March 19, 2026 4:53pm

Econs, incursion and oil were roiling valuations yet were not fundamental, technical, or clinical factors

Optimistic returns as under-valued stocks restart their upward march, given patchy earnings, and resilient investors

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

 

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 Research Note: Harvard Apparatus GT (OTCQB: HRGN): dives -$0.28 on 1 share traded … https://www.regmedinvestors.com/articles/13812   

I see myself as a collector and my responsibility is to further identify and interpret data to bridge some gaps in an investment decision.

 

 

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

Thursday: The Dow closed DOWN -203.72 points or -0.44%, the S&P closed DOWN -18.21 points or -0.27% while the Nasdaq closed DOWN -61.73 points or -0.28%

  • Theme of the session: oil prices dived late session

Thursday’s (my) 40-company covered sector’s advance/decline line opened negative with 9 incliners, 30 decliners and 1 flat, ending with a positive close of 20 incliner, 18 decliners and 2 flats

  • Weak but sudden comeback as compared to the decliner’s numbers 

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

  • First-time filings totaled just 205,000 for the week ended March 14, down 8,000 from the unrevised prior period and below the Dow Jones consensus estimate for 215,000. The move brought the 4-week average down to 210,750 as the low-hire low-fire labor market statis continued. Continuing claims, which run a week behind, increased by 10,000 to 1.857 M
  • The Philadelphia Fed’s manufacturing index unexpectedly rose to 18.1 in March on a surge in current shipments. The forecast had been for 8.4 for an index that measures the difference between companies reporting expansion against contraction.
  • From the American Association of Individual Investors; pessimistic sentiment toward the 6-month outlook for stocks climbed to 52% from 46.4% last week, the most since 59.3% on May 1, 2025. Bullish opinion slumped to 30.4% of respondents from 31.9% last week, the fewest optimists since 28.0% last Sept. 11. Only 17.6% of mom-and-pop investors described themselves as neutral on the short-term market outlook, the smallest number since 16.0% took the same position last Sept. 18.
  • All of the positive economic talk out of this week’s Fed meeting had a negative impact on investors, who have now taken expectations for even 1 interest rate cut this year off the table.

The CBOE Fear (VIX) index, Thursday closed at 24.36, after Wednesday’s 24.68, after Tuesday’s 22.38, Monday’s 12.72, Friday’s 27.19 and last Thursday’s 27.27

Metrics: Thursday …

  • The RUT was up +16.07 points or +0.65%,
  • The XLV was down -0.52 points or -0.35%,
  • The NBI was up +26.78 points or +0.47%;
  • The XBI was up +1.22 points or +1.01%
  • The IWM was up +1.63 or +0.66%;
  • The IBB was up +0.68 points or +0.42%,
  • The VIX was down -0.73 points or -2.91% at to 24.36

 

Q1/26 – March – 6 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

 

Thursday Closing UP (10 of 20) 

  • Vertex (VRTX +$6.46 after Wednesday’s -$10.90 after Tuesday’s -$3.61 after Monday’s -$3.24),
  • uniQure NV (QURE +$0.53 after Wednesday’s -$0.89 after Tuesday’s -$0.32 after Monday’s +$0.41),
  • Vericel (VCEL +$0.44),
  • BioLife Solutions (BLFS +$0.41),
  • Capricor Therapeutics (CAPR +$0.27),
  • Arrowhead Pharmaceuticals (ARWR +$0.25),
  • Wave Life Sciences (WVE +$0.22),
  • AxoGen (AXGN +$0.22 after Wednesday’s -$1.81 after Tuesday’s -$0.09 after Monday’s +$0.50),
  • Prime Medicine (PRME +$0.15),
  • Mesoblast (MESO +$0.15 after Wednesday’s +$0.10 after Tuesday’s +$0.15),

Flat (2)

  • Generation Bio (GBIO) – acquired
  • Solid Biosciences (SLDB)

Thursday’s Closing DOWN (10 of 18): 

  • Alnylam Pharmaceuticals (ALNY -$3.70 after Wednesday’s -$5.62 after Tuesday’s +$4.32 after Monday’s +$5.50),
  • CRISPR Therapeutics (CRSP -$0.76 after Wednesday’s -$2.40 after Tuesday’s +$1.67 after Monday’s -$0.33),
  • BioNTech (BNTX -$0.69 after Wednesday’s -$4.86),
  • IQVA Holdings (IQV -$0.65 after Wednesday’s -$1.36 after Tuesday’s +$3.61),
  • Sarepta Therapeutics (SRPT -$0.51 after Wednesday’s +$0.32),
  • Dyne Therapeutics (DYNE -$0.49),
  • Supernus Therapeutics (SUPN -$0.45 after Wednesday’s -$1.53 after Tuesday’s +$0.61),
  • Ionis pharmaceuticals (IONS -$0.35),
  • Harvard Apparatus RT (OTCQB: HRGN -$0.28 after Wednesday’s $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!
  • Lenz Therapeutics (LENZ -$0.23),

 

The Bottom Line: More of the … WHY

A bit of a shock more than a surprise … even for me ... my initial title was to start nibbling and buying selectively!

Indexes pared their losses as an early spike in crude oil prices eased in the afternoon.

The roller-coaster ride for oil prices Thursday underscored how they’re dictating where financial markets and maybe even the economy are heading.

  • The S&P 500 fell 0.3% after erasing an earlier drop of -1%, the Dow lost -0.4%, and the Nasdaq fell -0.3%.

For the week:

  • The S&P 500 is down 25.70 points, or 0.4%.
  • The Dow is down 537.04 points, or 1.2%.
  • The Nasdaq is down 14.67 points, or 0.1%.
  • The Russell 2000 is up 14.66 points, or 0.6%.

 

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 …  

  • 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

  • 3/19 – Thursday closed positive with 20 incliners, 18 decliners and 2 flats
  • 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

  • Thursday: Vertex (VRTX), uniQure NV (QURE) and Arrowhead Pharmaceuticals (ARWR)
  • 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)

The worst three (3) in the session: Losers

  • Thursday: Alnylam Pharmaceuticals (ALNY), BioNTech (BNTX) and Sarepta Therapeutics (SRPT)
  • 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)

 

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.