August 6, 2025 4:49pm

Upcoming econs and sector earnings’ backwashes value presenting a hazard to shareholders and valuation confidence  

Earnings today: Voyager Therapeutics (VYGR) <see The Bottom Line>

While the present and future value of RegMed Investors (RMi) earnings sheds light on the cell and gene therapy sector’s “current” acrobatics

August session are still all about earnings, econs, tariffs, algorisms and electronic trading as many forget fundamentals while  earnings season is fraught by LPS (loss-per-share), knocked-down consensus and missed estimates ladened  by the usual … known and unknown uncertainties

Never leave an investor uninformed! 

 

My perspective is retail investors should roll-the-dice with econ readings as earnings season kicks-in and momentum wains in the cell and gene therapy sector.

NO all ins as historically “our” universe slips and slides as the “season’ resumes; so, hang-in with those with solid partners, lengthened runways and solid cash positions leveraged by solid/stable management teams!

 

Wednesday’s RegMed Investors’ (RMi) pre-open: Earnings season, when you want to decant your portfolio carafe … https://www.regmedinvestors.com/articles/14050

Tuesday’s RegMed Investors’ (RMi) Closing Bell: Whoa … https://www.regmedinvestors.com/articles/14049

RegMed Investors (RMi) Research Note: Sustaining a Loser … https://www.regmedinvestors.com/articles/13812

 

Wednesday: The Dow closed UP +81.38 points or +0.18%, the S&P closed UP +45.87 points or +0.73% while the Nasdaq closed UP +252.87 points or +1.21%

  • Theme of the session, “digesting” earnings

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

  • None, thankfully

Wednesday’s advance/decline line opened negative with 8 incliners, 26 decliners and 1 flat ending with a negative close of 11 incliners, 22 decliners and 2 flats

Metrics:  Wednesday, the IBB was down -1.92%, the XBI was down -0.72% while the VIX was down -1.12 points or -6.27% at 16.63

 

Q3 – August – 3 negative and 1 positive closes

  • July – 1 market holiday, 13 positive and 9 negative closes

Q2/25: June – 1 market holiday, 1 neutral, 9 negative and 11 positive closes, May – 1 market holiday, 10 negative and 11 positive closes and April – 11 positive and 10 negative closes

 

Coverage Dropped: bluebird bio (BLUE) Private Equity acquired, Blueprint Medicine (BPMC) acquired by SNY, Homology Medicine (FIXX), Sage Therapeutics (SAGE) acquired by SUPN, Verve Therapeutics (VERV) – acquired by LLY

Added: BioNTech (BNTX), Sarepta Therapeutics (SRPT), Supernus Pharma (SUPN), IQVIA Holdings (IQV) and Wave Life Sciences Ltd. (WVE)

 

Wednesday Closing UP (11 of 11) 

  • Alnylam Pharmaceuticals (ALNY +$9.23 after Tuesday’s -$0.64 after Monday’s +$17.76),
  • Supernus Pharmaceuticals (SUPN +$4.91 after Tuesday’s +$0.48 after Monday’s +$1.54),
  • CRISPR Therapeutics (CRSP +$0.75 after Tuesday’s -$4.00 after Monday’s +$3.50),
  • BioLife solutions (BLFS +$0.36),
  • MiMedx (MDXG +$0.27 after Tuesday’s -$0.18 after Monday’s -$0.01),
  • BioNTech (BNTX -$0.23 after Tuesday’s +$1.04 after Monday’s +$2.69),
  • Cellectis SA (CLLS +$0.18 after Tuesday’s -$0.49),
  • Mesoblast (MESO +$0.07 after Tuesday’s +$0.16),
  • Brainstorm Cell Therapeutics (BCLI +$0.0599),
  • AxoGen (AXGN +$0.03 after Tuesday’s +$1.17 after Monday’s -$0.12),
  • Voyager Therapeutics (VYGR +$0.02 after Tuesday’s +$0.17),

Flat (2)

  • Adverum Biotechnologies (ADVM),
  • Harvard Apparatus RT (OTCQB: HRGN)

Wednesday’s Closing DOWN (10 of 22):

