December 23, 2025 4:50pm

As I wrote this a.m., “Sell into an UP sector, after 3 positive sector closes; AVOID having to sell in a down market. Don’t forget econs”.  As I have written; “It’s been a good clue to be reducing “some” exposures, exiting some also-rans or questionable data delays”

And I wrote yesterday, “What’s coming, “Uncle algo and his electronic trading dwarfs” anticipate stealing a sleigh and filling their bags of your PORTFOLIO’S upside” – they did!

Merry Christmas, Happy Hanukkah and a well-earned holiday coming

RMi collects, curates, 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 a retail investor uninformed!  It’s not always time to buy or sell; but it is time to KNOW and why!

I write this blog/newsletter to inform investors with facts and supporting numbers focused on what they need to hear that others will not say or write about – facts in evidence!

 

I chose to speak-up when many analysts have shut-up!

 

News: Agenus (AGEN -$0.245) published clinical results from the ovarian cancer cohort of its P1b C-800-01 trial evaluating botensilimab plus balstilimab (BOT+BAL) in The Journal for ImmunoTherapy of Cancer (JITC). BOT+BAL demonstrated clinically meaningful activity and durable benefit in women with treatment-refractory ovarian cancer, a population with few remaining options.

RMi Pre-opening: Updated econs Tuesday’s RMi Pre-opening: Too high or too fast? … https://www.regmedinvestors.com/articles/14241   

 

I’m NOT at all writing a doom-and-gloom predictions as I am more frequently right than consequentially wrong; I am mostly EARLY in my prognostications!

Tuesday: The Dow closed UP +79.73 points or +0.16%, the S&P closed UP +31.30 points or +0.46% while the Nasdaq closed UP +133.015 points or +0.57%

  • Theme of the session: new economic data came in well above expectations

Tuesday’s (my) 40-company covered sector’s advance/decline line opened negative with 6 incliners, 32 decliners and 3 flats ending with a negative close of 13 incliners, 25 decliners and 2 flats

  • It was time as “uncle algo and his electronic dwarfs” stole the sleigh to fill their bags of your portfolio’s upside

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 U.S. economy expanded at 4.3% pace in Q3, much better than the 3.2% estimate that economists had forecast
  • Consumer spending expanded by 3.5% in Q3 after rising 2.5% in Q2
  • The Conference Board’s Consumer Confidence Index shed 3.8 points in December, compared to the prior month, reflecting growing concerns about the U.S.′ economic health.
  • The data, released Tuesday, shows consumer sentiment fell to 89.1 in December from 92.9 in November, with four of the five components of the Consumer Confidence Index edging lower over the period. That puts the index well below its level at the start of 2025.

The CBOE Fear (VIX) index closed Tuesday 13.95 after Monday’s 14.11, Friday’s 14.96, Thursday’s 16.74, Wednesday’s 17.66 and last Tuesday’s 16.48

 

Metrics: Tuesday …

  • The RUT was down -17.86 points or -0.69%,
  • The XLV was down -0.31 points or -0.20%,
  • The NBI was down -20.61 points or -0.36%;
  • The XBI was down -1.02 points or -0.81%
  • The IWM was down -1.50 or -0.59%;
  • The IBB was down -0.67 points or -0.39%,
  • The VIX was down -0.31 points or -0.92% at to 13.95

 

Q4 – December – 7 positive and 10 negative closes

  • November – 1 holiday, 8 positive and 11 negative closes
  • October -1 neutral, 11 positive and 12 negative closes

 

Tuesday Closing UP (13 of 13) 

  • BioNTech (BNTX +$1.97 after Monday’s - $0.33),
  • Arrowhead Pharma (ARWR +$1.40),
  • Sarepta Therapeutics (SRPT +$0.71),
  • IQVIA Holdings (IQV +$0.67 after Monday’s +$3.68),
  • Supernus Therapeutics (SUPN +$0.36),
  • Cellectis SA (CLLS +$0.19),
  • AxoGen (AXGN +$0.17),
  • Entrada Therapeutics (TRDA +$0.12 after Monday’s -$0.36),
  • Prime Medicine (PRME +$0.06),
  • BioLife Solutions (BLFS +$0.05),
  • Generation Bio (GBIO +$0.04),
  • Vericel (VCEL +$0.02 after Monday’s +$1.32),
  • Brainstorm Cell Therapeutics (BCLI +$0.0043)

Flat (2)

  • Adverum Biotechnologies ADVM) – acquired
  • Compass Therapeutics (CMPX)

Tuesday’s Closing DOWN (10 of 25): 

