March 5, 2026 4:46pm

The fog of war and smoke of bombs falling emphasizes caution in undertakings

Many of today’s DOWNs were yesterday’s UPs; while an econ “Continuing <unemployment> claims, which run a week behind, increased by 46,000 to 1.87 M.”

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!

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: Downshifting … https://www.regmedinvestors.com/articles/14337

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

 

Thursday: The Dow closed DOWN -784.67 points or -1.61%, the S&P closed DOWN -38.79 points or -0.56% while the Nasdaq closed DOWN -58.498 points or -0.26%

  • Theme of the session: an economic toll of the Iran conflict

Wednesday’s (my) 40-company covered sector’s advance/decline line opened negative with 10 incliners, 28 decliners and 2 flats, ending with a negative close of 7 incliners, 32 decliners and 1 flat

  • Small-cap stocks felt the brunt of Thursday’s market slide. The Russell 2000 tumbled 2.7% in afternoon trading. The S&P 500, by comparison, fell 1.3%. Thursday’s slide dragged the Russell 2000 into the red for the week.

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

  • Productivity, a measure of output against hours worked, increased 2.8% for the October-through-December period, the Bureau of Labor Statistics reported. Economists had forecast a 1.8% increase. On an annual basis, productivity also rose 2.8%. Unit labor costs, or compensation less productivity, also posted a 2.8% again, higher than the 2% estimate. Labor costs increased 1.3% for the 12-month period. The BLS also reported that import prices rose 0.2% in January, below the 0.3% estimate.
  • Initial filings for unemployment claims totaled 213,000 for the week ending Feb. 28, unchanged from the prior period and just below the estimate for 215,000, the Labor Department said. Continuing claims, which run a week behind, increased by 46,000 to 1.87 million.
  • Challenger, Gray & Christmas monthly tracking of activity at large U.S. employers, announced 48,307 job cuts during the month, a 55% drop from January and a 72% decrease from the same month a year ago. Of the cuts, technology accounted for the biggest share, with a 51% increase from February 2025. Artificial intelligence was cited as the driver for 10% of the reductions.  On the hiring side, plans jumped 140% from the low January total but were off 63% from February 2025. Year-to-date hiring plans are down 56% from the same period a year ago.

The CBOE Fear (VIX) index, Thursday closed at 23.64, after Wednesday’s 21.15, after Tuesday’s 23.72, Monday’s 21.42, Friday’s 19.90 and last Thursday’s 18.62

Metrics: Thursday …

  • The RUT was down -50-.44 points or -1.91%,
  • The XLV was down -3.14 points or -2%,
  • The NBI was down -140.47 points or -2.35%;
  • The XBI was down -2.52 points or -1.99%
  • The IWM was down -4.99 or -1.91%;
  • The IBB was down - points or -%,
  • The VIX was up +2.49 points or +11.79% at to 23.64

 

Q1/26 – March – 1 positive and 3 negative closes

  • February – 1 holiday, 8 negative and 11 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

 

Thursday Closing UP (7 of 7) 

  • uniQure NV (QURE +$1.61),
  • Mesoblast (MESO +$1.10),
  • IQAI Holdings (IQV +$0.73 after Wednesday’s +$3.92),
  • Capricor Therapeutics (CAPR +$0.32 after Wednesday’s -$0.34),
  • Sarepta Therapeutics (SRPT +$0.14),
  • Harvard Apparatus RT (OTCQB: HRGN +$0.03 with 1 K shares traded after Tuesday’s and Monday’s $0.00)
  • Brainstorm Cell Therapeutics (BCLI +$0.01 after Wednesday’s -$0.01 after Tuesday’s $0.00),

Flat (1)

  • Generation Bio (GBIO) – acquired

Thursday’s Closing DOWN (10 of 32): 

