November 18, 2025 4:56pm

Markets dumped, sector slumped as the oversold barely lost the test of a rebound in a continuing sector contraction with the VIX up +2.29 points or +10.24% to 24.67 from Monday’s 22.73 after Friday’s 19.83

News: Arrowhead Pharmaceuticals (ARWR +$0.32 or +0.80% to $40.47) the FDA has approved REDEMPLO (plozasiran), a small interfering RNA (siRNA) medicine, as an adjunct to diet to reduce triglycerides in adults with familial chylomicronemia syndrome (FCS). FCS is a severe, rare disease, with an estimated 6,500 people in the U.S. living with genetic or clinical FCS, characterized by triglyceride levels that can be 10 to 100 times higher than normal leading to a substantially higher risk of developing acute, recurrent, and potentially fatal pancreatitis. REDEMPLO can be self-administered at home with a simple subcutaneous injection 1x every 3-months.

Pre-open Indication Scoring: 4 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!  

“Uncle algo and his electronic trading dwarfs” further sold-into the sector and were rewarded

Tuesday’s RMi Pre-opening Bell: Rethinking … https://www.regmedinvestors.com/articles/14200

RMi Research Note: Harvard Apparatus GT (OTCQB): Broke … https://www.regmedinvestors.com/articles/13812

The peril facing the cell and gene therapy (C&GT) sector’s share pricing isn’t just applications of macro or even micro econs, sentiment or algorithms within electronic trading; it’s losing highly reliable, accurate and transparent data.

 

Tuesday: The Dow closed DOWN -498.50 points or -1.07%, the S&P closed DOWN -55.09 points or -0.83% while the Nasdaq closed DOWN -275.229 points or -1.21%

  • Theme of the session: falling, multiple “irrationality” reasons
  • Adding to the angst this month is growing concern that the Fed WON’T cut rates for a 3rd time in December, as investors are counting on the bank to revive the economy and keep rates low to justify higher equity valuations

Tuesday’s (my) 40-company covered sector’s advance/decline line opened negative with 10 incliners, 26 decliners and 4 flats ending with a negative close of 18 incliners, 21 decliners and 1 flat

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

  • ADP’s reported private employers cut 2,500 jobs on average over the past 4-weeks. That’s actually an improvement from the pace of 11,250 jobs lost in last week’s update. The Labor Department, which had suspended data collection and releases during the government shutdown, updated its data base Monday to show that initial jobless claims totaled 232,000 for the week ended 10/18. There were no updates for the prior 3-weeks, nor the 3-weeks that followed.  The latest total is an increase from the 219,000 shown in the last report from 9/20.
  • Homebuilder sentiment remained pressured in November, with a record 41% of homebuilders reporting that they cut prices this month to entice skittish buyers sitting on the fence. The National Association of Home Builders/Wells Fargo Housing Market Index, and topped 40% for the 1st-time on record. The average discount was 6%, unchanged from a month earlier.

Metrics:  Tuesday …

  • The RUT was up +7.36 points or +0.31%,
  • The IWM was up +0.71 or +0.31%;
  • The IBB was up +1.21 points or +0.73%,
  • The NBI was up +40.46 points or +0.73%;
  • The XLV was up +0.89 points or +0.59%,
  • The XBI was up +0.35 points or +0.30% … while
  • The VIX was up +2.29 points or +10.24% at to 24.67

 

Q4 – November - 3 positive and 9 negative closes

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

 

Tuesday Closing UP (10 of 18) 

  • Alnylam Pharmaceuticals (ALNY +$1.76 after Monday’s +$11.38),
  • Lenz Therapeutics (LENZ +$1.53 after Monday’s +$0.10),
  • Vertex (VRTX +$1.50 after Monday’s -$3.13),
  • Ionis Pharmaceuticals (IONS +$1.24 after Monday’s +$1.71),
  • IQVIA Holdings (IQV +$1.16 after Monday’s -$4.47),
  • AxoGen (AXGN +$0.44),
  • Entrada Therapeutics (TRDA +$0.35 after Monday’s -$0.28)
  • Arrowhead Pharma (ARWR +$0.32 after Monday’s -$1.11),
  • Ultragenyx Pharmaceuticals (RARE +$0.29 after Monday’s -$0.54),
  • Voyager Therapeutics (VYGR +$0.17 after Monday’s +$0.18),

