September 3, 2025 4:55pm

Bracing for slippage from September’s possible rough patch

News: Wave Life Sciences (WVE -$1.62 or -16.84% to $8.00) positive data from the 200 mg single and multidose and 400 mg single dose cohorts of the ongoing P1b/2a RestorAATion-2 study. This data represent a significant clinical milestone for individuals living with AATD, enabling the dynamic generation of wild-type M-AAT protein when needed. WVE-006 drives production of M-AAT, which is protective of lung function, as well as reduce mutant Z-AAT, a cause of liver disease.

Remember, “The sector is what it is, until it isn’t, even if it doesn’t seem to be, it yet will be.”  Never leave an investor uninformed!  

I answer or qualify the sector’s equity’s movement; with an emphasis on which company is gaining or losing stride in your portfolio for the short-term

 

Wednesday’s RegMed Investors’ (RMi) pre-open: Weighting what again, the level of conviction … https://www.regmedinvestors.com/articles/14089

RegMed Investors (RMi) Research Note: Harvard Apparatus GT (OTCQB): Just another wrinkle – Q2/25’s 10-Q – liabilities exceed cash position … https://www.regmedinvestors.com/articles/13812

RegMed Investors (RMi): New website coming soon! Same insights. Fresh design … https://www.regmedinvestors.com/articles/14083

 

Wednesday: The Dow closed DOWN -24.95 points or -0.06%, the S&P closed UP +32.74 points or +0.51% while the Nasdaq closed UP +218.097 points or +1.03%

  • Theme of the session, a federal court decision in an Alphabet (GOOGL) antitrust case fueled optimism that the tech will be able to weather regulatory threats

Henry’omics: We need to more than consider the economic environment to comprehend the micro re “our” universe of cell and gene therapy

  •  The Job Openings and Labor Turnover report showed around 7.18 M listings in July. That’s only the 2nd reading under the 7.2 M level since the end of 2020. It also came in below expectations for 7.4 M openings.
  • Weekly jobless claims data due on Thursday will offer insight into the health of the job market. Attention then turns to the jobs report on Friday.

Wednesday’s my covered sector’s advance/decline line opened positive with 31 incliners, 9 decliners and 1 flat ending with a positive close of 22 incliners, 16 decliners and 2 flats

Metrics:  Wednesday, the IBB was down -0.05%, the XBI was up +0.77% while the VIX was down -0.82 points or -4.78% at 16.35

 

Q3 September – 1 holiday and 2 positive closes

  • August – 12 negative and 9 positive closes
  • July – 1 market holiday, 13 positive and 9 negative closes

 

Wednesday Closing UP (10 of 22) and Monday’s holiday

  • Ionis Pharmaceuticals (IONS +$3.00 after Tuesday’s +$14.86 after Friday’s +$0.01),
  • Beam Therapeutics (BEAM +$2.34 after Tuesday’s -$0.05 after Friday’s -$0.49),
  • Arrowhead Pharmaceuticals (ARWR +$2.12 after Tuesday’s +$3.65),
  • IQV Holdings (IQV +$0.90 after Tuesday’s - $3.07 after Friday’s +$2.03),
  • Sarepta Therapeutics (SRPT +$0.79),
  • Regenxbio (RGNX +$0.74),
  • Alnylam Pharmaceuticals (ALNY +$0.43 after Tuesday’s +$0.49 after Friday’s -$5.82),
  • Supernus Therapeutics (SUPN +$0.39 after Tuesday’s -$0.58 after Friday’s -$0.25)
  • uniQure NV (QURE +$0.37 after Tuesday’s +$0.68 after Friday’s +$0.07),
  • Solid Biosciences (SLDB +$0.32),

Flat (2)

  • Generation Bio (GBIO)
  • Cellectis SA (CLLS)

