October 21, 2025 4:44pm

Monday’s ups flipped as Tuesday’s C&GT sector’s diminishing sentiment churned through a path of least resistance

The Cboe Volatility Index lowered to 18.03 from Monday’s 18.48 as compared to Friday’s 20.83 (having seen 28 at one point on Friday)

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!  

Declining sentiment needs to anticipate another ¼% point rate cut at the Fed’s late October meeting

Tuesday’s RMi pre-open: Caution … https://www.regmedinvestors.com/articles/14158

The US government shutdown persists 21 days after 11 Senate votes to continue rejection

 

Tuesday: The Dow closed UP +218.16 points or +0.47%, the S&P closed UP +0.22 points or +0.00% while the Nasdaq closed DOWN -36.877 points or -0.16%

  • Theme of the session: earnings bound as Nasdaq slips

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

  • The September consumer price index report from the Bureau of Labor Statistics coming out Friday as some investor’s preview the data with skepticism with a lack of data certainty. How clean is this data after the past huge downward revisions in nonfarm payrolls data – there’s considerable uncertainty; be careful with how much emphasis is placed on the CPI reading!
  • The Dow consensus has the CPI report showing 3.1% annual inflation levels on both the headline, or all-items, gauge as well as the core, which excludes food and energy. Economists see the monthly headline number rising 0.4% and 0.3% for core, right in line with the August gains. <CNBC>

Tuesday’s (my) 40-company covered sector’s advance/decline line opened negative with 14 incliners, 26 decliners and 0 flat ending with a negative close of 17 incliners, 23 decliners and 0 flat

Metrics:  Tuesday …

  • The RUT was down -12.22 points or -0.49%,
  • The IBB was down -0.46 points or -0.29%,
  • The XLV was up +0.27 points or +0.19%,
  • The XBI was down -0.65 points or -0.59% while
  • The VIX was down -0.20 points or 1.10% at 18.03

 

Q4 – 1 neutral, 8 positive and 6 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

 

Tuesday Closing UP (10 of 17) 

  • Vertex (VRTX +$7.17 after Monday’s +$2.29 after Friday’s +$8.20),
  • IQV Holdings (IQV +$6.72 after Monday’s +$7.65 after Friday’s -$1.20),
  • Mesoblast (MESO +$0.72),
  • AxoGen (AXGN +$0.52),
  • Regenxbio (RGNX +$0.45),
  • Vericel VCEL +$0.43),
  • Sarepta Therapeutics (SRPT +$0.30),
  • Moderna (MRNA +$0.25),
  • BioLife Solutions (BLFS +$0.14),
  • Precigen (PGEN +$0.11),

Flat (0)

Tuesday’s Closing DOWN (10 of 23): 

  • Alnylam Pharmaceuticals (ALNY -$7.22 after Monday’s +$9.55 after Friday’s +$0.60),
  • Lenz Therapeutics (LENZ -$2.75 after Monday’s -$1.95 after Friday’s -$2.19),
  • Ionis Pharmaceuticals (IONS -$1.91),
  • CRISPR Therapeutics (CRSP -$1.65 after Monday’s +$4.82 after Friday’s +$0.72),
  • BioNTech (BNTX -$1.06 after Monday’s +$2.81 after Friday’s +$0.06),
  • Intellia Therapeutics (NTLA -$1.01 after Monday’s +$3.23),
  • Supernus Therapeutics (SUPN -$0.92),
  • uniQure NV (QURE -$0.85 after Monday’s +$5.92 after Friday’s -$1.99),
  • Beam Therapeutics (BEAM -$0.73 after Monday’s +$4.64 after Friday’s +$0.19),
  • Prime Medicine (PRME -$0.59),

 

The Bottom Line: More of the … WHYs … NOT much to say

Sector opened down, was up, down and up to close negative on Tuesday

Major U.S. equities indexes finished the day mixed as investors evaluated the latest stream of corporate earnings reports.

  • Ominous, “Shares of clinical laboratory services provider Quest Diagnostics (DGX) sank 3.1% in the wake of the company's quarterly earnings report. Although revenue and adjusted EPS came in ahead of forecasts, boosted by acquisitions and growth in the consumer channel, the company trimmed its full-year guidance for reported EPS.”

The government shutdown continues, now the 3rd-longest federal work stoppage in US history; with no plans in motion to end the closure, even as economic pressures mount having completed its 21st 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:

  • 10/21 - Tuesday closed negative with 17 positive, 23 negative and 0 flat
  • 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

 

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:   

  • Tuesday: Vertex (VRTX), IQV Holdings (IQV) and Mesoblast (MESO)
  • 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:

  • Tuesday: Alnylam Pharmaceuticals (ALNY), Lenz Therapeutics (LENZ) and Ionis Pharmaceuticals (IONS)
  • 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.