Flat (1)

  • Harvard Apparatus RT (OTCQB: HRGN $0.00 after Monday’s $0.00, Friday’s -$0.010 (with 3800 shares traded), Thursday’s $0.00, Wednesday’s -$0.01, Tuesday’s $0.00 and last Monday’s $0.00)

Tuesday’s Closing DOWN (10 of 21): 

  • CRISPR Therapeutics (CRSP -$1.85 after Monday’s +$2.79),
  • uniQure NV (QURE -$0.62 after Monday’s +$0.45),
  • Vericel VCEL -$0.40 after Monday’s -$0.43),
  • MiMedx (MDXG -$0.38 after Monday’s -$0.28),
  • Prime Medicine (PRME -$0.2257 after Monday’s +$0.437),
  • Mesoblast (MESO -$0.20 after Monday’s +$0.32),
  • Supernus Therapeutics (SUPN -$0.19),
  • Generation Bio (GBIO -$0.15),
  • BioNTech (BNTX +$0.14 after Monday’s -$0.42),
  • Beam Therapeutics (BEAM -$0.10 after Monday’s +$0.30),

 

The Bottom Line: More of the … WHYs

Indexes extended their losses again on Tuesday … with the C&GT sector equities getting “lapped” in the A/D (advance/decline) Line.

The Dow fell adding to a rough 4-day sell-off, the Nasdaq pulled back and the S&P 500 was lower, rebounding from earlier in the session but still notching its 4th consecutive losing session.

Upgrades/Downgrades from those who follow/write on the “street”: multiple sources …

  • Evercore Downgrades Intellia (NTLA) Despite Strong ATTR Trial Data
  • Stifel Maintains Hold Rating on Vertex (VRTX), Keeps $445 Price Target
  • RBC Capital Lifts CRISPR Therapeutics (CRSP) Target to $50, Keeps Sector Perform
  • Compass Therapeutics Inc. (CMPX) is A Buy on Wall Street on Robust Pipeline Development
  • Wall Street Has a Positive Outlook on uniQure N.V. (QURE) Despite Challenges from the FDA
  • MiMedx (MDXG) Just Flashed Golden Cross Signal: Do You Buy?
  • Jefferies Maintains “Buy” Rating on Wave Life Sciences (WVE) Amid Its Improving Competitive Positioning
  • Is Sarepta Therapeutics a Bargain After Its 82% Drop Over the Last Year?
  • A Look at Vertex Pharmaceutical’s Valuation Following Promising Kidney Trial Updates and New FDA Designations

 

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

I have seen share pricing interruption … from earnings expectation and consensus always considering earnings season LPS (loss-per-share).

  • 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

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!

A real question, are cell and gene therapy (C&GT) sector companies with high insider ownership present … opportunity?

  • Do they often demonstrate alignment between management and shareholder interests … a critical factor in navigating volatile market conditions?
  • I will be looking into this …! Stay tuned.

 

November: understand the “flow” …

New week:

  • 11/18 – Tuesday closed negative with 18 positive, 21 negative and 1 flat
  • 11/17 – Monday closed negative with 19 positive, 20 negative and 1 flat

Last week:

  • 11/14 - Friday closed negative with 19 positive, 21 negative and 0 flats
  • 11/13 – Thursday closed negative with 8 positive, 32 negative and 0 flat
  • 11/12 – Wednesday closed negative with 18 positive, 22 negative and 0 flat
  • 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

 

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), Lenz therapeutics (LENZ) and Vertex (VRTX)
  • Monday: Alnylam Pharmaceuticals (ALNY), CRISPR Therapeutics (CRSP) and Ionis Pharmaceuticals (IONS)
  • Friday: Vertex (VRTX), Ionis Pharmaceuticals (IONS) and CRISPR Therapeutics (CRSP)

The worst three (3) in the session:

  • Tuesday: CRISPR Therapeutics (CRSP), uniQure NV (QURE) and Vericel (VCEL)
  • Monday: IQVIA Holdings (IQV), Vertex (VRTX) and Vertex (VRTX)
  • Friday: Alnylam Pharmaceuticals (ALNY), IQVIA Holdings (IQV) and BioLife Solutions (BLFS)

 

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.