  • IQVIA Holdings (IQV -$6.44 after Tuesday’s +$1.17),
  • Ionis Pharmaceuticals (IONS -$2.36 after Tuesday’s -$0.40 after Monday’s +$0.42),
  • Ultragenyx Pharmaceuticals (RARE -$0.87 after Tuesday’s +$0.46),
  • Moderna (MRNA -$0.76 after Tuesday’s -$0.17),
  • Agenus (AGEN -$0.53),
  • Vericel (VCEL -$0.51 after Tuesday’s -$0.76 after Monday’s +$1.95),
  • uniQure NV (QURE -$0.49 after Tuesday’s +$0.23),
  • Sarepta Therapeutics (SRPT -$0.40 after Tuesday’s -$0.35 after Monday’s +$1.19),
  • Beam Therapeutics (BEAM -$0.31 after Tuesday’s -$0.42),
  • Wave Life Sciences (WVE -$0.30),

 

The BOTTOM LINE: Today, indexes rebounded from a slow start in Wednesday trading; as the cell and gene therapy sector pulled back … again, after Tuesday. Previously sector equities had a nice run on Monday.

  • Volume was higher on the Nasdaq than yesterday, Tuesday; and decliners controlled the action on the Nasdaq.
  • In the bond market, the yield on the benchmark 10-year Treasury note rose after four days of declines and stood at 4.22%.

For the week: so far …

  • The S&P 500 is up 107.05 points, or 1.7%.
  • The Dow is up 604.54 points, or 1.4%.
  • The Nasdaq is up 519.29 points, or 2.5%.
  • The Russell 2000 is up 54.51 points, or 2.5%.

 

Reiterating, the market is … also bracing for a historically weak month … August is the worst month for the Dow in data going back to 1988, and the 2nd worst for the S&P 500 and Nasdaq according to the Stock Trader’s Almanac.

  • Investors should buckle up as August and September roll around, according to Canaccord Genuity pointing to the historical underperformance of the 2 months — particularly September, known as “The September Effect.”
  • “Going back to 1957, the S&P 500 in September has been down on average -0.74% and has shown positive performance only 43% of the time. August on its own is marginally better with an average return of ~0.20%, and Aug-Sep taken together is the worst-performing 2-month sequential combination on the calendar,” the bank wrote.

 

More on SRPT perspective: earnings wwill be released

On 7/17, Sarepta Therapeutics (SRPT) had filed a Worker Adjustment and Retraining Notification (WARN) detailing it would lay off 493 employees.

  • The layoffs affect workers at 3 of its Massachusetts campuses in Andover, Cambridge and Bedford. The layoffs reflect a 36% workforce reduction which is projected to save the company $120 M in 2026.
  • SRPT would save $400 M this year as the layoffs are coupled with other restructuring measures. SRPT will continue to support its 4 on-market Duchenne therapies and refocus its pipeline on siRNA-based therapy programs including investigational treatment for conditions such as Huntington’s disease and Idiopathic Pulmonary Fibrosis.
  • Arrowhead Pharmaceuticals’ (ARWR) proprietary TRiM platform enables precise silencing of disease-causing genes. In July 2025, it achieved a major milestone, a $100 M payment from SRPT as part of a broader licensing and collaboration deal. The agreement includes clinical and preclinical RNAi candidates, offering ARWR up to $10 B in potential milestone and royalty payments.

 

July ended better than past months; although, I considered the so-called summer rally … “peripatetic or wandering.”

  • There are always some big ifs, especially given some of the headlines that could emanate after a past few months of news flatulence.

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!”

 

Earnings today:

Voyager Therapeutics (VYGR) a net loss of -$33.4 M or -$0.57 per share, revenue of $5.2 M, a cash position of $262 M with a runway until 2028

Sarepta Therapeutics (SRPT) - coming

 

Earnings to date:

Supernus Pharma (SUPN) a net income of +$22.5M or +$0.40 per share with revenue of $165.5 M and a cash position of $522.6 and a runway beyond 2028

Ultragenyx Pharmaceuticals (RARE) a net loss of -$114.9 M or -$1.17 per share, revenue of $166.5 M, a cash position of $339 M with a runway until 2027

Beam Therapeutics (BEAM) a net loss of -$102.3M or -$1.00 per share with revenue of $8.7 M and a cash position of $1.2 B and a runway beyond 2028

AxoGen (AXGN) a net income of +$579 K or +0.01 per share, revenue of $56.7 M, a cash position of $35.9 M with a runway until 2026

Moderna (MRNA) a net loss of -$0.8 B, or -$2.13 per share with revenue of $142 M, an R&D and an SG&A decrease and a cash position of $7.5 B with a runway until 2026 <beats revenue estimate and earnings consensus>.

