RMi Pre-opening: Day #4, JP Morgan healthcare Conference, all but over

January 15, 2026 7:53am

The long flight home, welcomed as futures markets rise

More econs ripple the waters …

News: Agenus (AGEN +$0.10 or +2.145 to $4.78) closed its previously disclosed strategic collaboration with Zydus Lifesciences Ltd. The agreement is designed to accelerate global development and potential commercialization of Agenus’ botensilimab and balstilimab (BOT+BAL) immunotherapy combination program. <More definition below”

Pre-open Signals: 2 Positive and 3 Negative with many non-pre-open indications; If you understand probabilities, the inevitable is easier to maneuver

Never leave retail investor uninformed … I say what others won’t, so you can do what others can’t

AGENUS Continued, about “the bucks”: AGEN has granted Zydus exclusive rights to develop and commercialize BOT and BAL in India and Sri Lanka, with Agenus eligible to receive royalties on net sales in those territories. The collaboration, first announced on 6/3/25, included the following key financial terms:  Upfront Consideration: $75 million cash payment to Agenus for transfer of biologics manufacturing facilities in Emeryville and Berkeley, California Equity Investment: $16 million purchase by Zydus of Agenus (AGEN) common stock (~2.1 million shares at $7.50 per share)Contingent Milestone Payments: Up to $50 million payable to Agenus, triggered by BOT+BAL production orders. Exclusive License: Zydus obtains exclusive rights to develop and commercialize BOT and BAL in India and Sri Lanka, with Agenus eligible to receive a 5% royalty on net sales in those territories

RMi Closing Bell: Day#3, JP Morgan healthcare Conference, the “adventure” is all but gone … https://www.regmedinvestors.com/articles/14268   

RMi Research Note: Harvard Apparatus GT (OTCQB: HRGN): A new financing attempt? … https://www.regmedinvestors.com/articles/13812

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

Thursday: The pre-open Dow futures are UP +0.15% or (+74 points), the S&P futures are UP +0.31% or (+21 points) and the Nasdaq futures are UP +0.75% or (+192 points)

• U.S. stock futures are on the rise, Thursday, 1/15
• European markets opened higher,
• Asia Pacific markets traded mixed although Japan recorded record highs and Korea held its benchmark interest

Economic Data: Initial jobless claims      Jan. 10                  215,000                 208,000

8:30 am                U.S. import prices (delayed report)         Nov.                      -0.2%     **0.0%

8:30 am                Empire state manufacturing survey         Jan.                        1.0          -3.9

8:30 am                Philadelphia Fed’s manufacturing survey             Jan.                        -4.5        -10.2

8:35 am                Atlanta Fed President Raphael Bostic speaks                                                     

9:15 am                Fed Governor Michael Barr speaks                                                         

12:40 pm             Richmond Fed President Tom Barkin speaks                                                      

1:30 pm               Kansas City Fed President Jeff

Henry’omics: We need to more than consider the market’s setting to grasp the micro re “our” universe of cell and gene therapy companies

• Wednesday: The Dow closed DOWN -42.24 points or -0.09%, the S&P closed DOWN -36.75 points or -0.53% while the Nasdaq closed DOWN -238.123 points or -1%
• Tuesday: The Dow closed DOWN -398.21 points or -0.80%, the S&P closed DOWN -13.53 points or -0.19% while the Nasdaq closed DOWN -24.032 points or -0.10%
• Monday: The Dow closed UP +86.13 points or +0.17%, the S&P closed UP +10.99 points or +0.16% while the Nasdaq closed UP +62,558 points or +0.26%
• Friday: The Dow closed UP +237,96 points or +0.48%, the S&P closed UP +44.82 points or +0.65% while the Nasdaq closed UP +191.331 points or +0.82%
• Last Thursday: The Dow closed UP +270.03 points or +0.55%, the S&P closed UP +0.53 points or +0.01% while the Nasdaq closed DOWN -104.259 points or -0.44%

• Last week: The S&P 500 was up +1.6%, the Dow +2.3% and the Nasdaq was up +1.9%.
• The previous week: The S&P 500 was down -1.2%, the Dow was down -1.3% and the Nasdaq was down -1.5%.
• December ended with the S&P 500 up +16.4%, the Dow +13% and the Nasdaq +20.4%

