edged lower to 48.7% on the month, down 0.3% point from March but better than the 47.8% consensus forecast. Any reading below 50% represents contraction for the sector, but historically a sustained level above 42.3% is considered consistent with economic expansion. The survey showed declining readings for production, new export orders, imports and inventories. Employment nudged up 1% to 46.5% while prices also rose, but just slightly to 69.8%.

Thursday’s advance/decline line opened with a negative 16 incliner, 17 decline and 2 flats ending with a negative close of 14 incliners, 19 decliners and 2 flats      

Metrics:  Thursday, the IBB was down -1.70%, the XBI was down -0.46% while the VIX was down -0.23 points or -0.93% at 24.47

 

As compared to … Wednesday: The Dow closed UP +141.74 points or +0.35%, the S&P closed UP +8.23 points or +0.15% while the Nasdaq closed DOWN -14.98 points or -0.09%

•              Indexes closed mixed Wednesday

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

•              Q1 gross domestic product (GDP)declined at a 0.3% rate <needs revision>

•              ADP private payroll growth slowing in April to just 62 K during the month

•              However, other data pointed to consumer spending growing up +0.7% in March, topping the 0.5% economists expected.

Wednesday’s advance/decline line opened with a negative 10 incliner, 23 decline and 2 flats ending with a positive close of 23 incliners, 10 decliners and 2 flats      

Metrics:  Wednesday, the IBB was up +1.83%, the XBI was up +1.07% while the VIX was up +0.50 points or +2.06% at 24.67

 

As compared to … Tuesday: The Dow closed UP +300.03 points or +0.75%, the S&P closed UP +32.04 points or +0.58% while the Nasdaq closed UP +95.18 points or +0.55%

  • Indexes rose on Tuesday, hitting its highs of the day as the White House said a major trade deal was close to being announced

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

  • March Jolts from the Bureau of Labor Statistics showed 7.19 M jobs open at the end of March, a decrease from the 7.48 M seen in February. Job openings in March hit their lowest level since September 2024 and were near levels not seen since December 2020. The February figure was revised lower from the 7.57 M open jobs initially reported. Economists had expected report to show 7.5 M openings in March.
  • Consumer confidence fell for the fifth straight month in April, the Conference Board's Index for April came in at a reading of 86, a significant drop from March's revised 92.9 reading and short of the 88-reading expected
  • The S&P CoreLogic Case-Shiller National Home Price Index rose 0.3% over the prior month in February on a seasonally adjusted basis, easing from the 0.5% monthly gain recorded in January. On an annual basis, prices nationally increased 3.9%, less than the 4.1% seen in January. Mortgage rates continue to hover around 6.8% as market volatility persists amid tariff-related news.

Tuesday’s advance/decline line opened with a positive 7 incliner, 27 decline and 1 flat ending with a negative close of 14 incliners, 20 decliners and 1 flat    

Metrics:  Tuesday, the IBB was up +0.10%, the XBI was up +0.63% while the VIX was down -0.96 points or -3.82% at 24.18

 

As compared to … Monday: The Dow closed UP +114.09 points or +0.28%, the S&P closed UP +3.54 points or +0.06% while the Nasdaq closed DOWN -16.81 points or -0.10%

  • Indexes are like the tide, a rise and a fall

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

  • With the market hypersensitive to economic releases and news flow, especially as details around trade deals are revealed, expect to see investors materialize their moves from the latest data point.

Monday’s advance/decline line opened with a positive 29 incliner, 2 decline and 4 flats ending with a negative close of 15 incliners, 18 decliners and 2 flats  

Metrics:  Monday, the IBB was up +1.40%, the XBI was up +1.12% while the VIX was up +0.27 points or +1.09% at 25.11

 

The BOTTOM LINE: The Nasdaq popped again on Friday taking the cell and gene therapy sector with it after Thursday pain.

Interesting review:

  • Bullishness about the outlook for stocks over the next six months stayed below its historical average for the 16th week out of the past 18, according to the latest weekly survey by the American Association of Individual Investors.
  • Only 20.9% of retail investors described themselves as bulls in the survey, down from 21.9% last week, 25.4% two weeks ago and 28.5% as recently as April 9. Historically, 37.5% of investors regard themselves as bullish over time.
  • Pessimism among individual investors about the short-term outlook for stocks increased in the latest sentiment survey, rising to 59.3% from 55.6% last week and an historical average of 31.0%. <CNBC>

Now history - April:

  • Cell and gene therapy sector equities POPPED on the last session of April after turning lower AGAIN on Tuesday following Monday after Friday’s negative coming close to the end of month’s week and beginning of earnings reports and more macroeconomic data …

 

I was once told by a “very” prominent figure early in my career, “write it right, keep it tight without hype and never lose the stride to guide the reader – him” – they were pretty simple instructions to follow!

 

My perspective is retail investors should NOT be dipping their toes back into the cell and gene therapy sector until after LPS (loss-per-share) earnings report.

  • NO all ins – just add those with solid partners, lengthened runways and solid cash positions leveraged by solid management teams – there I see losses going forward!

 

“I 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!”

  • If I have learned one thing as a former research analyst in a venture and public fund, operating executive, x-FBI, x-military officer and an adjunct (MBA) business school professor now a journalist; my life and your portfolio are largely tied to knowledge of price movements and questioning pricing targets and more.

 

May ‘25: understand the “flow” …

  • 5/2 – Friday closed positive with 24 positive, 8 negative and 3 flats
  • 5/1 - Thursday closed negative with 14 positive, 19 negative and 2 flats

 

What could 2025 have in store for the capital access space – DESPERATE  

  • "You'll see a number of cell and gene therapy companies DESPARITE drive for financings – they’re desperate for cash, but I do think a lot of cell and gene therapy sector companies NEED to be focused on what is driving their own growth —they're focused on a lot of change BUT … that's happening in pipelines … capital expansion is second.

 

Why do I keep repeating, so investors can make the connection …

The top three (3) performing in the session:   

  • Friday: Blueprint Medicine (BPMC), Alnylam Pharmaceuticals (ALNY) and Ionis Pharmaceuticals (IONS)
  • Thursday: Blueprint Medicine (BPMC), Ionis Pharmaceuticals (IONS) and Mesoblast (MESO)
  • Wednesday: Alnylam Pharmaceuticals (ALNY), Lenz Therapeutics (LENZ) and CRISPR Therapeutics (CRSP)
  • Tuesday: Alnylam Pharmaceuticals (ALNY), Vericel (VCEL) and Mesoblast (MESO)
  • Monday: Alnylam Pharmaceuticals (ALNY), Blueprint Medicine (BPMC) and Agenus (AGEN)

The worst three (3) in the session: 

  • Friday: Verve Therapeutics (VERV), uniQure NV (QURE) and Sage Therapeutics (SAGE)
  • Thursday: Alnylam Pharmaceuticals (ALNY), Moderna (MRNA) and CRISPR Therapeutics (CRSP)
  • Wednesday: Vericel (VCEL), BioLife Solutions (BLFS) and Mesoblast (MESO)
  • Tuesday: Lenz Therapeutics (LENZ), CRISPR Therapeutics (CRSP) and Intellia Therapeutics (NTLA)
  • Monday: Vericel (VCEL), BioLife Solutions (BLFS) and Mesoblast (MESO)

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.