  • Alnylam Pharmaceuticals (ALNY -$8.59 after Monday’s +$7.50),
  • Moderna (MRNA -$2.56 after Monday’s +$1.10),
  • CRISPR Therapeutics (CRSP -$1.12 after Monday’s +$2.05),
  • uniQure NV (QURE -$0.89),
  • Vertex (VRTX -$0.84 after Monday’s +$4.11),
  • Lenz Therapeutics (LENZ -$0.77 after Monday’s -$0.38),
  • Regenxbio (RGNX -$0.60)
  • Ionis Pharmaceuticals (IONS -$0.60 after Monday’s +$1.77),
  • Capricor Therapeutics (CAPR -$0.57 after Monday’s +$1.69),
  • Wave Life Sciences (WVE -$0.49 after Monday’s +$1.99),

 

The Bottom Line: More of the … WHYs

Indexes gained and the C&GT (cell and gene therapy sector) felt the pain; I believe of over-extended share pricing

  • As I wrote this a.m., “Sell into an UP sector, after 3 positive sector closes; AVOID having to sell in a down market. Don’t forget econs”.  As I have written; “It’s been a good clue to be reducing “some” exposures, exiting some also-rans or questionable data delays”

Positive GDP and consumer confidence econs contributed to the indexes with the usual negative influence from these data points.

  • Also, the Nasdaq advanced +0.5%; but the Russell 2000 index of small-cap stocks underperformed, down -0.6%.

On the healthcare front, Novo Nordisk's (NVO) stock jumped in premarket after the Danish drugmaker got official US approval to market its Wegovy weight-loss pill.

The hope:

  • Traders continued to bet the Fed will lower its benchmark rate in 2026 after the new economic data that came in well above expectations

As I had also written, cash is king for investors who want to keep some liquidity and avoid having to sell in a down market,

  • I would be following share pricing’s ascension on current biotech, cell and gene therapy sector upsides; so, some profiteering can be “situated” while maintaining a position, less elevated!

Most C&GT sector equities dramatically dived on Tuesday, having popped on Monday, Friday and Thursday’s positive closes after Wednesday and the previous Tuesday and Monday’s decline.

 

Re Capricor Therapeutics (CAPR -$0.57) …  I am STICKING to my CONVICTION that CAPR is overbought and whose valuation is disconnected from fundamentals.

  • Doubts still abound re: regulatory fragility and marginal HOPE-3 results and valuation concerns remain a key hang-up!
  • CAPR remains a structurally challenged, chronically unprofitable company whose valuation is disconnected from fundamentals.
  • It has begun; timing will be everything!

 

As the new year draws closer, eyes are turning to the “Street” to see whether it will pull off the coveted Santa Claus rally.

  • The so-called Santa Claus rally — coined by Yale Hirsch, founder of the Stock Trader’s Almanac, in 1972 — occurs between the last 5 trading days of the year and the 1st 2 of the new year. In this case, that would be from the opening bell on Dec. 24 until the 2nd trading day of 2026, or Jan. 5.
  • Since 1950, the S&P 500 has recorded an average gain of 1.3% over the course of the seven-day trading period, and this year, the index should add to that, according to Jeffrey Hirsch, editor-in-chief of the Almanac.  <Sean Conlon, CNBC>

Take it a session at a time … the REAL question is … how long will this sentiment and conviction “run” last in the “clean-out-the-exposure” December?

 

4th week of December:

  • Tuesday closed negative with 14 positive, 24 negative and 2 flats
  • Monday closed positive with 30 positive, 8 negative and 2 flats

3rd week of December:

  • 12/19 - Friday closed positive with 27 positive, 10 negative and 3 flats
  • 12/18 – Thursday closed positive with 22 positive, 16 negative and 2 flats
  • 12/17 – Wednesday closed negative with 12 positive, 26 negative and 2 flats
  • 12/16- Tuesday closed negative with 17 positive, 21 negative and 2 flats
  • 12/15 – Monday closed negative with 15 positive, 23 negative and 2 flats

 

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!

Welcome to my world of defining the “grey’ in our universe!

  • I hate to be so negative or contrarian but, this is a NO spin zone and facts and truth are its products; I can always be WRONG but, I am mostly EARLY!
  • if I wanted to be liked, I wouldn’t have been an analyst/journalist.

 

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: BioNTech (BNTX), Arrowhead Pharma (ARWR) and Sarepta Therapeutics (SRPT)
  • Monday: Alnylam Pharmaceuticals (ALNY), IQVIA Holdings (IQV) and Ionis Pharmaceuticals (IONS)
  • Friday: Vertex (VRTX), Alnylam Pharmaceuticals (ALNY) and Moderna (MRNA)

The worst three (3) in the session:

  • Tuesday: Alnylam Pharmaceuticals (ALNY), Moderna (MRNA) and CRISPR Therapeutics (CRSP)
  • Monday: Lenz Therapeutics (LENZ), Entrada Therapeutics (TRDA) and BioNTech (BNTX)
  • Friday: IQVIA Holdings (IQV), MiMedx (MDXG) 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.