October 29, 2025 5:54pm

Running low, dovish rate decision, index purge, C&GT equity value declines, not as bad sector earnings re estimate’s beats, yet waiting on trade/tariffs tension resolutions

29th day’s shutdown, 13th Democratic negative vote begins 5th week and counting

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

The past, present and future values of RMi’s analysis sheds light on the cell and gene therapy sector’s “current” acrobatics

Never leave an investor uninformed!  

There’s a difference between trust and conviction. Trust is something you can rely on, beyond certainty. Conviction doesn't demand that you, or anyone else, play by the rules. After gains, there is pain.

RMi pre-open: RMi pre-open: Fait accompli … https://www.regmedinvestors.com/articles/14172

Think of “our” universe as a game of shuts and ladders or sometimes monopoly … and follow RMi’s “interchanges” to gain profit moves or recoup losses – eat the popcorn and ponder ANY moves!

 

Wednesday: The Dow closed DOWN -74.37 points or -0.16%, the S&P closed DOWN -0.30 points or -0.00% while the Nasdaq closed UP +139.98 points or +0.55%

  • Theme of the session: Fed’s interest rate decision with caveat of no more this year

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 Fed lowered its benchmark overnight borrowing rate by a ¼% point at the conclusion of its 2-day policy meeting putting it in a range of between 3.75% to 4%.
  • Fed Chair Powell indicated that the bank might not cut interest rates again in 2025

Wednesday’s (my) 40-company covered sector’s advance/decline line opened negative with 30 incliners, 8 decliners and 2 flats ending with a negative close of 9 incliners, 30 decliners and 1 flat

  • The small cap-focused Russell 2000 (RUT) slid around 0.87%

Metrics:  Wednesday …

  • The RUT was down -21.85 points or -0.87%,
  • The IBB was down -0.69 points or -0.44%,
  • The XLV was down -1.47 points or -1.01%,
  • The XBI was down -1.04 points or -0.93% … while
  • The VIX was up +0.50 points or +3.05% at 16.92

Q4 – 1 neutral, 9 positive and 11 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

 

Wednesday Closing UP (9 of 9)

  • Alnylam Pharmaceuticals (ALNY +$5.68 after Tuesday’s -$2.67 and Monday’s +$15.15),
  • AxoGen (AXGN +$4.17 after Tuesday’s +$0.31 and Monday’s -$0.40),
  • Supernus Therapeutics (SUPN +$2.51 after Tuesday’s +$0.45),
  • Arrowhead Pharma (ARWR +$0.74 after Tuesday’s +$0.07 and Monday’s +$1.48),
  • Capricor therapeutics (CAPR +$0.74),
  • Wave Life Sciences (WVE +$0.67),
  • uniQure NV (QURE +$0.59 after Tuesday’s +$2.08 and Monday’s +$6.91),
  • MiMedx (MDXG +$0.31 and Tuesday’s +$0.15),
  • Cellectis SA (CLLS +$0.05)

Flat (1)

  • Harvard Apparatus RT (OTCQB: HRGN)

Wednesday’s Closing DOWN (10 of 30):

  • Vertex (VRTX -$5.18, Tuesday’s +$2.22 after Monday’s -$1.22)
  • Vericel (VCEL -$1.95 after Tuesday’s +$0.36),
  • Ionis Pharmaceuticals (IONS -$1.69 after Tuesday’s +$0.58 and Monday’s +$2.13),
  • BioNTech (BNTX -$1.68 after Tuesday’s -$1.02 and Monday’s +$0.39),
  • Beam Therapeutics (BEAM -$1.66 after Tuesday’s -$0.30 and Monday’s -$1.23),
  • CRISPR Therapeutics (CRSP -$1.61 after Tuesday’s -$1.55 and Monday’s -$1.89),
  • Intellia Therapeutics (NTLA -$0.84 after Tuesday’s -$0.83 and Monday’s -$10.81),
  • Sarepta Therapeutics (SRPT -$0.77 after Tuesday’s +$0.72 and Monday’s +$0.69),
  • Moderna (MRNA -$0.65 after Tuesday’s -$1.31),
  • Entrada Therapeutics (TRDA +$0.46),

 

The Bottom Line: More of the … WHYs

Sliding … after the Fed announced a ¼% -point interest rate cut that had been expected, and then Fed Chair Powell stated …that another decrease in December "is not a foregone conclusion, far from it."

  • His words jolted US indexes, The statement jolted US markets, lifting the dollar.
  • The Nasdaq later recovered, although the Nasdaq later recovered, finishing at a 4th up record

For the week:

  • The S&P 500 is up 98.90 points, or 1.5%.
  • The Dow is up 424.88 points, or 0.9%.
  • The Nasdaq is up 753.61 points, or 3.2%.
  • The Russell 2000 is down 28.66 points, or 1.1%

It’s not hard to be right so often, it’s about refining expectation, defining insight and NOT being indentured to ANY financial institution!

I see mid-week an interruption coming … from earnings expectation and consensus always considering earnings season LPS (loss-per-share).

  • Sector Q3 earnings begin … with Sarepta Therapeutics (SRPT) and BioNTech (BNTK) on 11/3, Supernus Therapeutics (SUPN) on 11/4 followed by Moderna (MRNA) and Vericel (VCEL) on 11/6
  • Think about it; one of the biggest problems with the cell and gene therapy sector’s share pricing is …  99% of them have no earnings! Revenue from collaborations and runways have become indications of sustainability.
  • 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
  • As earnings evolve, I think it's important to focus on fundamentals, advancing clinical catalysts, “runways” and sector company’s capacity/ability to finance

 

“I also 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!”

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” …

New week

  • 10/29 - Wednesday closed negative with 9 positive, 30 negative and 1 flat
  • 10/28 -Tuesday closed negative with 16 positive, 21 negative and 3 flats
  • 10/27 - Monday closed negative with 18 positive, 22 negative and 0 flats

Last week:

  • 10/24 - Friday closed positive with 25 positive, 13 negative and 2 flats
  • 10/23 – Thursday closed negative with 15 negative, 22 negative and 3 flats
  • 10/22 – Wednesday closed negative with 4 positive, 34 negative and 2 flat
  • 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

 

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:   

  • Wednesday: Alnylam Pharmaceuticals (ALNY), AxoGen (AXGN) and Supernus Therapeutics (SUPN)
  • Tuesday: Vertex (VRTX), uniQure NV (QURE) and Sarepta Therapeutics (SRPT)
  • Monday: Alnylam Pharmaceuticals (ALNY), uniQure NV (QURE) and Ionis Pharmaceuticals (IONS)

The worst three (3) in the session:

  • Wednesday: Vertex (VRTX), Vericel (VCERL) and Ionis Pharmaceuticals (IONS)
  • Tuesday: Alnylam Pharmaceuticals (ALNY), CRISPR Therapeutics (CRSP) and Moderna (MRNA
  • Monday: Intellia Therapeutics (NTLA), IQVIA Holdings (IQV) and CRISPR Therapeutics (CRSP)

 

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.