November 5, 2025 4:46pm

Although cell and gene therapy (C&GT) sector closed scarcely positive after riding the merry-go-round with a couple of Q3 earnings losses, revenue beats and erratic equity’s breadth

Caveat, ADP data suggests there is still a strong labor market

Pre-open Indication Scoring: 8 Hits and 0 Miss

36th day’s shutdown, 2nd month with 15th Democratic negative votes and counting

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

Never leave an investor uninformed!  

Investors have been reading/listening and paying attention to the Supreme Court hearing arguments regarding tariffs

Wednesday’s RMi pre-open: Skepticism … https://www.regmedinvestors.com/articles/14182

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

 

Wednesday: The Dow closed UP +225.86 points or +0.48%, the S&P closed UP +24.74 points or +0.37% while the Nasdaq closed UP +151.16 points or +0.65%

  • Theme of the session: Ai trade recovers and shutdown followed by NYC, VA and NJ elections

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

  • Private companies added 42,000 jobs in October, following a decline of 29,000 in September and topping the consensus estimate for a gain of 22,000. All of the job creation came from companies employing at least 250 workers. That category added 76,000 jobs, while smaller businesses lost 34,000. A revision for September showed 3,000 fewer jobs lost.
  • The Institute for Supply Management (ISM) index rose to 52.4%, up from September’s 50%, which is the breakeven point for overall expansion for the measure. Economists had been looking for 50.5%. The new orders index popped 5.8 points to 56.2% while business activity rose 4.4 percentage points to 54.3% and inventories increased to 49.5%, still technically reflecting a pullback but better than September by 1.7 points. Employment was still in contraction territory but better by a point to 48.2%. Order backlogs slumped to 40.8%, a decline of 6.5points, while imports fell to 43.7%, off 5.5 points. The prices index edged higher to 70%, indicating strong inflation

Wednesday’s (my) 40-company covered sector’s advance/decline line opened positive with 20 incliners, 18 decliners and 2 flats ending with a positive close of 20 incliners, 18 decliners and 2 flats

Metrics:  Wednesday …

  • The RUT was up +37.44 points or +1.54%,
  • The IWM was up + or +%;
  • The IBB was up +3.47 points or +1.44%,
  • The NBI was up +74.63 points or +1.42%;
  • The XLV was up +0.56 points or +0.39%,
  • The XBI was up +1.16 points or +1.07% … while
  • The VIX was down -1.13. points or -5.95% at 17.87

 

Q4 – November- 1 positive and 2 negative closes

  • October -1 neutral, 11 positive and 12 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 (10 of 20) 

  • Alnylam Pharmaceuticals (ALNY +$11.09 after Tuesday’s -$10.45 and Monday’s -$22.12),
  • Sarepta Therapeutics (SRPT +$2.47 after Tuesday’s -$8.25 and Monday’s +$0.44),
  • Arrowhead Pharma (ARWR +$2.46 after Tuesday’s -$1.76 and Monday’s -$2.78),
  • Ionis Pharmaceuticals IONS +$1.80),
  • Intellia Therapeutics (NTLA +$1.37),
  • Vericel (VCEL +$0.95),
  • CRISPR Therapeutics (CRSP +$0.58 after Tuesday’s -$5.56 and Monday’s -$2.02),
  • BioLife Solutions (BLFS +$0.46),
  • Beam Therapeutics (BEAM +$0.33 after Tuesday’s -$1.51 and Monday’s -$0.76),
  • Entrada Therapeutics (TRDA +$0.32),

Flat (2)

  • Editas Medicine (EDIT)
  • Harvard Apparatus RT (OTCQB: HRGN $0.00 after Tuesday’s +$0.12 <50 shares traded> and Monday’s $0.00),

Wednesday’s Closing DOWN (10 of 18):