Sage Therapeutics (SAGE): net loss of -$49.7 M or -$0.79 per share, revenue of $23.2M, a cash position of $366 M – acquired

Vericel (VCEL): net loss of -$0.06 M or -$0.01 per share, revenue of $63.2M, a cash position of $164 M and a runway until 2027

Alnylam Pharmaceuticals (ALNY): net loss of -$66.3 M or -$0.51 per share, revenue of $773.7 M, a cash position of $2.86 B and a N/A runway

Lenz Therapeutics (LENZ): net loss of -$14.9 M or -$0.53 per share, revenue of $5 M, a cash position of $209.6 M and a runway until 2026

uniQure NV (QURE) a net loss of -$37.7 M, or -$0.69 per share with revenue of $5.3 M, an R&D increase and an SG&A decrease and a cash position of $377.7 M with a runway until 2H/27 <missed revenue estimate and consensus>

Ionis Pharmaceuticals (IONS) a net income of +124 M, or +$0.70 per share with revenue of $452 M, and a cash position of $2.3 B with a runway until FY28 < estimate and consensus beats>

MiMedx (MDXG) a net income of +$100 M or +$0.06 per share with revenue of $99 M and a cash position of $100 M with a runway until 2026.

BioNTech (BNTX) a net loss of (€)387 M or (€)1.60 per share with revenue of (€)260.8 M and a cash position of (€)160.8 B and a runway beyond 2027

Wave Life Sciences Ltd. (WVE) a net loss of -$50.5 m or -0.31 per share, revenue of $8.7 M, a cash position of $208.5 M with a runway until 2027

 

More earnings are a’comin: 8/7 Thursday = Intellia Therapeutics (NTLA) and Regenxbio (RGNX)

 

August begins as July ends: understand the “flow” …

  • 8/6 - Wednesday closed negative with 11 positive, 22 negative and 2 flats
  • 8/5 – Tuesday closed negative with 15 positive, 19 negative and 1 flat
  • 8/4 – Monday closed positive with 27 positive, 8 negative and 0 flat
  • 8/1 – Friday closed negative with 9 positive, 20 negative and 6 flats

Last week (July):

  • 7/31 - Thursday closed negative with 3 positive, 25 negative and 7 flats
  • 7/30 - Wednesday closed negative with 12 positive, 18 negative and 5 flats
  • 7/29 – Tuesday closed negative with 8 positive, 22 negative and 5 flats
  • 7/28 – Monday closed negative with 14 positive, 16 negative and 5 flats

 

“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.
  • 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” – they were pretty simple instructions to follow!

 

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

The top three (3) performing in the session:   

  • Wednesday: Supernus Pharmaceuticals (SUPN), Alnylam Pharmaceuticals (ALNY) and CRISPR Therapeutics (CRSP)
  • Tuesday: Lenz Pharmaceuticals (LENZ), AxoGen (AXGN) and Supernus Pharmaceuticals (SUPN)
  • Monday: Alnylam Pharmaceuticals (ALNY), BioNTech (BNTX) and CRISPR Therapeutics (CRSP)

The worst three (3) in the session: 

  • Wednesday: IQVIA Holdings (IQV), Ionis Pharmaceuticals (IONS) and Ultragenyx Pharmaceuticals (RARE)
  • Tuesday: Vericel (VCEL), Alnylam Pharmaceuticals (ALNY) and Beam Therapeutics (BEAM)
  • Monday: Lenz Pharmaceuticals (LENZ), AxoGen (AXGN) and Compass Therapeutics (CMPX)

 

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.