March 31, 2025 4:55pm

Today seems to be the beginning ‘bottom feeding” being initiated as Monday marks Q1/25 and March’s final session of what has been a tumultuous period

The Nasdaq also reached its lowest level not seen since September and is -15% below its all-time high set in December

Uncertainty STILL surrounds “reciprocal” tariffs

I say today what others won't, so you can do what others can't!

Never leave an investor uninformed!  

On point, short on words, long on facts and being judicious!

My mission is to provide clear, actionable guidance on a regular basis to help investors and traders navigate the uncertain and often irrational financial markets. I put hours of effort to create reporting, while leveraging my 40 years of operating and research experiences to analyze the key market-moving events and distill that into a cogent outlook.

 

RegMed Investors’ (RMi) pre-open:  ride it out, last session of March … https://www.regmedinvestors.com/articles/13860

Friday night’s RegMed Investors (RMi) Closing Bell: the problem, we are always spectators…https://www.regmedinvestors.com/articles/13859

 

RegMed Investors (RMi) Research Note: The clock continues to tick down on Harvard Apparatus GT (OTCQB: HRGN), formerly Biostage (OTCQB: BSTG) … https://www.regmedinvestors.com/articles/13812

 

Monday: The Dow closed UP +417.86 points or +1%, the S&P closed UP +30.91 points or +0.55% while the Nasdaq closed DOWN -23.70 points or -0.14%

  • For Q1/25, the S&P 500 was down -5%, the Nasdaq lost -10.9% while the Dow shed -1.6%.           

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

  • Economists polled in the CNBC Rapid Update survey points to Q1 economic expansion of just 0.3%, well below the 2.3% growth seen in Q4/24

Monday’s advance/decline line opened with a negative 1 incliner, 32 decliners and 2 flats ending with a negative close of 7 incliners, 26 decliners and 2 flats         

Metrics:  Monday, the IBB was down -2.39%, the XBI was down -3.30% while the VIX was up +0.63 points or +2.91% at 22.28

 

As compared to … Friday: The Dow closed DOWN -715.80 points or -1.69%, the S&P closed DOWN -112.37 points or -1.97% while the Nasdaq closed DOWN -481.04 points or -2.70%

  • Sold off Friday, pressured by growing uncertainty on U.S. trade policy as well as a grim outlook on inflation

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

  • Core personal consumption expenditures price index came out hotter-than-expected, rising 2.8% in February and reflecting a 0.4% increase for the month, increasing concerns about persistent inflation. Economists had been looking for respective numbers of 2.7% and 0.3%. Consumer spending accelerated 0.4% for the month, below the 0.5% forecast.
  • The University of Michigan’s final read on consumer sentiment for March came in at 57, slightly below a Dow Jones estimate of 57.9, as inflation expectations reach multidecade highs.

Friday’s advance/decline line opened with a negative 1 incliner, 32 decliners and 2 flats ending with a negative close of 2 incliners, 31 decliners and 2 flats

Metrics:  Friday, the IBB was down -1.29%, the XBI was down -1.13 while the VIX was UP +2.96 points or+15.84 % at 21.65

 

Q1/25 – March, 10 positive and 12 negative closes

  • February – 12 holiday, 11 negative and 7 positive closes
  • January - 2 holidays, 1 market close, 10 negative and 10 positive closes

 

Monday’s Closing UP (7 of 7)

  • Alnylam Pharmaceuticals (ALNY +$1.46 after Friday’s -$2.56
  • bluebird bio (BLUE +$0.87 after Friday’s +$0.29).
  • Mesoblast (MESO +$0.37 after Friday’s -$1.19
  • AxoGen (AXGN +$0.15 after Friday’s -$0.63
  • Vericel (VCEL +$0.12 after Friday’s -$1.57)
  • MiMedx (MDXG +$0.09),
  • Brainstorm Cell Therapeutics (BCLI +$0.07),

Flat (2)

  • Harvard Apparatus RT (OTCQB: HRGN),
  • Homology Medicine (FIXX)

Monday’s Closing DOWN (10 of 26): -$ after Friday’s

  • BioLife solutions (BLFS -$3.16),
  • CRISPR Therapeutics (CRSP -$2.92 after Friday’s -$1.05
  • Moderna (MRNA -$2.88 after Friday’s -$1.00),
  • Beam Therapeutics (BEAM -$2.85 after Friday’s +0.02),
  • uniQure NV (QURE -$1.77 after Friday’s -$0.65),
  • Ultragenyx Pharmaceuticals RARE -$1.54 after Friday’s -$1.07)
  • Ionis Pharmaceuticals (IONS -$1.09),
  • Intellia Therapeutics (NTLA -$0.96),
  • Verve Therapeutics IVERV -$0.665),
  • Regenxbio (RGNX -$0.65),

 

The BOTTOM LINE:  Are we seeing the beginning of “bottom feeding” of the undervalued and oversold? – Yes!

