March 18, 2026 4:34pm

How many times, have I written the obvious as I wrote this a.m., markets and the C&GT sector trades with hesitation

Also, as I wrote expectantly, “The Fed kept its fed funds rate in a range between 3.5% to 3.75%”

The level of hedging is intense, unfulfilled and nor forgiving as wholesale prices rose 0.7% in February, much more than expected and up 3.4% annually

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!

Wednesday’s RMi Pre-opening; Econs cause hesitancy … https://www.regmedinvestors.com/articles/14352

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

 

What happened and some of the whys with the numbers behind …

Wednesday: The Dow closed DOWN -768.11 points or -1.63%, the S&P closed DOWN -91.39 points or - 1.36% while the Nasdaq closed DOWN -327.107 points or -1.46%

  • Theme of the session: hotter-than-expected PPI - producer price index reading

Tuesday’s (my) 40-company covered sector’s advance/decline line opened negative with 4 incliners, 34 decliners and 2 flats, ending with a negative close of 3 incliner, 35 decliners and 2 flats

  • Whacked by econs and oil data, the Fed was expected

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

  • The Fed kept its fed funds rate in a range between 3.5% to 3.75%, saying in its post-meeting statement that the “implications of developments in the Middle East for the U.S. economy are uncertain.”
  • The producer price index which tracks the change in wholesale prices — rose 0.7% in February, well above the 0.3% those economists had estimated; increasing a seasonally adjusted 0.7% on the month. Excluding volatile food and energy costs, so-called core PPI increased 0.5%.
  • The report shows that inflation was already in a precarious spot prior to the Iran war breaking out; an event that has heightened stagflation fears amid rising oil prices.

The CBOE Fear (VIX) index, Wednesday closed at 24.68, after Tuesday’s 22.38, Monday’s 12.72, Friday’s 27.19, Thursday’s 27.27 and last Wednesday’s 24.31 and last Tuesday’s 25.46

Metrics: Wednesday …

  • The RUT was down -41.35 points or -1.64%,
  • The XLV was down -2.50 points or -1.67%,
  • The NBI was down -117.22 points or -2.03%;
  • The XBI was down -3.08 points or -2.48%
  • The IWM was down -4.03 or -1.61%;
  • The IBB was down -3.39 points or -2.03%,
  • The VIX was UP +2.29 points or +10.24% at to 24.68

 

Q1/26 – March – 5 positive and 8 negative closes

  • February – 1 holiday, 8 negative and 11 positive sessions
  • January – 2 holidays, 2 neutral, 9 negative and 9 positive closes

 

Wednesday Closing UP (3 of 3) +$ after Tuesday’s

  • Sarepta Therapeutics (SRPT +$0.32),
  • Mesoblast (MESO +$0.10 after Tuesday’s +$0.15),
  • Cellectis SA (CLLS +$0.02 after Tuesday’s -$0.05),

Flat (2)

  • Generation Bio (GBIO) – acquired
  • Harvard Apparatus RT (OTCQB: HRGN $0.00 after Tuesday’s a.m., drop -$0.37 and closed down -$0.04 with 4,985 shares traded after barely trading lately) – Ponzi Scheme!

Wednesday’s Closing DOWN (10 of 35): 

  • Vertex (VRTX -$10.90 after Tuesday’s -$3.61 after Monday’s -$3.24),
  • Alnylam Pharmaceuticals (ALNY -$5.62 after Tuesday’s +$4.32 after Monday’s +$5.50),
  • BioNTech (BNTX -$4.86),
  • CRISPR Therapeutics (CRSP -$2.40 after Tuesday’s +$1.67 after Monday’s -$0.33),
  • AxoGen (AXGN -$1.81 after Tuesday’s -$0.09 after Monday’s +$0.50),
  • Moderna (MRNA -$1.53 after Tuesday’s +$0.62 after Monday’s +$0.75),
  • Supernus Therapeutics (SUPN -$1.53 after Tuesday’s +$0.61),
  • IQVA Holdings (IQV -$1.36 after Tuesday’s +$3.61),
  • Ultragenyx Pharmaceuticals (RARE-$1.14 after Tuesday’s -$0.22 after Monday’s +$0.48),
  • uniQure NV (QURE -$0.89 after Tuesday’s -$0.32 after Monday’s +$0.41),

 

The Bottom Line: More of the … WHY

No shock just a surprise, just meeting expectation …

  • Stock had already been in decline on Wednesday after government data showed wholesale inflation accelerated 0.7% month-over-month in February, before the effects of the Middle East conflict gripped markets this month.
  • At the end of February, Consumer Staples (XLP) was the third-best performing sector in the S&P 500 this year, up 15%.

Another NO … Fed decision stays still …

  • Losses accelerated as Powell spoke on Wednesday and investor worries grew that the central bank could push out rate cuts in anticipation of higher inflation amid surging oil prices.

 

investors bought downside protection for the kind of fast, ugly sell-off that makes put options suddenly very valuable. Instead, stocks have mostly churned, leaked lower, and bounced around in a way that feels bad without quite tipping into panic. < Nomura’s Charlie McElligott>

  • Crash hedges work best in an actual crash. In a slow bleed, they don't pay enough, time decay starts to bite, and investors begin unwinding them.
  • Then the loop kicks in. When those hedges come off, that can create buying flows — or at least take away some selling pressure. High volatility adds a second twist by forcing funds to cut positions, which also means they need less protection.

 

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)
  • Thursday – 3/12 – Capricor Therapeutics (CAPR)
  • Monday – 3/16 – Agenus (AGEN)
  • Wednesday – 3/25 – Precigen (PGEN)

 

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 – 3rd week

  • 3/18 – Wednesday closed negative with 3 incliner, 35 decliners and 2 flats
  • 3/17 - Tuesday closed positive with 25 incliners, 14 decliners and 1 flat
  • 3/16 - Monday closed positive with 27 incliners, 10 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 – closed end funds” (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

  • Wednesday: Sarepta Therapeutics (SRPT), Mesoblast (MESO) and Cellectis SA (CLLS)
  • Tuesday: BioNTech (BNTX), IQIA Holdings (IQV) and CRISPR Therapeutics (CRSP0
  • Monday: Alnylam Pharmaceuticals (ALNY), Arrowhead Pharmaceuticals (ARWR) and Ionis Pharmaceuticals (IONS)
  • Last Friday: IQIA Holdings (IQV), and AxoGen (AXGN)

The worst three (3) in the session: Losers

  • Wednesday: Vertex (VRTX), BioNTech (BNTX) and Alnylam Pharmaceuticals (ALNY)
  • Tuesday: Vertex (VRTX), Voyager Therapeutics (VYGR) and uniQure NV (QURE)
  • Monday: Vertex (VRTX), and Wave Life Sciences (WVE)
  • Last Friday: Vertex (VRTX), Alnylam Pharmaceuticals (ALNY) and Capricor Therapeutics (CAPR)

 

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.