September 23, 2025 4:47pm

Overbought now oversold pronounces the alternating share pricing, so what’s sustainability again?

From the pre-open post, “I am still of the opinion, my hang-up or same-old mantra, every time I see a new high; I am of the opinion to say BYE.” And grab “some” with profit capacity”, As the cell and gene therapy sector romps through a volatile week’s  

News: Solid Biosciences (SLDB +$0.16 OR +3.19% to $5.34) Licensing Agreement of Capsid AAV-SLB101 with Kinea Bio <see below>

Never leave an investor uninformed! 

 

My insights are conveyed with a simplicity of language to highlight what is informative. As the leading voice of cell and gene therapy investors; it’s hard to be right so often, it’s about defining insight with hours, days, months and years of experience.

Remember, “The sector is what it is, until it isn’t, even if it doesn’t seem to be, it yet will be.” 

I see myself as a better daily fact collector and my responsibility is to lead investors to interpreted data as I bridge the gap to an investment decision.

 

News: Non-exclusive license for SLDB’s proprietary, next generation capsid, AAV-SLB101, to accelerate development of Kinea Bio’s gene therapy for dysferlin-related limb-girdle muscular dystrophy. SLDB to receive an upfront payment (NO $$ numbers) and “will be” eligible for certain development and sales milestones and tiered royalties on net sales. SLDB continues to expand collaborative efforts for AAV-SLB101 with more than 25 agreements and licenses executed to date -

 

Tuesday’s RMi pre-open: RMi pre-open: Gotta go … https://www.regmedinvestors.com/articles/14118

Updated … RMi Research Note: Harvard Apparatus GT (OTCQB): Who is wasting lipstick on this pig? … https://www.regmedinvestors.com/articles/13812

 

Tuesday: The Dow closed DOWN -88.76 points or -0.19%, the S&P closed DOWN -36.83 points or -0.65% while the Nasdaq closed DOWN -215.503 points or -0.95%

  • Theme of the session; Fed Chair Powell spoke; stocks took a dive lower

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

  • The September Purchasing Managers' Index Composite Index came in at 53.6, which fell from the 54.6 reading in August. The Manufacturing Index tallied 52 as expected and lagged August's 53 reading. The Services Index 53.9 reading topped the 53.5 projection but was lower than the 54.5 reading in August.

Tuesday’s (my) 40-company covered sector’s advance/decline line opened positive with 24 incliners, 15 decliners and 1 flat ending with a negative close of 7 incliners, 32 decliners and 1 flat

Metrics:  Tuesday, the IBB was down -0.92%, the XBI was down -0.53% while the VIX was up +0.66 points or +4.11% at 16.76

 

Q3 – 1 holiday, 8 negative and 8 positive closes

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

 

Tuesday Closing UP (7 of 7) 

  • Ionis Pharmaceuticals (IONS +$1.21),
  • Adverum Biotechnologies (ADVM +$0.60 after Monday’s -$0.30),
  • Arrowhead Pharmaceuticals (ARWR +$0.45 after Monday’s +$1.36),
  • Prime Medicine (PRME +$0.40),
  • Solid Biosciences (SLDB +$0.16),
  • Capricor (CAPR +$0.06 after Monday’s -$0.56),
  • Editas Medicine (EDIT +$0.01),

Flat (1)

  • Harvard Apparatus RT (OTCQB: HRGN)

Tuesday’s Closing DOWN (10 of 32): 

  • Alnylam Pharmaceuticals (ALNY) closed -$4.61 after Monday’s +$5.36),
  • Vertex (VRTX -$3.41),
  • IQV Holdings (IQV -$1.38 after Monday’s +$0.63),
  • CRISPR Therapeutics (CRSP closed -$1.34 after Monday’s -$0.22),
  • Ultragenyx Pharmaceuticals (RARE -$1.07 after Monday’s +$1.34),
  • Moderna (MRNA -$0.77 after Monday’s +$1.32),
  • Lenz Therapeutics (LENZ) closed -$0.73 after Monday’s -$1.01),
  • Sarepta Therapeutics (SRPT -$0.72 after Monday’s +$1.22),
  • Beam Therapeutics (BEAM -$0.68),
  • Vericel (VCEL -$0.60),

 

The BOTTOM LINE:  More of the … WHYs …

All 3 major indexes fell, after Fed Chair Powell gave a speech; “too late” is still a spoilsport.

  • Powell reiterated the Fed's dual mandate for stable prices and low unemployment. "Near-term risks to inflation are tilted to the upside and risks to employment to the downside — a challenging situation. Two-sided risks mean that there is no risk-free path," he said.

Fed Governor Michelle Bowman warned that policymakers are “at serious risk of already being behind the curve” in dealing with the weakening labor market dismissing inflation risks and said rates may need to come down faster to support the labor market.

  • While new Fed Governor Stephen Miran called for sharp rate cuts on Monday, while three colleagues urged caution on inflation.

Small caps on the Russell 2000 also felt the heat, retreating from earlier gains and falling 0.1%.

  • Volume was lower on the Nasdaq exchange compared with Monday.
  • The 10-year Treasury yield dropped to 4.11%.

Also, next Friday (9/26) the PCE index will be released, the Feds primary measurement data tool

  • Economists expect a modest 0.22% increase, which would lift the 12-month core inflation rate to 3% from 2.9%, according to FactSet.
  • Suspense is low since most inputs are released with the CPI and PPI.
  • Meanwhile, economists expect personal consumption expenditures to rise 0.4% and personal income to grow 0.3%. slew of other econ news is also due, led by August existing home sales on Tuesday.

 

Is a market ripple ... ahead: Republicans moved forward Friday on their plan to avert a partial government shutdown (9/30 deadline) and up the political pressure on Democrats to accept the GOP approach to a funding deadline looming in less than two weeks.

  • Analyst expectations across the board say this latest round of brinkmanship is more likely to end with a shutdown than recent standoffs that began with gridlock but saw last-minute concessions.
  • Markets are paying little attention so far — a pattern that has recent historical precedence.
  • One possible reason is that government shutdowns since 1995 have had little effect on stocks <IBD>

We seem to be always waiting for … something i.ie., anything

  • As I have written, “Econs have been poison to our universe” … onerous as they have been today Wednesday

 

September: understand the “flow” …

  • 9/23 – Tuesday closed negative with 7 positive, 32 negative and 1 flat
  • 9/22 – Monday closed positive with 31 positive, 9 negative and 0 flat

Last week:

  • 9/19 – Friday closed negative with 7 positive, 33 negative and 0 flat
  • 9/18 – Thursday closed positive with 33 positive, 6 negative and 1 flat
  • 9/17 – Wednesday closed negative with 10 positive, 30 negative and 0 flat
  • 9/16 - Tuesday closed positive with 29 positive, 9 negative and 2 flats
  • 9/15 - Monday closed negative with 17 positive, 22 negative and 1 flat

 

Welcome to my world of defining the “grey’ in our universe!

  • “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:   

  • Tuesday: Ionis Pharmaceuticals (IONS), Adverum Biotechnologies (ADVM) and Arrowhead Pharmaceuticals (ARWR)
  • Monday: Alnylam Pharmaceuticals (ALNY), BioNTech (BNTX) and Intellia Therapeutics (NTLA)

The worst three (3) in the session: 

  • Tuesday: Vertex (VRTX), Alnylam Pharmaceuticals (ALNY) and IQV Holdings (IQV)
  • Monday: Lenz Therapeutics (LENZ), Capricor Therapeutics (CAPR) and Adverum Biotechnologies (ADVM)

 

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.