  • Vertex (VRTX -$17.07 after Wednesday’s +$3.62 after Tuesday’s -$11.76 after Monday’s-$10.80),            
  • Alnylam Pharmaceuticals (ALNY -$6.79 after Wednesday’s +$8.65 after Tuesday’s -$6.42 after Monday’s-$7.85),
  • Ionis Pharmaceuticals (IONS -$4.29 after Wednesday’s+$0.79 after Tuesday’s -$3.30 after Monday’s +$0.81),
  • Moderna (MRNA -$3.97 after Wednesday’s +$7.97),
  • CRISPR Therapeutics (CRSP -$2.67 after Wednesday’s +$1.94 after Tuesday’s -$2.71 after Monday’s +$0.63),
  • Beam Therapeutics (BEAM -$1.92),
  • BioNTech (BNTX -$1.86 after Wednesday’s +$3.04 after Tuesday’s -$6.72 after Monday’s -$2.75),
  • Arrowhead Pharmaceuticals (ARWR -$1.50 after Wednesday’s +$1.00),
  • Supernus Therapeutics (SUPN -$1.31 after Wednesday’s +$1.02),
  • Vericel (VCEL -$0.96)

 

The Bottom Line: More of the … WHY

Investors did not induce indexes to build onto a rebound session, with conflict in Iran holding focus amid a renewed surge in oil prices.

Thursday's market sold-off as oil prices surged in relation to this week's escalations in the Middle East.

  • The price for a barrel of benchmark U.S. crude shot up 8.5% to settle at $81.01 per barrel. Brent crude, the international standard, climbed 4.9% to $85.41 per barrel and is also near its highest price in the last 2 summers ago.
  • Sharp increases there are raising worries that a long-term spike could exhaust households’ ability to spend, grind down the global economy and push interest rates higher.

 

 Earnings release dates: soon to be catching up

  • Tuesday - 2/24 – AxoGen (AXGN), Beam Therapeutics (BEAM) and Supernus Therapeutics (SUPN)
  • Wednesday – 2/25 – MiMedx (MDXG), Ionis Pharmaceuticals (IONS) and Sarepta Therapeutics (SRPT)
  • Thursday – 2/26 – Rocket Pharmaceuticals (RCKT), Intellia Therapeutics (NTLA), Wave Life Sciences (WVE), Vericel (VCEL) and BioLife Solutions (BLFS)
  • Monday - 3/2 – Dyne Therapeutics (DYN)
  • Thursday – 3/5 – Regenxbio (RGNX), Compass therapeutics (CMPX)
  • Monday – 3/16 – Agenus (AGEN)

 

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,

 

March – 1st week

  • 3/5 – Thursday closed negative with 7 incliners, 32 decliners and 1 flat
  • 3 /4 – Wednesday closed positive with 32 incliners, 6 decliners and 2 flats
  • 3/3 - Tuesday closed negative with 2 incliners, 36 decliners and 2 flats
  • 3/2 - Monday closed negative with 15 incliners, 23 decliners and 3 flats

February – 4th week

  • 2/27 – Friday closed negative with 12 incliners, 26 decliners and 2 flats
  • 2/26 – Thursday closed positive with 24 incliners, 14 decliners and 2 flats
  • 2/25 - Wednesday closed positive with 20 incliners, 19 decliners and 1 flat
  • 2/24 - Tuesday closed positive with 32 incliners, 5 decliners and 3 flats
  • 2/23 - Monday closed positive with 24 incliners, 13 decliners and 3 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!

 

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

  • Thursday: UniQure NV (QURE), Mesoblast (MESO) and IQIA Holdings (IQV)
  • Wednesday: Alnylam Pharmaceuticals (ALNY), Moderna (MRNA) and IQIA Holdings (IQV)
  • Tuesday: IQIA Holdings (IQV) and Entrada Therapeutics (TRDA)
  • Monday: Intellia Therapeutics (NTLA), Arrowhead Pharmaceuticals (ARWR) and Ionis Pharmaceuticals (IONS)

The worst three (3) in the session: Losers

  • Thursday: Vertex (VRTX), Alnylam Pharmaceuticals (ALNY) and Ionis Pharmaceuticals (IONS)
  • Wednesday: AxoGen (AXGN), Capricor Therapeutics (CAPR) and Ultragenyx Pharmaceuticals (RARE)
  • Tuesday: Vertex (VRTX), BioNTech (BNTX) and Alnylam Pharmaceuticals (ALNY)
  • Monday: Vertex (VRTX), uniQure NV (QURE) and IQIA Holdings (IQV)

 

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.