January 2, 2026 4:53pm

Ongoing rotation swings back and forth; the C&GT sector will drift as Q4 and FY25 LPS (loss-per-share) upcoming and being prepared earnings’ releases will ultimately slow upsides

Pre-open Signal Results: 3 Hits and 3 Miss

RMi collects, curates, interprets and disseminates cell and gene therapy sector (C&GT) fact-based news, trustable and verified intel of share pricing data bridging 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 chose to speak-up when many analysts have shut-up!

TGIF and FY26, time for "tuners" and stuffed olives

I make a commitment to provide need-to-know “facts in evidence” as an equity’s volatility is one tactical signal for stocks. My thesis is important in trying to distinguish the temporary from real pricing digression or progress.

RMi Pre-opening: It’s just begun … https://www.regmedinvestors.com/articles/14251   

RMi Research Note: Capricor Therapeutics (CAPR) DUMP before the next big SLUMP! …https://www.regmedinvestors.com/articles/14249

 

Today’s session fell within the Santa Claus Rally, a historically strong 7-day stretch (12/24/25 – 1/5/26) for stocks that spans the final days of December (5) and early January (2) with thin trading volumes

Friday: The Dow closed UP +319.10 points or +0.66%, the S&P closed UP +12.97 points or +0.19% while the Nasdaq closed DOWN -6.362 points or -0.03%

  • Theme of the session: gains in semiconductor names kept the index’s losses in check

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

  • U.S. factory activity tailed off slightly in December on a slowdown in new orders, according to an S&P Global report. The purchase manager index posted a reading of 51.8 for the month, down slightly from 52.2 in December and about in line with the consensus estimate for 51.7.

Friday’s (my) 40-company covered sector’s advance/decline line opened negative with 16 incliners, 22 decliners and 2 flats ending with a BARELY positive close of 18 incliners, 17 decliners and 5 flats

  • The Russell 2000 added 1.1% in trading Friday and ended 2025 up less than 12%

The CBOE Fear (VIX) index, Friday closed at 14.46, Thursday was closed New Years Day, Wednesday at 15.03, Tuesday closed at 14.36, Monday’s 14.15 and last Friday’s 13.60,

 

Metrics: Friday …

  • The NBI was down -0.50 points or -0.01%;
  • The RUT was up +26.32 points or +1.06%,
  • The XLV was up +0.71 points or +0.46%,
  • The XBI was down -0.41 points or -0.34%
  • The IWM was up +2.62 or +1.06%;
  • The IBB was up +0.23 points or +0.14%,
  • The VIX was down -0.49 points or -3.29% at to 14.46`

 

Q1/26 – 1 holiday (1/1/26) and 1 barely positive close

Q4/25 …

  • December – 1 holiday, 8 positive and 14 negative closes
  • November – 1 holiday, 8 positive and 11 negative closes
  • October -1 neutral, 11 positive and 12 negative closes

 

Friday Closing UP (10 of 18) ... Thursday was New Years day

  • Alnylam Pharmaceuticals (ALNY +$2.52 after Wednesday’s +$0.40, Tuesday’s -$1.57 and Monday’s -$1.77),
  • BioNTech (BNTX +$1.49),
  • Arrowhead Pharmaceuticals (ARWR +$1.40 after Wednesday’s -$0.86),
  • Moderna (MRNA +$11.37 after Wednesday’s -$0.92 and Tuesday’s -$0.74),
  • CRISPR Therapeutics (CRSP +$1.33 after Wednesday’s -$0.75, Tuesday’s -$0.78 and Monday’s -$1.11),
  • Ultragenyx Pharmaceuticals (RARE +$0.60 after Wednesday’s +$0.22 after Tuesday’s +$3.06 and Monday’s -$14.47),
  • Ionis Pharmaceuticals (IONS +$0.56 after Wednesday’s +$0.11, Tuesday’s -$0.99, and Monday’s +$0.05 ),
  • Intellia Therapeutics (NTLA +$0.22),
  • Mesoblast (MESO +$0.12 after Wednesday’s -$0.54),
  • Precigen (PGEN +$0.10),