Wednesday’s Closing DOWN (10 of 16): and Monday’s holiday

  • Vertex Pharmaceuticals (VRTX -$4.38 after Tuesday’s +$9.98),
  • Wave Life Sciences (WVE -$1.62),
  • Vericel (VCEL -$1.05 after Tuesday’s -$1.76 after Friday’s +$0.47),
  • Ultragenyx Pharmaceuticals (RARE -$0.48 after Tuesday’s +$2.07 after Friday’s -$0.34),
  • BioLife Solutions (BLFS -$0.30 after Tuesday’s +$0.29 after Friday’s +$0.13),
  • Mesoblast (MESO -$0.24),
  • BioNTech SE (BNTX -$0.20 after Tuesday’s +$0.62 after Friday’s -$1.93),
  • Moderna (MRNA -$0.14),
  • AxoGen (AXGN -$0.10 after Tuesday’s -$0.43),
  • MiMedx (MDXG -$0.09),
  • Compass Therapeutics (CMPX -$0.06 after Tuesday’s-$0.06),

 

The BOTTOM LINE:  More of the … WHYs …

  • 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!”

 

Wednesday's trading session mixed, with the Nasdaq and S&P 500 closing the day higher following the release of July's Job Openings and Labor Turnover Survey (JOLTS) data.

  • The Dow lagged even as the sell-off in bonds eased, having piled on pressure amid uncertainty around President Trump's trade policy and the Federal Reserve.

The 30-year Treasury yield (^TYX) traded below 4.9%, pulling back after rising to within a hair's breadth of the key 5% level overnight.  The benchmark 10-year Treasury yield (^TNX) also pared gains to 4.2%. <Yahoo finance>

  • The sell-off in long-dated Treasury yields eased on Wednesday afternoon after labor market data showed there were more unemployed workers than job openings enabling a warning about the possibility of a "substantial" weakening in the labor market.

 

Cell and gene therapy sector equities opened Wednesday up after Tuesday’s positive close …

 

Stocks are entering September with a time out from the recent calm. Market volatility should increase, especially equities and short- & long-term fixed income, while economy slows, tariff impacts arrive piecemeal, and political uncertainties continue.” <CNBC>

  • The JOLTS report served as the first course in a jobs-heavy week, after July's jobs report showed cracks appearing in the labor market.
  • Further signs of stress in last month's data could convince the Fed to make a deeper cut in interest rates than currently expected at its September meeting.
  • The crucial August jobs report is set to land Friday. <Yahoo Finance>

U.S. Treasury yields moved lower on Wednesday after JOLTS - job openings declined in July to levels rarely seen since the Covid pandemic.

  • The yield on the 30-year Treasury bond was down more than 6 basis points to 4.905%. The 30-year yield had briefly topped the 5% mark overnight prior to its fall amid uncertainty surrounding President Donald Trump’s tariffs and threats to the Federal Reserve’s independence.
  • Meanwhile, the yield on the benchmark 10-year Treasury was more than 5 basis points lower at 4.226%. The 2-year Treasury yield was also down more than 4 basis points at 3.615%. <CNBC>

 

September: understand the “flow” …

  • 9/3 - Wednesday closed positive with 22 positive, 16 negative and 2 flats of 40 covered
  • 9/2 -Tuesday closed positive with 22 positive, 18 negative and 0 flat of 40 covered
  • 9/1 -Monday was a holiday

August’s final week:

  • 8/29 – Friday closed negative with 7 positive, 27 negative and 1 flat of 35 covered
  • 8/28 – Thursday closed negative with 15 positive, 17 negative and 3 flats
  • 8/27 – Wednesday closed negative with 16 positive, 17 negative and 2 flats
  • 8/26 – Tuesday closed positive with 25 positive, 9 negative and 1 flat
  • 8/25 – Monday closed negative with 4 positive, 29 negative and 2 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: Ionis Pharmaceuticals IONS), Beam therapeutics (BEAM) and Arrow Pharmaceuticals (ARWR)
  • Tuesday: Ionis Pharmaceuticals IONS), Vertex Pharmaceuticals (VRTX) and Arrow Pharmaceuticals (ARWR)
  • Monday was a holiday
  • Friday: IQVIA Holdings (IQV), Lenz Therapeutics (LENZ) and Vericel (VCEL)

The worst three (3) in the session: 

  • Wednesday: Vertex Pharmaceuticals (VRTX), wave Life Sciences (WVE) and Vericel (VCEL)
  • Tuesday: IQVIA Holdings (IQV), Vericel (VCEL) and Mesoblast (MESO)
  • Monday was a holiday
  • Friday: Alnylam Pharmaceuticals (ALNY), Mesoblast (MESO) and BioNTech (BNTX)

 

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.