October 20, 2025 4:37pm

Many of Friday’s downs were up and more than a few downs were also experiencing the upside

A strong start to Q3 earnings season appears to be lifting sentiment, alongside investors’ anticipation of another ¼% point rate cut at the Fed’s late October meeting

RMi collects, interprets and disseminates cell and gene therapy sector (C&GT) news, intel and share pricing data to bridge the gap to an investment decision

Never leave an investor uninformed!  

The Cboe Volatility Index lowered to 18.48 from Friday’s 20.83 (having seen 28 at one point on Friday)

Monday’s RMi pre-open: Offense … https://www.regmedinvestors.com/articles/14156

The US government shutdown persists, with Democrats and Republicans still at odds over federal healthcare subsidies

 

Monday: The Dow closed UP +515.97 points or +1.12%, the S&P closed UP +71.12 points or +1.07% while the Nasdaq closed UP +310.568 points or +1.37%

  • Theme of the session: rebound hoping for an end of government shutdown

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

  • The Bureau of Labor Statistics is set to release September's Consumer Price Index on Friday, delayed from last week. The data could prove pivotal to the Fed’s rate path, as policymakers enter a quiet period ahead of their two-day meeting next week.

Monday’s (my) 40-company covered sector’s advance/decline line opened positive with 33 incliners, 6 decliners and 1 flat ending with a positive close of 34 incliners, 4 decliners and 2 flats

  • Retail investors have doubled their influence in the stock market over the last 15 years. According to data from the Blackrock's fundamental equities team, retail investors now account for 20.5% of daily trading volume in US stocks, up from 10.1% in 2010. High-frequency trading accounts for 11.6% of US trading volume, up from 1.5% 15 years ago.

Metrics:  Monday …

  • The RUT was up +47.73 points or +1.95%,
  • The IBB was up +2.30 points or +1.49%,
  • The XLV was up +1.52 points or +1.06%,
  • The XBI was up +2.37 points or +2.20% while
  • The VIX was down -2.47 points or -11.89% at 18.35

 

Q4 – 1 neutral, 8 positive and 5 negative closes

Q3 – September - 1 holiday, 9 negative and 12 positive closes; August - 12 negative and 9 positive closes; July - 1 market holiday, 13 positive and 9 negative closes

 

Monday Closing UP (10 of 34)

  • Alnylam Pharmaceuticals (ALNY +$9.55 after Friday’s +$0.60),
  • IQV Holdings (IQV +$7.65 after Friday’s -$1.20),
  • uniQure NV (QURE +$5.92 after Friday’s -$1.99),
  • CRISPR Therapeutics (CRSP +$4.82 after Friday’s +$0.72),
  • Beam Therapeutics (BEAM +$4.64 after Friday’s +$0.19),
  • Intellia Therapeutics (NTLA +$3.23),
  • BioNTech (BNTX +$2.81 after Friday’s +$0.06),
  • Vertex (VRTX +$2.29 after Friday’s +$8.20),
  • Ultragenyx Pharmaceuticals (RARE +$1.77 after Friday’s -$1.34),
  • Arrowhead Pharma (ARWR +$1.66 after Friday’s -$2.16),

Flat (2)

  • Harvard Apparatus RT (OTCQB: HRGN)
  • Wave Life Sciences (WVE)

Monday’s Closing DOWN (4 of 4):

  • Lenz Therapeutics (LENZ -$1.95 after Friday’s -$2.19),
  • Compass Therapeutics (CMPX -$0.21),
  • Precigen (PGEN -$0.06 after Friday’s +$0.51),
  • Cellectis SA (CLLS -$0.03),

 

The Bottom Line: More of the … WHYs …

  • US stocks rallied on Monday as Wall Street braced for a packed week of high-profile earnings and the delayed release of key inflation data.
  • A lull on the trade war front also provided solace. Treasury Secretary Scott Bessent said relations with Beijing have "deescalated" and US-China talks will resume this week in Malaysia.
  • President Trump and Australian Prime Minister Anthony Albanese signed the framework of the critical minerals deal Monday that aims to boost US access to both the mining and processing of Australian rare earth resources. <Yahoo Finance>

The shutdown completed its 20 day and 4th week (depends how one counts).

 

Sector Q3 earnings begin with IQV Holdings (IQV) on 10/28, MiMedx (MDXG), AxoGen AXGN) MiMedx (MDXG) Ionis Pharmaceuticals IONS), AxoGen AXGN) on 10/29 with Moderna (MRNA) on 11/6

  • I believe earnings per share (EPS) estimates need to be revised along with the response to their share pricing declines upon their release to shake-off pipeline uncertainties
  • Meeting earnings expectation and/or missing consensus will deem share pricing outcomes
  • Post earnings, I think it's important to focus on fundamentals, advancing clinical catalysts, “runways” and sector company’s capacity/ability to finance

 

As the leading voice of cell and gene therapy investors; I am NOT always a doom and gloom analyst/journalist but a man who has been “there” (BUY, SELL, VC and multiple operating roles) with the gray hair and a readership following with real numbers to prove it!

October: understand the “flow” …This week:

  • 10/20 - Monday closed positive with 34 positive, 4 negative and 2 flats

Last week:

  • 10/17 – Friday closed negative with 11 positive, 28 negative and 1 flat
  • 10/16 - Thursday closed negative with 17 positive, 22 negative and 1 flat
  • 10/15 - Wednesday closed positive with 31 positive, 9 negative and 1 flat
  • 10/14 - Tuesday closed positive with 28 positive, 12 negative and 0 flat
  • 10/13 - Monday closed neutral with 20 positive, 20 negative and 0 flat

The previous week:

  • 10/10 – Friday closed negative with 3 positive, 37 negative and 0 flat
  • 10/9 - Thursday closed positive with 21 positive, 19 negative and 0 flat
  • 10/8 – Wednesday closed positive with 29 positive, 10 negative and 1 flat
  • 10/7 – Tuesday closed negative with 15 positive, 25 negative and 0 flat
  • 10/6 – Monday closed negative with 17 positive, 22 negative and 1 flat

Starting October:

  • 10/3 – Friday closed positive with 27 positive, 10 negative and 3 flats
  • 10/2 - Thursday closed positive with 26 positive, 13 negative and 1 flat
  • 10/1 – Wednesday closed positive with 26 positive, 14 negative and 0 flat

 

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

  • I am more frequently right than consequentially wrong; if I wanted to be liked, I wouldn’t have been an analyst/journalist.
  • “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!”

 

Why do I keep repeating, framed in a different para, so investors can make the connection

The top three (3) performing in the session:   

  • Monday: Alnylam Pharmaceuticals (ALNY), IQV Holdings (IQV) and uniQure NV (QURE)
  • Friday: Vertex (VRTX), CRISPR Therapeutics (CRSP) and Alnylam Pharmaceuticals (ALNY)

The worst three (3) in the session:

  • Monday: Lenz Therapeutics (LENZ), Compass Therapeutics (CMPX) and Cellectis SA (CLLS)
  • Friday:  Lenz Therapeutics (LENZ), Arrowhead Pharma (ARWR) and uniQure NV (QURE)

 

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.