Q1/26 – Q1 – 1 holiday, 2 neutral, 3 negative and 4 positive closes  

Q4 – December,

• 1 holiday, 8 positive and 12 negative closes
• November, 1 holiday, 8 positive and 11 negative sessions
• October, 1 neutral, 10 positive and 12 negative closes

Companies in my headlights – It’s your decision; I provide ideas and context

I post about “indication intelligence” looking toward investment conferences … to assist investors with insight into sector vulnerabilities and strengths.  A dictionary definition of “indicate” refers to something less than a certainty; an indication could be a signal of being oversold or overbought, a recommendation, or grounds for inferring or a basis for believing.

Lenz Therapeutics (LENZ0 closed up +$1.99 after Tuesday’s +$1.03 with a positive +$0.14 or +0.75% pre-open

Beam Therapeutics (BEAM) closed up +$0.86 after Tuesday’s +$0.86 after Monday’s +$6.14 with a negative -$0.11 or -0.31% pre-open

BioNTech (BNTX) closed up +$1.93 after Tuesday’s +$5.01 after Monday’s +$2.33 after Friday’s +$1.00 with a negative -$1.32 or -1.21% pre-open

Capricor Therapeutics (CAPR) closed flat Wednesday after Tuesday’s +$0.28 after Monday’s +$0.67 after Friday’s closed down -$0.78 with no pre-open indication

• As CAPR’s investment bank jumps into protecting its offering pricing – Don’t be SWAYED by their BUYING!!

• 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!
• The higher CAPR rises, the steeper the fall!

The BOTTOM LINE: Welcome to my world of defining the “grey’ in our universe!

In 2026, investors should focus on whether cell and gene therapy sector equities can sustain momentum through clinical execution, regulatory milestones, commercialization progress, financings and potential strategic transactions; although Q4 and FY25 earnings cycle could slow upsides

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.

Investors are hoping for continued momentum, as they gauge the prospects for a Santa Claus rally.

• after a surprise drop in inflation and lukewarm labor market data left betting on possible 2026 interest-rate cuts

January – 3nd week:

• 1/14 – Wednesday closed positive with 27 incliners, 11 decliners and 2 flats
• 1/13 – Tuesday closed neutral with 19 incliners, 19 decliners and 2 flats
• 1/12 – Monday closed neutral with 19 incliners, 19 decliners and 2 flats

January – 2nd week’s session

• 1/9 - Friday closed negative with 10 incliners, 28 decliners and 2 flats
• 1/8 – Thursday closed negative with 7 incliners, 30 decliners and 3 flats
• 1/7 – Wednesday closed positive with 33 incliners, 5 decliners and 2 flats
• 1/6 – Tuesday closed positive with 27 incliners, 11 decliners and 2 flats
• 1 /5 - Monday closed negative with 18 incliners, 21 decliners and 1 flat

First week:

• 1 /2 - Friday closed 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

• 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

Why do I keep repeating, framed in a different para, so investors can make the connection

The top three (3) performing in past session:   

• Wednesday: Alnylam Pharmaceuticals (ALNY), Vertex (VRTX) and IQVIA Holdings (IQV),
• Tuesday: Vertex (VRTX), Alnylam Pharmaceuticals (ALNY) and Arrowhead Pharmaceuticals (ARWR)

• Monday: IQVIA Holdings (IQV), BioLife Solutions (BLFS), and Vericel (VCEL)

The worst three (3) in past session:

• Wednesday: Arrowhead Pharmaceuticals (ARWR), BioLife Solutions (BLFS) and LENZ Therapeutics (LENZ)
• Tuesday: AxoGen (AXGN), Ultragenyx Pharmaceuticals (RARE) and Entrada Therapeutics (TRDA)
• Monday: Capricor Therapeutics (CAPR), Vertex (VRTX) and Arrowhead Pharmaceuticals (ARWR)

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!

• I am more frequently right than consequentially wrong; if I wanted to be liked, I wouldn’t have been an analyst/journalist.

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. All investments are subject to risks. Investors should consider investment objectives.

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.  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.