November 21, 2025 4:53pm

A wild week that was, exploding upward today; coming-off fierce sell-offs fueled by downside volatile equities while uncertainty was supplemented by fear of Ai and which way the Fed, now maybe not?

The fear index the CBOE Volatility index, “choked”; with the VIX closing Friday at 23.51 after Thursday’s 26.42, Wednesday’s 23.81, Tuesday’s 24.67, Monday’s 22.73 and last Friday’s 19.83

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! 

TGIF

It’s not always time to buy or sell; it’s time to KNOW

Friday’s RMi Pre-opening Bell: None, Dr. appt/pet scan

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.

 

NEWS: Sangamo Therapeutics (SGMO +$0.0384 or +9.974% to $0.42) the FDA has accepted SGMO’s request for a rolling submission and review of the Biologics License Application (BLA) for isaralgagene civaparvovec, or ST-920, a wholly owned investigational gene therapy for the treatment of adults with Fabry disease.

 

Friday: The Dow closed UP +493.15 points or +1.08%, the S&P closed UP +64.23 points or +0.98% while the Nasdaq closed UP +195.035 points or +0.88%

  • Theme of the session: Rebound after New York Fed President Williams suggested the central bank could cut rates again in December

Friday’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 30 incliners, 9 decliners and 1 flat

  • Digesting a brutal market reversal in the last sessions

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

  • The University of Michigan showed sentiment deteriorated further in November to a reading of 51, as worries about higher prices and job losses remained top of mind.

Metrics:  Friday …

  • The RUT was up +63.80 points or +2.77%,
  • The XLV was up +3.25 points or +2.15%,
  • The NBI was up +95.49 points or +1.74%;
  • The XBI was up +2.81 points or +2.47%
  • The IWM was up +6.54 or +2.85%;
  • The IBB was up +3.28 points or +2%,
  • The VIX was down -2.91 points or -11.02% at to 23.51

 

Q4 – November - 4 positive and 11 negative closes

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

 

Friday Closing UP (10 of 30)

  • IQVIA Holdings (IQV +$7.81),
  • Vertex (VRTX +$4.44 after Thursday’s +$1.29 after Wednesday’s -$14.65 after Tuesday’s +$1.50 and Monday’s -$3.13),
  • Ionis Pharmaceuticals IONS +$2.97 after Thursday’s -$0.88),
  • Ultragenyx Pharmaceuticals (RARE +$2.41 after Thursday’s -$0.68, Wednesday’s -$0.96 and Tuesday’s +$0.29 after Monday’s -$0.54),
  • Arrowhead Pharma (ARWR +$2.36 after Thursday’s -$0.88, Wednesday’s -$1.51 after Tuesday’s +$0.32 and Monday’s -$1.11),
  • BioLife Solutions (BLFS +$2.33),
  • Lenz Therapeutics (LENZ +$1.84 after Thursday’s -$0.68, Wednesday’s +$1.19 after Tuesday’s +$1.53 after Monday’s +$0.10),
  • Vericel (VCEL +$1.73 after Thursday’s -$1.10),
  • Beam Therapeutics (BEAM +$1.61),
  • Moderna (MRNA +$1.36 after Thursday’s -$1.82 and Wednesday’s -$0.74),

Flat (1)

  • Harvard Apparatus RT (OTCQB: HRGN) $0.00 after Thursday’s $0.00, Wednesday’s $0.00, Tuesday’s $0.00, 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)

Thursday’s Closing DOWN (9 of 9):

  • Alnylam Pharmaceuticals (ALNY -$9.41 after Thursday’s -$14.97, Wednesday’s -$1.52, Tuesday’s +$1.76 after Monday’s +$11.38),
  • BioNTech (BNTX -$1.38 after Thursday’s -$4.46, Wednesday’s -$1.12, Tuesday’s +$0.14 and Monday’s -$0.42),
  • Cellectis SA (CLLS -$0.09 after Thursday’s +$0.38 and Wednesday’s +$0.275),
  • uniQure NV (QURE -$0.07),
  • Agenus (AGEN -$0.06 after Thursday’s +$0.09),
  • Prime Medicine (PRME -$0.05)
  • Adverum Biotechnologies (ADVM -$0.05),
  • Editas Medicine (EDIT -$0.05),
  • Precigen (PGEN -$0.02),

 

The Bottom Line: More of the … WHYs

Don’t judge this market by 1 positive close after many downside flips …

US equities perked up early Friday after the New York Fed president John Williams said he sees room for a cut in the "near term."

  • That led rate-cut bets for the Fed's next meeting to spike, with traders pricing in 75% odds of a December cut, up from around 40% on Thursday.
  • Williams' remarks come amid evidence of a deeply divided Fed heading into its final meeting of 2025.

All 3 US indexes recorded weekly losses, with the S&P 500 down nearly 2%, and the Nasdaq off near 3%.

The C&GT sector the downslide ended Friday with a positive close following an extended losses again on Thursday, Wednesday, Tuesday and Monday … with the C&GT sector equities having ascending the A/D (advance/decline) Line.

I am expecting a rebound after all the falling “ice” of this November as expectations were much lower coming into November.

The LPS (loss-per-share) and depreciate sector share pricings of Q3 and post earnings’ performance … I believe positions investors to be upgraded … well after the Thanksgiving holiday and in December as it is the selling season which gives me some confidence to that “life” will spill-back into the sector

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:

  • 11/21 - Friday closed positive with 30 positive, 9 negative and 1 flats
  • 11/20 – Thursday closed negative with 8 positive, 31 negative and 1 flat
  • 11/19 – Wednesday closed negative with 10 positive, 27 negative and 3 flats
  • 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:   

  • Friday: Vertex (VRTX), IQVIA Holdings (IQV) and Ionis Therapeutics (IONS)
  • Thursday: Vertex (VRTX), AxoGen (AXGN) and Entrada therapeutics (TRDA)
  • Wednesday: AxoGen (AXGN), Lenz Therapeutics (LENZ) and Supernus Therapeutics (SUPN)
  • Tuesday: Alnylam Pharmaceuticals (ALNY), Lenz Therapeutics (LENZ) and Vertex (VRTX)
  • Monday: Alnylam Pharmaceuticals (ALNY), CRISPR Therapeutics (CRSP) and Ionis Pharmaceuticals (IONS)
  • Last Friday: Vertex (VRTX), Ionis Pharmaceuticals (IONS) and CRISPR Therapeutics (CRSP)

The worst three (3) in the session:

  • Friday: Alnylam Pharmaceuticals (ALNY), BioNTech (BNTX) and Cellectis SA (CLLS)
  • Thursday: Alnylam Pharmaceuticals (ALNY), BioNTech (BNTX) and Moderna (MRNA)
  • Wednesday: Vertex (VRTX), CRISPR Therapeutics (CRSP) and uniQure NV (QURE)
  • Tuesday: CRISPR Therapeutics (CRSP), uniQure NV (QURE) and Vericel (VCEL)
  • Monday: IQVIA Holdings (IQV), Vertex (VRTX) and Vertex (VRTX)
  • Last 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.