February 20, 2026 4:44pm

Less uncertainty re recalibration of tariffs and supply chains with no net impact re bond market and dollar value

Macro view, markets seemed to like Supreme Court “knock-down” ruling as the C&GT sector, I expected to dive

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 why!

TGIF, the potato derived elixir is ready to be dirtied and populated with stuffed olives

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’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!

RMi Pre-opening: More econs … https://www.regmedinvestors.com/articles/14321

 

I chose to speak-up when many analysts, brokers and commentators have shut-up!

 

Friday: The Dow closed UP +230.81 points or +0.47%, the S&P closed UP +47.62 points or +0.69% while the Nasdaq closed UP +203.34 points or +0.90%

  • Theme of the session: Supreme Court ruling against President Donald Trump’s tariffs and econ reports

Friday’s (my) 40-company covered sector’s advance/decline line opened negative with 4 incliners, 32 decliners and 4 flats, ending with a negative close of 13 incliners, 26 decliners and 1 flat

  • Serviced by “uncle algo and his electronic trading dwarfs”

Henry’omics: We need to more than consider the macro-economic environment to comprehend the cause and effect of the macro versus micro data affecting “our” universe of cell and gene therapy (C&GT) sector

  • GDP, gross domestic product increased 1.4% for Q4, below the 2.5% gain that economists had anticipated; versus the 4.4% advance in Q3 sharply surpassed estimates.
  • PCE, personal consumption expenditures price index report re inflation held steady in December. Excluding volatile food and energy prices, core PCE came in at 3%, in line with expectations but still well above the Fed’s 2% target.
  • Home sales came in at 758,000 in November, vs. estimates of 735,000. For December, sales fell to 745,000 but beat expectations of 728,000.

The CBOE Fear (VIX) index, Friday closed at 19.11, after Thursday’s 20.28, Wednesday’s 19.64, after Tuesday’s 20.35, Monday was a market holiday and Friday’s 20.69

Metrics: Friday …

  • The RUT was down -1.31 points or -0.05%,
  • The XLV was down -0.44 points or -0.28%,
  • The NBI was down -31.13 points or -0.52%;
  • The XBI was down -1.88 points or -1.48%
  • The IWM was up +0.03 or +0.01%;
  • The IBB was down -0.64 points or -0.37%,
  • The VIX was down -1.12 points or -5.53% at to 19.11

 

Q1/26 February – 7 negative and 7 positive sessions

  • January – 2 holidays, 2 neutral, 9 negative and 9 positive closes

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 (13 of 13) Monday was a market holiday 

  • Vertex (VRTX +$7.63 after Thursday’s -$1.04 after Wednesday’s -$7.01 after Tuesday’s -$14.15 after Friday’s +$26.45),
  • Ultragenyx Pharmaceuticals (RARE +$0.89 after Thursday’s +$1.38),
  • Wave Life Sciences (WVE +$0.33),
  • AxoGen (AXGN +$0.29 after Thursday’s -$0.24 after Wednesday’s +$0.61 after Tuesday’s +$1.41 after Friday’s +$0.62),
  • Sarepta Therapeutics (SRPT +$0.29),
  • Moderna (MRNA +$0.17 after Thursday’s +$3.10 after Wednesday’s +$2.67 after Tuesday’s +$1.70 after Friday’s +$2.12),
  • Brainstorm Cell Therapeutics (BCLI +$0.07 after Thursday’s $0.00)
  • Voyager Therapeutics (VYGR +$0.07),
  • Fate Therapeutics (FATE +$0.06),
  • Rocket Therapeutics (RCKT +$0.04),
  • Caribou Biosciences (CRBU +$0.04)
  • Ionis Pharmaceuticals (IONS +$0.01 after Thursday’s +$0.92 after Wednesday’s +$0.86 after Tuesday’s +$0.76 after Friday’s -$1.18),
  • Sangamo therapeutics (SGMO +$0.0049)

Flat (1)

