July 5, 2024 4:39pm

Stand with the cell and gene therapy sector and new high markets, while enjoying the mid-week holiday continuance; the real news issue is whether president Biden will continue his quest to have a 2nd term after disastrous debate and mental health issues. For the record, NO AI here – HUMINT and SIGMIT only!

I say today what others won't, so you can do what others can't by sticking to the FACTS!

Never leave an investor uninformed!

The week in Review 

I follow the dictum, quoting Churchill that “short words are best, and the old words when short are best of all.”

 

Friday

Friday: The Dow closed UP +67.87 points or +0.17%, the S&P closed UP +30.17 points or +0.54% while the Nasdaq closed UP +164.46 points or +0.90%

Friday’s advance/decline line at the open was negative with 12 incliner,19 decliners and 4 flats; ending with a neutral close of 16 incliners, 16 decliners and 3 flats

  • the IBB was up +0.82% and the XBI was up +0.92%
  • the VIX was up +0.15 point or +1.22% at 12.41

Economic Data Docket: Labor data released reflected a 206,000 increase in nonfarm payroll adds in June and a slight uptick in the unemployment rate, which rose to 4.1%. Economists expected the jobless rate to remain steady at 4%.

 

Thursday was a market holiday

 

Wednesday: The Dow closed DOWN -23.85 points or -0.06%, the S&P closed UP +28.01 points or +0.51% while the Nasdaq closed UP +159.54 points or +0.88%

Wednesday’s advance/decline line at the open was positive with 18 incliner, 14 decliners and 3 flats; ending with a positive close of 20 incliners, 11 decliners and 4 flats

  • the IBB was down -0.68% and the XBI was down -0.54%
  • the VIX was up +0.06 point or +0.50% at 12.09

Economic Data Docket: Private companies added 150,000 jobs in June, below the upwardly revised 157,000 in May and the Dow Jones consensus estimate for 160,000. Leisure and hospitality added 63,000 jobs, easily the biggest gain among the categories that payrolls processing firm ADP measures. The pace of wage gains also moved lower for those who stayed in their jobs, down to 4.9% on a year-over-year basis for the smallest increase since August 2021.

 

Tuesday: The Dow closed UP +162.33 points or +0.41%, the S&P closed UP +33.92 points or +0.62% while the Nasdaq closed UP +149.46 points or +0.84%

Tuesday’s advance/decline line at the open was positive with 5 incliner, 28 decliners and 4 flats; ending with a negative close of 6 incliners, 27 decliners and 2 flats

  • the IBB was down -0.69% and the XBI was down -1.81%
  • the VIX was down -0.19 point or -1.55% at 12.03

 

Monday: The Dow closed UP +50.66 points or +0.13%, the S&P closed UP +14.61 points or +0.27% while the Nasdaq closed UP +146.70 points or +0.83%

Monday’s advance/decline line at the open was positive with 23 incliner, 9 decliners and 4 flats; ending with a negative close of 13 incliners, 19 decliners and 3 flats

  • the IBB was down -0.21% and the XBI was up +0.36%
  • the VIX was down -0.27 point or -2.17% at 12.17

Economic Data Docket: US manufacturing activity data released on Monday showed the Institute for Supply Management's manufacturing PMI fell further into contraction territory in June, hitting a four-month low.  The ISM's manufacturing PMI registered a reading of 48.5 in June, down from May's reading of 48.7 and below the 49.1 economists expected, according to Bloomberg data. A print below 50 reflects a shrinking in activity.

 

Henry’omics:

We need to more than consider the economic environment - rising rates and inflation to comprehend the micro re “our” universe of cell and gene therapy companies …

Markets were closed Thursday for Independence Day.

Indexes rose on Friday, for another weekly gain during the holiday-shortened trading week.

Volume was higher on the Nasdaq …

  • For the week, the Nasdaq climbed +3.4%, the S&P 500 popped +1.8% while the Dow slipped this week, adding around +0.5%.

Fed officials at their June meeting showed little inclination to start lowering interest rates until they see better progress on inflation, according to minutes released Wednesday.

