November 6, 2025 4:45pm

C&GT sector equity’s plummet as earnings add to the count of few losses beats and more revenue misses

As a risk-off mood sweeps markets

Pre-open Indication Scoring: 3 Hits and 2 Miss

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!  

Thursday’s pullback was made worse by concerns about the state of the labor market, as October saw a significant number of layoff announcements after last month was the worst October since 2003.

Thursday’s RMi pre-open: Ticking … https://www.regmedinvestors.com/articles/14184

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

 

Thursday: The Dow closed DOWN -398.70 points or -0.84%, the S&P closed DOWN -75.97 points or -1.12% while the Nasdaq closed DOWN -445.805 points or -1.90%

  • Theme of the session: Ai pressures and valuation declines with serious concerns of a bleak labor market and shaky economy

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

  • Painting a shaky picture of the U.S. economy, particularly in light of the lack of economic reports in the 36th day’s shutdown, 2nd month with 15th Democratic negative votes and counting; the longest in history.

Thursday’s (my) 40-company covered sector’s advance/decline line opened negative with 12 incliners, 26 decliners and 2 flats ending with a negative close of 15 incliners, 24 decliners and 1 flat

Metrics:  Thursday …

  • The RUT was down -45.96 points or -1.86%,
  • The IWM was down -4.33 or -1.77%;
  • The IBB was up +0.12 points or +0.08%,
  • The NBI was up +1.70 points or +0.03%;
  • The XLV was up +0.28 points or +0.19%,
  • The XBI was up +0.09 points or +0.08% … while
  • The VIX was up +0.51 points or +8.37% at 19.52

 

Q4 – November - 1 positive and 3 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

 

Thursday Closing UP (10 of 15)

  • Alnylam Pharmaceuticals (ALNY +$5.93 after Wednesday’s +$11.09, Tuesday’s -$10.45 and Monday’s -$22.12),
  • Vericel (VCEL +$1.55 after Wednesday’s +$0.95),
  • Lenz Therapeutics (LENZ +$1.49 after Wednesday’s -$6.58, Tuesday’s +$0.12 and Monday’s -$1.79),
  • uniQure NV (QURE +$1.45 after Wednesday’s -$4.38, Tuesday’s -$3.85 and Monday’s -$33.40),
  • Moderna (MRNA +$0.77 after Wednesday’s -$0.19, Tuesday’s -$1.16 and Monday’s -$2.25),
  • IQVIA Holdings (IQV +$0.74 after Wednesday’s -$0.86, Tuesday’s -$2.84 and Monday’s -$2.46),
  • AxoGen (AXGN +$0.61 after Wednesday’s -$0.39, Tuesday’s +$0.52 and Monday’s +$1.03),
  • Solid Biosciences (SLDB +$0.285 after Wednesday’s -$0.475),
  • Compass Therapeutics (CMPX +$0.18),
  • Supernus Therapeutics (SUPN -$0.15 after Wednesday’s -$9.89, Tuesday’s +$1.30 and Monday’s +$0.57),

Flat (1)

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

Thursday’s Closing DOWN (10 of 24):

  • Intellia Therapeutics (NTLA -$1.25 after Wednesday’s +$1.37),
  • Sarepta Therapeutics (SRPT -$1.03 after Wednesday’s +$2.47, Tuesday’s -$8.25 and Monday’s +$0.44),
  • Ultragenyx Pharmaceuticals (RARE -$0.92 after Wednesday’s -$0.59, Tuesday’s -$1.01 and Monday’s -$1.13),
  • Vertex (VRTX -$0.75 after Wednesday’s -$4.67 after Tuesday’s -$4.33 and Monday’s +$0.43),
  • Arrowhead Pharma (ARWR -$0.71 after Wednesday’s +$2.46, Tuesday’s -$1.76 and Monday’s -$2.78),
  • MiMedx (MDXG -$0.63),
  • Mesoblast (MESO -$0.61),
  • Ionis Pharmaceuticals (IONS -$0.58 after Wednesday’s +$1.80),
  • BioLife Solutions (BLFS -$0.55 after Wednesday’s +$0.46),
  • Regenxbio (RGNX -$0.44),

 

The Bottom Line: More of the … WHYs

Indexes took a sharp turn lower Thursday as concerns about “Tech” investors continue to debate whether tech valuations are too lofty which “dog” markets and as private jobs data showed a threatened month for layoffs in October.

  • Also, the market took note of skepticism from several Supreme Court justices on the legality of Trump’s sweeping trade tariffs, even though Treasury Secretary Scott Bessent said he was "very, very optimistic." A ruling against the policy could roll back the duties, with enormous impact on international trade as well as domestic spending. <Yahoo Finance>

Treasurys rallied on Thursday as a risk-off mood swept markets following a report from outplacement firm Challenger, Gray & Christmas that showed October was the worst month for layoffs in more than 20 years.

  • The 10-year yield (^TNX) fell 7 basis points to $4.08, while the 30-year yield (^TYX) declined by 5 basis points to 4.68%. The 5-year yield dropped 8 basis points to 3.67%. (Yields and bond prices move inversely to each other.)

Eli Lilly (LLY) stock rose 1% and Novo Nordisk (NVO) fell 2% after the Trump administration announced it had negotiated deals to lower the pricing of the companies' obesity drugs, similar to a deal struck between the White House and Pfizer (PFE) earlier this year.

  • On Thursday, President Trump announced that the two pharmaceutical companies would slash the prices of their blockbuster weight-loss drugs, like Lilly's (LLY) Zepbound and Novo Nordisk's (NVO) Wegovy, in the US in exchange for wider Medicare access and tariff relief.
  • The companies’ products will receive a three-year grace period from Trump’s forthcoming duties on pharmaceutical imports, an official said, similar terms to those clinched by their rivals in previous drug-price deals. <Bloomberg>

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

 

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 EDGE 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 … 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:

  • 11/6 – Thursday closed negative with 15 positive, 24 negative and 1 flat
  • 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

 

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:   

  • Thursday: and Alnylam Pharmaceuticals (ALNY), Vericel (VCEL) and Lenz Therapeutics (LENZ)
  • Wednesday: Alnylam Pharmaceuticals (ALNY), Sarepta Therapeutics (SRPT) and Ionis 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:

  • Thursday: Intellia Therapeutics (NTLA), Sarepta Therapeutics (SRPT) and Ultragenyx Pharmaceuticals (RARE)
  • 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.