  • Generation Bio (GBIO) – acquired

Friday’s Closing DOWN (10 of 26): Monday was a market holiday 

  • IQIA Holdings (IQV -$3.67 after Thursday’s -$1.81 after Wednesday’s +$6.64 after Tuesday’s -$2.45 after Friday’s -$1.94),
  • Alnylam Pharmaceuticals (ALNY -$3.18 after Thursday’s +$6.69),
  • CRISPR Therapeutics (CRSP -$1.18 after Thursday’s +$1.12),
  • uniQure NV (QURE -$0.97 after Thursday’s +$0.97 after Wednesday’s +$1.68 after Tuesday’s +$1.25 after Friday’s -$1.87),
  • Capricor Therapeutics (CAPR -$0.64 after Thursday’s +$3.62 after Wednesday’s +$2.,50 after Tuesday’s +$0.58 after Friday’s -$1.22),
  • Supernus Therapeutics (SUPN -$0.49 after Thursday’s +$1.15 after Wednesday’s -$1.42 after Tuesday’s +$0.78 after Friday’s +$1.44),
  • Lenz Therapeutics (LENZ -$0.46 after Thursday’s -$0.72 after Wednesday’s -$0.27),
  • Intellia Therapeutics (NTLA -$0.40),
  • Dyne Therapeutics (DYNE -$0.37 after Thursday’s -$0.13),
  • Beam Therapeutics (BEAM -$0.29),

 

The Bottom Line: More of the … WHY

The Supreme Court ruled 6-3 that the International Emergency Economic Powers Act "does not authorize the President to impose tariffs.

  • The Dow headed higher in afternoon trade on the stock market today as President Trump fired a counterstrike to the Supreme Court ruling that struck down tariffs.

More earnings next week … Earnings release dates:

  • Tuesday - 2/24 – AxoGen (AXGN)
  • Wednesday – 2/25 – MiMedx (MDXG), Ionis Pharmaceuticals (IONS) and Sarepta Therapeutics (SRPT)
  • Thursday – 2/26 – Intellia Therapeutics (NTLA), Wave Life Sciences (WVE), Vericel (VCEL) and BioLife Solutions (BLFS)

 

RISK is always a factor remaining below the surface …  boiled-up as slight shocks of profiteering on upsides shook but not rocked 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,

 

February – 3rd week

  • 2/20 - Friday closed negative with 13 incliners, 26 decliners and 1 flat
  • 2/19 – Thursday closed positive with 25 incliners, 12 decliners and 3 flats
  • 2/18 - Wednesday closed positive with 30 incliners, 8 decliners and 2 flats
  • 2/17 – Tuesday closed positive with 27 incliners, 11 decliners and 2 flats
  • 2/16 – Monday was market holiday

February – 2nd week

  • 2/13 - Friday closed positive with 24 incliners, 14 decliners and 2 flats
  • 2/12 – Thursday closed negative with 7 incliners, 33 decliners and 2 flats
  • 2/11 - Wednesday closed negative with 12 incliners, 25 decliners and 3 flats
  • 2/10 - Tuesday closed negative with 19 incliners, 20 decliners and 1 flat
  • 2/9 - Monday closed positive with 23 incliners, 14 decliners and 3 flats

February – 1st week

  • 2/6 – Friday closed positive with 35 incliners, 5 decliners and 0 flat
  • 2/5 -Thursday closed negative with 2 incliners, 36 decliners and 2 flats
  • 2/4 -Wednesday closed negative with 10 incliners, 29 decliners and 1 flat               
  • 2/3 -Tuesday closed negative with 18 incliners, 21 decliners and 1 flat      
  • 2/2 - Monday closed positive with 29 incliners, 10 decliners and 1 flat

 

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!

 

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

The top three (3) performing in the session:    Winners

  • Friday: Vertex (VRTX), Ultragenyx Pharmaceuticals (RARE) and Wave Life Sciences (WVE)
  • Thursday: Alnylam Pharmaceuticals (ALNY), Moderna (MRNA) and Capricor Therapeutics (CAPR)
  • Wednesday: IQIA Holdings (IQV), Moderna (MRNA) and Capricor Therapeutics (CAPR)
  • Tuesday: Alnylam Pharmaceuticals (ALNY), Moderna (MRNA) and AxoGen (AXGN)
  • Monday: holiday
  • Last Friday: Vertex (VRTX), Alnylam Pharmaceuticals (ALNY) and CRISPR Therapeutics (CRSP) 

The worst three (3) in the session: Losers

  • Friday: IQIA Holdings (IQV), Alnylam Pharmaceuticals (ALNY) and CRISPR Therapeutics (CRSP)
  • Thursday: IQIA Holdings (IQV), Lenz Therapeutics (LENX) and Arrowhead Pharmaceuticals ARWR)
  • Wednesday: Vertex (VRTX), Supernus Therapeutics (SUPN) and Precigen (PGEN)
  • Tuesday: Vertex (VRTX), IQIA Holdings (IQV) and Solid Biosciences (SLDB)
  • Monday: holiday,
  • Last Friday: Ultragenyx Pharmaceuticals (RARE), and uniQure NV (QURE)

 

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.