March 31, 2026 4:38pm

Corrections are normal lately; there are still various scenarios of war continuation that could initiate more volatility in equities  

Last trading session in closing out March, advising caution and be aware of the risks!

News: Caribou Biosciences (CRBU +$0.18 or +10.47% to $1.90) the FDA has granted Regenerative Medicine Advanced Therapy (RMAT) designation to CB-011 for relapsed or refractory multiple myeloma (r/r MM). CB-011, an allogeneic anti-BCMA CAR-T cell therapy, is being evaluated in an ongoing open-label, multicenter CaMMouflage P1 clinical trial evaluating patients with r/r MM. RMAT granted based on promising initial clinical data, including previously disclosed recommended dose for expansion data of 92% ORR, 75% ≥CR rate, 91% MRD negativity in the 12-patient, BCMA-naïve r/r MM patient cohort --

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: none, still not satisfied, need specifics of war’s continuing mission … slow-down, bombing extension, withdrawal or if boots land on the ground, a new end game? The BIG also … Iran wants security guarantees to settle?

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 … it’s NOT always about BUYs/SELLs … it’s about knowing when and what!

Tuesday: The Dow closed UP +1,125.37 points or +2.49%, the S&P closed UP +184.80 points or +2.91% while the Nasdaq closed UP +795.988 points or +3.83%

  • Theme of the session: rumors that the U.S.-Iran war could soon come to an end

Tuesday’s (my) 40-company covered sector’s advance/decline line opened positive with 36 incliners, 2 decliners and 2 flats, ending with a positive close of 36 incliner, 2 decliners and 2 flats

  • Sentiment’s not out of the woods needs a follow-through or 2

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

  • Despite facing a war and soaring gas prices, consumer confidence improved in March, the Conference Board reported that its headline confidence index edged higher to 91.8 for the month, up 0.8 points from February and better than the forecast for 87.5. The expectations index nudged lower to 70.9, while the present situation index improved to 123.3, up 4.6 points.  Labor market views worsened, with 15.4% expecting more jobs and 27.9% anticipating fewer positions, compared to respective readings of 16% and 26.2% in February.
  • The Bureau of Labor Statistics reported 6.88 M employment openings in February, down 358,000 from the prior month though slightly above the FactSet estimate for 6.84 million.
  • The Job Openings and Labor Turnover Survey (JOLTS) also showed hiring slumped by nearly half a M to 4.85 M during a month when nonfarm payrolls declined by 92,000.
  • U.S. gasoline prices have surged above $4 per gallon for the first time in more than three years,

The CBOE Fear (VIX) index, Tuesday closed at 25.39, after Monday’s 30.61, Friday’s 30.87, Thursday’s 28.31, Wednesday’s 25.40 and last Tuesday’s 26.94

Metrics: Tuesday …

  • The RUT was up +83.09 points or +3.44%,
  • The XLV was up +0.2.76 points or +1.92%,
  • The NBI was up +254.95 points or +4.57%;
  • The XBI was up +8.96 points or +7.54%
  • The IWM was up +8.32 or +3.47%;
  • The IBB was up +6.99 points or +4.32%,
  • The VIX was down -5.22 points or -17.03% at to 25.39

 

Q1/26 – March – 9 positive and 13 negative closes

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

 

Tuesday Closing UP (10 of 36) 

  • Alnylam Pharmaceuticals (ALNY +$14.80 after Monday’s -$1.27 after Friday’s -$10.80),
  • Arrowhead Pharmaceuticals (ARWR +$5.05),
  • IQVIA Holdings (IQV +$4.38 after Monday’s +$2.31 after Friday’s -$5.52),
  • BioNTech (BNTX +$3.63 after Monday’s -$0.43 after Friday’s -$1.78),
  • Vertex (VRTX +$3.38 after Monday’s +$10.09 after Friday’s -$20.67),
  • CRISPR Therapeutics (CRSP +$3.23 after Monday’s -$1.41 after Friday’s -$1.80),
  • Capricor Therapeutics (CAPR +$2.63 after Monday’s -$1.13),
  • Ionis Pharmaceuticals (IONS +$2.57 after Monday’s +$0.37 after Friday’s -$2.09),
  • Moderna (MRNA +$2.57 after Monday’s -$1.33 after Friday’s -$4.01),
  • Supernus Therapeutics (SUPN +$2.34),

Flat (2)

  • Harvard Apparatus RT (OTCQB: HRGN)
  • Generation Bio (GBIO) – acquired

Tuesday’s Closing DOWN (2 of 2): 

  • Sangamo Therapeutics (SGMO -$0.0604)
  • Voyager Therapeutics (VYGR -$0.01)

 

The Bottom Line: More of the … WHY and a lot of what ifs …

Indexes and C&GT sector stocks surged on today after the Iranian president, Masoud Pezeshkian, signaled that the regime may be <willing to negotiate> toward an end to the war that has ravaged the global energy market.