  • Supernus Therapeutics (SUPN -$9.89 after Tuesday’s +$1.30 and Monday’s +$0.57),
  • Lenz Therapeutics (LENZ -$6.58 after Tuesday’s +$0.12 and Monday’s -$1.79),
  • Vertex (VRTX -$4.67 after Tuesday’s -$4.33 and Monday’s +$0.43),
  • uniQure NV (QURE -$4.38 after Tuesday’s -$3.85 and Monday’s -$33.40),
  • BioNTech (BNTX -$1.40 after Tuesday’s +$0.88 and Monday’s +$0.04),
  • IQVIA Holdings (IQV -$0.86 after Tuesday’s -$2.84 and Monday’s -$2.46),
  • Ultragenyx Pharmaceuticals (RARE -$0.59 after Tuesday’s -$1.01 and Monday’s -$1.13),
  • Solid Biosciences (SLDB -$0.475),
  • AxoGen (AXGN -$0.39 after Tuesday’s +$0.52 and Monday’s +$1.03),
  • Moderna (MRNA -$0.19 after Tuesday’s -$1.16 and Monday’s -$2.25),

 

The Bottom Line: More of the … WHYs

US stocks and the C&GT sector recovered from the previous day's steep sell-off as the ADP payrolls report showed a return to job growth in the private sector last month.

  • Fears of a stock bubble continue to stalk markets …
  • Investors were also eyeing a pivotal day for President Trump's tariffs and the federal shutdown.
  • the Supreme Court heard arguments on Wednesday in a case questioning Trump's legal authority to impose his sweeping tariffs — a landmark test of presidential power. The high court's justices questioned the president's authority to levy the duties on a broad basis.
  • Economic pain from the stoppage continues to mount, with the hit estimated at $15 billion a week, as Trump administration officials warn of potential "mass chaos" for air travelers.
  • Treasurys sold off following some positive signals on the US economy from private payrolls data and US services PMI, and after the Treasury Department issued its quarterly refunding statement.
  • The 10-year yield (^TNX) climbed 6 basis points to hit 4.15%, its highest level in about a month. Meanwhile, the 30-year bond (^TYX) also rose 6 basis points to 4.73%. The 5-year yield (^FVX) reached 3.75%. <Yahoo Finance>

Sector equities got leveled today as Q3 earnings continued to flow as the market stuttered mixed

  • Reiterating… sector BREATH based on the uncertainty on many fronts, starting with the shutdown questions on legality of tariffs, etc. and etc.
  • The electronic trading algos’ “rules” by taking further profits selling into the sector which has been a usual practice

Funny how the uniQure NV (QURE) implosion and Sarepta Therapeutics (SRPT) 2 drug candidates failure signified the relationship to “the hope for a cure”!

 

Reiterating, “The Ai blame claims on falling employment and more falls on deaf ears to me casting a blind eye on sentiment; productivity does NOT happen overnight! Companies re past employment hires have suffered bigger eyes than size of their stomachs; now they hope to attribute to Ai!” <me>

It’s not hard to be on the cusp 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 … Moderna (MRNA) and Vericel (VCEL) on 11/6 followed by Agenus (AGEN), Capricor Therapeutics (CAPR) and Wave Life Sciences (WVE) on 11/10
  • 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

Expectation: Fate Therapeutics (FATE) is expected to post a Q3 loss of $0.29 per share in its upcoming report, which represents a year-over-year change of +27.5%. Revenues are expected to be $0.85 million, down 72.3% from the year-ago quarter.

 

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!

 

November: understand the “flow” …

New week and month, November:

  • 11/5 - Wednesday closed positive with 20 positive, 18 negative and 2 flats
  • 11/4 – Tuesday closed negative with 10 positive, 30 negative and 0 flat
  • 11/3 – Monday closed negative with 10 positive, 26 negative and 4 flats

October’s last week:

  • 10/31 – Friday closed positive with 28 positive, 11 negative and 1 flat
  • 10/30 – Thursday closed negative with 13 positive, 25 negative and 2 flats
  • 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

 

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), Sarepta therapeutics (SRPT) and Ions Pharmaceuticals (IONS)
  • Tuesday: Supernus Therapeutics (SUPN), BioNTech (BNTX) and AxoGen (AXGN)
  • Monday: Vericel (VCEL), AxoGen (AXGN) and Supernus Therapeutics (SUPN)  

The worst three (3) in the session:

  • Wednesday: Supernus Therapeutics (SUPN), Lenz Therapeutics (LENZ) and Vertex (VRTX)
  • Tuesday: Alnylam Pharmaceuticals (ALNY), Vertex (VRTX) and CRISPR Therapeutics (CRSP)
  • Monday: uniQure NV (QURE), Alnylam Pharmaceuticals (ALNY) and Arrowhead Pharma (ARWR)

 

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.