November 11, 2025 4:44pm

For a government re-open; don’t get hooked, there is always a price to be paid for political dysfunction

Unfortunately, I believe we are soon to be “cruising to a bruising” i.e., markets and sector response

News: Ionis Pharmaceuticals (IONS closed +$2.91 with a -$1.45 or -2% drop aftermarket) offers $700 M Convertible Senior Notes due 2030 in a private placement. IONS also intends to grant the initial purchasers of the notes an option to purchase, within the 13-day period beginning on, and including, the 1st date on which the notes are issued, up to an additional $70 M principal number of notes.

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!  

In for a pile of pennies … but if we are to be out for a pound, it’s in your dreams until 2026

RMi pre-open: Respect a veteran with a simple thank you for service … https://www.regmedinvestors.com/articles/14190

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

 

Tuesday: The Dow closed UP +559.33 points or +1.18%, the S&P closed UP +14.18 points or +0.21% while the Nasdaq closed DOWN -58.874 points or -0.25%

  • Theme of the session: struggles with "tech" as valuations roll-over

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

  • A new report from ADP revealed that for the 4 weeks ending Oct. 25, private sector job creation was down more than 11,000 on average per week. The data stands in contrast to the October gains that the firm reported last week and signals some weakness in the labor market.
  • The US Oct NFIB small business optimism index fell -0.6 to a 6-month low of 98.2, weaker than expectations of 98.3.

Tuesday’s (my) 40-company covered sector’s advance/decline line opened positive with 29 incliners, 9 decliners and 2 flats ending with a positive close of 34 incliners, 4 decliners and 2 flats

Metrics:  Tuesday …

  • The RUT was up +2.63 points or +0.11%,
  • The IWM was up +0.22 or +0.09%;
  • The IBB was up +4.60 points or +2.88%,
  • The NBI was up +157.66 points or +2.94%;
  • The XLV was up +3.41 points or +2.32%,
  • The XBI was up +3.92 points or +3.56% … while
  • The VIX was down -0.32 points or -1.82% at 17.28

 

Q4 – November - 3 positive and 4 negative closes

  • October -1 neutral, 11 positive and 12 negative closes

 

Tuesday Closing UP (10 of 34) 

  • Alnylam Pharmaceuticals (ALNY +$10.25 after Monday’s -$1.00),
  • IQVIA Holdings (IQV +$5.47 after Monday’s +$2.59),
  • Vertex (VRTX +$4.86 after Monday’s +$11.73),
  • uniQure NV (QURE +$4.57),
  • BioNTech (BNTX +$3.58 after Monday’s +$1.93),
  • Lenz Therapeutics (LENZ +$3.26),
  • Ionis Pharmaceuticals (IONS +$2.91 after Monday’s -$4.01),
  • Arrowhead Pharma (ARWR +$1.65 after Monday’s +$0.62),
  • Ultragenyx Pharmaceuticals (RARE +$1.31 after Monday’s +$1.31),
  • Moderna (MRNA +$1.17),

Flat (2)

  • Harvard Apparatus RT (OTCQB: HRGN $0.00 after Monday’s $0.00)
  • Voyager Therapeutics (VYGR)

Tuesday’s Closing DOWN (4 of 4): 

  • BioLife Solutions (BLFS -$0.25 after Monday’s +$0.36),
  • MiMedx (MDXG -$0.17),
  • Precigen (PGEN -$0.04),
  • Sangamo Therapeutics (SGMO -$0.0119),

 

The Bottom Line: More of the … WHYs

US stock indexes wer mixed today, with the Dow and the S&P 500 rising, while the Nasdaq in the red. 

  • Optimism pervaded that the 41-day US shutdown could soon end. The push to reopen government took another step forward. 
  • A reopening would lead to the release of economic data delayed by the stoppage, giving markets better insight into the likely path of interest rates. But fresh data could take a while to arrive, even if the shutdown ends this week.

C&GT sector equities will continue to be level share pricing as Q3 earnings release

Stocks are supported by signs that the US government shutdown is nearing an end. 

  • After the Senate voted 60-40 on Monday to pass a temporary continuing resolution (CR) to fund the government, the House is expected to vote on the measure on Wednesday, and House Speaker Johnson said he expects it will pass quickly. 
  • If approved, the bill goes to President Trump, who said he will sign it into law. 

 

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

  • Sector Q3 earnings …
  • 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!

 

New week and month, November: understand the “flow” …

New week:

  • 11/11 – Tuesday closed positive with 34 positive, 4 negative and 2 flats
  • 11/10 - Monday closed positive with 26 positive, 14 negative and 0 flats

Last week:

  • 11/7 – Friday closed negative with 16 positive, 24 negative and 0 flat
  • 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:   

  • Tuesday: Alnylam Pharmaceuticals (ALNY), Vertex (VRTX) and IQVIA Holdings (IQV)
  • Monday: Vertex (VRTX), IQVIA Holdings (IQV) and BioNTech (BNTX)
  • Friday: Alnylam Pharmaceuticals (ALNY), uniQure NV (QURE) and Compass Therapeutics (CMPX)

The worst three (3) in the session:

  • Tuesday: BioLife Solutions (BLFS), MiMedx (MDXG) and CRISPR Therapeutics (CRSP)
  • Monday: Ionis Pharmaceuticals (IONS), uniQure NV (QURE) and Alnylam Pharmaceuticals (ALNY),
  • Friday: Vertex (VRTX), Intellia Therapeutics (NTLA) 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.