Flat (5)

  • Adverum Biotechnologies ADVM) – acquired
  • Caribou Biosciences (CRBU)
  • Editas Medicine (EDIT)
  • Harvard Apparatus RT (OTCQB: HRGN $0.00 after Wednesday’s $0.00, Tuesday’s $0.00 after last Friday’s +$0.04)
  • Lenz Therapeutics (LENZ)

Friday’s Closing DOWN (10 of 17): 

  • AxoGen (AXGN -$1.73),
  • Vertex (VRTX -$1.23 after Wednesday’s +$0.38, Tuesday’s -$6.04 and Monday’s -$3.12),
  • Wave Life Sciences (WVE -$1.05 after Wednesday’s -$0.19),
  • Regenxbio (RGNX -$0.83 after Wednesday’s +$0.31),
  • Beam Therapeutics (BEAM -$0.58),
  • Capricor Therapeutics (CAPR -$0.55 after Wednesday’s -$1.03 after Wednesday’s -$0.15),
  • uniQure NV (QURE -$0.54 after Wednesday’s +$0.15 and Tuesday’s -$0.78),
  • Vericel (VCEL -$0.40 after Wednesday’s -$0.72 and Tuesday’s -$0.86),
  • BioLife Solutions (BLFS -$0.29 after Wednesday’s -$0.48),
  • MiMedx (MDXG -$0.29)

 

The Bottom Line: More of the … WHY

Indexes fluctuated Friday as kicking-off trading in 2026 after its 3rd consecutive year of double-digit % gains. Markets came-off a sputtering end to a roller-coaster 2025 that nevertheless ended with sizable gains for the major indexes.

  • The benchmark S&P 500 rose over 16% for the year, while the Nasdaq led gains with a more-than 20% jump. <Yahoo Finance>

The Santa Claus rally" — during the last 5 trading days of December and first 2 of January has so far fizzled.

  • While treasuries fell on the first trading day of 2026, with the yield on 30-year bonds rising to the highest since early September, as optimism about the US economic outlook damped demand for haven assets.
  • Yields on 30-year debt climbed as much as four basis points to 4.88%, while those on 10-year securities rose two basis points to 4.19%.

The recent profit-taking could also foreshadow some of the volatility ahead and …

  • RISK is always a factor remaining and … will boil-up under the surface until or as slight shocks rock the C&GT sector and markets!

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!

 

January - 1st session

  • 1 /2 Friday closed barely positive with 18 incliners, 17 decliners and 5 flats
  • 1/1 -Thursday was a holiday, New Years Day

Last week of December, Q4 and FY25

  • 12/31 -Wednesday closed negative with 18 positive, 22 negative and 5 flats
  • Tuesday closed negative with 7 positive, 31 negative and 2 flats
  • Monday closed negative with 12 positive, 24 negative and 4 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:   

  • Friday: Alnylam Pharmaceuticals (ALNY), BioNTech (BNTX) and Arrowhead Pharmaceuticals (ARWER)
  • Thursday as a holiday
  • Wednesday: Alnylam Pharmaceuticals (ALNY), Regenxbio (RGNX) and Ultragenyx Pharmaceuticals (RARE)
  • Tuesday: Ultragenyx Pharmaceuticals (RARE), IQVIA Holdings (IQV) and Compass therapeutics (CMPX)
  • Monday: BioNTech (BNTX), AxoGen (AXGN) and Capricor Therapeutics (CAPR)

The worst three (3) in the session:

  • Friday: Vertex (VRTX), AxoGen (AXGN) and Wave Life Sciences (WVE)
  • Thursday as a holiday
  • Wednesday: IQVIA Holdings (IQV), Moderna (MRNA) and Arrowhead Pharmaceuticals (ARWR)
  • Tuesday: Vertex (VRTX), Arrowhead Pharmaceuticals (ARWR) and Alnylam Pharmaceuticals (ALNY)
  • Monday: Ultragenyx Pharmaceuticals (RARE), Vertex (VRTX) and Alnylam Pharmaceuticals (ALNY)

 

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.