 

52-week low:

  • uniQure NV (QURE) at $3.84

 

Ebb and flow of MY covered sector cell and gene therapy session daily “endings”:

Q3/24

  • July: 1 market holiday. 1 day off, 2 negative and 1 neutral (Friday) closes

Q2/24 -June: 1 market holiday, 7 positive and 12 negative closes

  • May – 1 holiday, 11 positive and 12 negative closes
  • April - 16 negative and 6 positive closes

 

Friday’s Closing Down (10 of 16): Wednesday’s day off and Thursday holiday

  • CRISPR Therapeutics (CRSP -$0.80 after Tuesday’s -$0.83),
  • Beam Therapeutics (BEAM -$0.40 after Tuesday’s -$0.48 after Monday’s -$0.37
  • Generation Bio (GBIO -$0.28 after Tuesday’s -$0.24),
  • Adverum Biotechnologies (ADVM -$0.24 after Tuesday’s -$0.11),
  • Voyager Therapeutics (VYGR -$0.21),
  • Intellia Therapeutics (NTLA -$0.19 after Tuesday’s -$0.32 after Monday’s +$0.09),
  • AxoGen (AXGN -$0.12 after Tuesday’s +$0.47
  • Prime Medicine (PRME -$0.10 after Tuesday’s +$0.34
  • Solid Biosciences (SLDB -$0.10 after Tuesday’s -$0.31 after Monday’s +$0.60),
  • uniQure NV (QURE -$0.07 after Tuesday’s -$0.435),

Flat (3):

  • Bellicum Pharmaceuticals (BLCM) – dropped)
  • Caribou Biosciences (CRBU)
  • Homology Medicine (FIXX) – under $1.00

Friday’s Closing Up (10 of 16): Wednesday’s day off and Thursday holiday

  • Blueprint Medicine (BPMC +$2.67 after Tuesday’s +$1.18 after Monday’s +$1.40
  • Alnylam Pharmaceuticals (ALNY +$2.38 after Tuesday’s +$4.29 after Monday’s +$0.32
  • Vericel (VCEL +$1.77 after Tuesday’s +$0.04 after Monday’s -$1.72
  • Mesoblast (MESO +$0.93 after Tuesday’s -$0.33),
  • Ultragenyx Pharmaceuticals (RARE +$0.67 after Tuesday’s +$0.02
  • Agenus (AGEN +$0.60 after Tuesday’s -$2.41 after Monday’s -$0.06),
  • Ionis Pharmaceuticals (IONS +$0.49 after Tuesday’s -$1.97),
  • Lenz Therapeutics (LENZ +$0.39 after Tuesday’s +$0.40),
  • Harvard Apparatus RT (OTCQB: HRGN +$0.20 with 300 shares traded after Tuesday’s -$0.60 with 1 share traded after Monday’s $0.00 with 0 shares traded),
  • Sage Therapeutics (SAGE +$0.16 after Tuesday’s +$0.17

 

Q3 and July to date:

  • Friday ended with a neutral close of 16 incliners, 16 decliners and 3 flats
  • Thursday was a market holiday
  • Wednesday was a day off
  • Tuesday ended with a negative close of 6 incliners, 19 decliners and 3 flats
  • (7/1) Monday ended with a negative close of 13 incliners, 19 decliners and 3 flats

 

The BOTTOM LINE:

Friday closed neutral, Thursday was a day off, Wednesday was a holiday after Tuesday closed negative after Monday, 7/1, the cell and gene therapy sector closed negative.

Reiterating from Tuesday’s a.m. post: In July, wait until you see the green of the upside is a bit like the “famous order "Don't fire until you see the whites of their eyes" which was popularized in stories about the battle of Bunker Hill.

  • The real issue is being OVERSOLD yet sentiment and breadth is in the toilet and due are Q2 LPS (loss per-share) boding releases.

 

Upside her, downside there, uncle algo and his electronic dwarfs seek lows and highs to sell or buy … everywhere is coming to the sessions.  Is he in heaven? —From the idea of, “Is he in hell? That dammed, elusive algo Pimpernel?”

  • Investors need be cognizant of a lack of market breadth that continues to plague the sector and could influence moves into the 2H/24,

 

The top three (3) performing in the session:   

  • Friday: Blueprint Medicine (BPMC), Alnylam Pharmaceuticals ALNY) and Vericel (VCEL)
  • Thursday: holiday
  • Wednesday - off
  • Tuesday: Alnylam Pharmaceuticals ALNY), Blueprint Medicine (BPMC) and MiMedx (MDXG)
  • Monday: Blueprint Medicine (BPMC), Solid Biosciences (SLDB) and AxoGen (AXGN)

The worst three (3) in the session:   

  • Friday: CRISPR Therapeutics (CRSP), Beam Therapeutics (BEAM) and Generation Bio (GBIO)
  • Thursday: holiday
  • Wednesday - off
  • Tuesday: Agenus (AGEN), Ionis Pharmaceuticals (IONS) and CRISPR Therapeutics (CRSP)
  • Monday: Vericel (VCEL), BioLife Solutions (BLFS) and Regenxbio (RGNX)

 

Welcome to my world of defining the “grey’ in our universe!

  • Right up front, “I also hate to be so negative or contrarian but, this is a NO spin zone and facts are its product; I can always be WRONG but … I am mostly EARLY!”

 

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.