  • Oil prices plunged on hopes that the end of the war may be drawing closer
  • Stocks were already in the green earlier in the session after President Trump reportedly told administration officials that he would be willing to end the war in Iran without a full reopening of the Strait of Hormuz and said that the war won't last "much longer."
  • Also wanting guarantees???

 

The Nasdaq remains in a correction, more than 11% off its recent high, the Dow -9% and the S&P 500 -8% are down by more than 9% and 8%.

  • Tuesday marks the final day of the month.
  • The S&P 500 is down more than 6% in March. If that decline holds, it would be the benchmark’s worst monthly performance since September 2022 when it plunged 9.3%.
  • The Dow as well as the Nasdaq have also fallen more than 6%, and the former is set to snap a 10-month winning streak.
  • The major averages are likewise on pace to post a losing quarter. <CNBC>

 

More good for industry:

 Eli Lilly (LLY)will pay up to $7.8 billion to acquire Centessa Pharmaceuticals (CNTA +$12.14 or +44.02% to $39.72) which is developing orexin agonists to treat narcolepsy and excessive drowsiness.

  • The drugs may also be used to treat other neurological conditions that are accompanied by drowsiness, such as Alzheimer’s disease and depression, and possibly even more broadly.
  • Other possibilities include another severe sleep disorder called idiosyncratic hypersomnia, as well as other conditions where people experience sleepiness or executive function problems during the day and poor sleep at night
  • Under the terms of the deal, LLY will pay $38.00 a share up front, or $6.3 billion for CNTA, a 38% premium to Monday’s closing price. If CNTA’s drugs win approval by the FDA for certain deadlines, LLY will pay up to another $1.5 B.
  • The transaction is expected to close in Q3/26, pending regulatory approval.

 

Apellis Pharmaceutical (APLS +$23.14 to $40.23) stock skyrocketed 135.40% after pharmaceutical giant Biogen (BIIB) agreed to buy the company for $5.6 B, or $41 per share, a 139% premium to APLS stock's Monday closing price.

  • As part of the acquisition, Biogen will gain access to Apellis' bestselling immune disorder treatment, Syfovre, and a drug that treats rare kidney and blood diseases called Empaveli.

 

Another good note; Consumer sentiment data released today by the Conference Board surprised to the upside, though the report still showed that concerns of higher prices coming down the pike are weighing on American households.

 

However, a dud:

Home prices rose slightly to start the year, but the latest reading was taken before fallout from the Iran War began pushing mortgage rates higher.

  • The S&P Cotality Case-Shiller 20-City Home Price Index, which measures prices in the nation's largest metro areas, rose 1.18% in January from a year earlier, and 0.16% from December.
  • The meager gains reflect the housing market's low-supply, low-demand dynamics. First-time homebuyers continue to struggle with affordability, while many would-be sellers put off moving and hang on to their ultra-low mortgage rates.
  • The data reflects home sales that closed between late 2025 and early 2026, when mortgage rates were hovering near multiyear lows in the low 6% area, a worrying sign for future housing activity. <Yahoo Finance>

 

March – 5th week

  • 3/31 – Tuesday closed positive with 36 incliners, 2 decliners and 2 flats
  • 3/30 - Monday closed negative with 12 incliners, 26 decliners and 2 flats

March – 4th week:

  • 3/27 – Friday closed negative with 1 incliner, 36 decliners and 3 flats
  • 3/26 – Thursday closed negative with 15 incliner, 22 decliners and 3 flats
  • 3/25 – Wednesday closed positive with 30 incliners, 5 decliners and 5 flats
  • 3/24 – Tuesday closed negative with 11 incliner, 27 decliners and 2 flats
  • 3/23 - Monday closed positive with 26 incliners, 12 decliners and 2 flats

March – 3rd week

  • 3/20 – Friday closed negative with 6 incliner, 33 decliners and 1 flat
  • 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

March – 2nd week

  • 3/13 – Friday closed negative with 11 incliner, 24 decliners and 5 flats
  • 3/12 – Thursday closed negative with 1 incliner, 36 decliners and 3 flats
  • 3/11 - Wednesday closed negative with 11 incliners, 26 decliners and 2 flats
  • 3/10 - Tuesday closed positive with 21 incliners, 16 decliners and 3 flats
  • 3/9 - Monday closed positive with 35 incliners, 2 decliners and 3 flats

March – 1st week

  • 3/6 - Friday closed negative with 14 incliners, 24 decliners and 2 flats
  • 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

 

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

  • Tuesday: Alnylam Pharmaceuticals (ALNY), Arrowhead Pharmaceuticals (ARWR) and IQIA Holdings (IQV)
  • Monday: Vertex (VRTX), IQIA Holdings (IQV) and Vericel (VCEL)
  • Friday: Wave Life Sciences (WVE)

The worst three (3) in the session: Losers

  • Tuesday: Sangamo Therapeutics (SGMO) and Voyager Therapeutics (VYGR)
  • Monday: Alnylam Pharmaceuticals (ALNY), Moderna (MRNA) and CRISPR Therapeutics (CRSP)
  • Friday: Vertex (VRTX), Alnylam Pharmaceuticals (ALNY) and IQVA 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.