A on-target quote, “We continue to trade with the backdrop of tariff uncertainty and a shroud of secrecy about what may come next,” said Jay Woods, chief global strategist at Freedom Capital Markets.” As a result, investors sell first and wait. It has all the makings of a panic sell-off where a snap back rally on the horizon.”

 

From last Friday night, “investors NEED to REMEMBER the use of fundamentals to re-generate conviction in the face of declining share pricing.”

Last session of March closed negative!

  • Last week, the 4th of March …Monday closed positive followed by negative closes on Tuesday and Wednesday …Thursday’s positive and Friday’s negative closes
  • Friday and Thursday closed negative after Wednesday closed positive, Tuesday closed negative following Monday’s positive close
  • A positive Friday sector close following Thursday’s negative close after 2 positive (Wednesday & Tuesday) closes following Monday’s negative close.
  • The previous Friday, 3/7 – the 5th NEGATIVE session in the week intermingled by 1 POSITIVE (Wednesday) close in a new month of March … so, what moves stock pricing?

 

“I hate to be so negative or contrarian but, this is a NO spin zone and truth is its product; I can always be WRONG but, I am mostly EARLY!”

  • If I have learned one thing as a former research analyst in a venture and public fund, operating executive, x-FBI, x-military officer and an adjunct (MBA) business school professor now a journalist; my life and your portfolio are largely tied to knowledge of price movements and questioning pricing targets and more.

I don’t have much to write/say other than “electronic trading and uncle algo” slipped out the back door reaping sector disharmony and then popped right back for some profiteering.

  • What can I say, love ‘em, leave ‘em and welcome back to save the sector’s honor – “uncle algo and his electronic dwarfs.” <me>

Earnings are are all but completed … for Q4/24 and FY24 … my view will follow, has been busy and personally eventful!

 

March ‘25: understand the “flow” …

  • 3/31 - Monday closed negative with 7 positive, 26 negative and 2 flats
  • 3/28 – Friday closed negative with 2 positive, 31 negative and 2 flats
  • 3/27 – Thursday closed positive with 22 positive, 10 negative and 3 flats
  • 3/26 – Wednesday closed negative with 3 positive, 28 negative and 4 flats
  • 3/25 - Tuesday closed negative with 7 positive, 25 negative and 3 flats
  • 3/24 - Monday closed positive with 31 positive, 3 negative and 1 flat
  • 3/21 – Friday closed negative with 17 positive, 16 negative and 2 flats
  • 3/20 – Thursday closed negative with 10 positive, 23 negative and 2 flats
  • 3/19 - Wednesday closed positive with 25 positive, 8 negative and 2 flats
  • 3/18 -Tuesday closed negative with 7 positive, 27 negative and 1 flat
  • 3/17 – Monday closed positive with 24 positive, 10 negative and 1 flat
  • 3/14 – Friday closed positive with 20 positive, 13 negative and 2 flats
  • 3/13 - Thursday closed negative with 4 positive, 30 negative and 1 flat
  • 3/12 – Wednesday closed positive with 25 positive, 9 negative and 1 flat
  • 3/11 – Tuesday closed positive with 23 positive, 11 negative and 1 flat
  • 3/10 – Monday closed negative with 3 positive, 31 negative and 1 flat
  • 3/7 - Friday closed negative with 14 positive, 17 negative and 4 flats
  • 3/6 – Thursday closed negative with 16 positive, 18 negative and 1 flat
  • 3/5 – Wednesday closed positive with 25 positive, 9 negative and 1 flat
  • 3/4 – Tuesday closed negative with 15 positive, 18 negative and 2 flats
  • 3/3 – Monday closed negative with 2 positive, 31 negative and 2 flats

 

Big Point to remember “Think about it; the biggest problem the cell and gene therapy sector it’s all to the future …  99% of them have no earnings!

  • If rates are higher for longer, that means that sector companies will continue to struggle or be unable to raise capital and therefore be subject to debt servicing firms!”
  • 2024 saw very little life IPOs (initial public offering) market and secondaries – I have seen private investments, mortgages, sell-offs, as companies deferred and struggle to gain further market access i.e., public. <Me>

What could 2025 have in store for the capital access space?

  • "You'll see a number of cell and gene therapy companies drive for secondaries – they’re desperate for cash, but I do think a lot of cell and gene therapy sector companies NEED to be focused on what is driving their own growth —they're focused on a lot of change BUT … that's happening in pipelines … capital expansion is second.

 

Why do I keep repeating, so investors can make the connection …

The top three (3) performing in the session:   

  • Monday: Alnylam Pharmaceuticals (ALNY), bluebird bio (BLUE) and Mesoblast (MESO)
  • Friday: bluebird bio (BLUE) and Beam Therapeutics (BEAM)

The worst three (3) in the session: 

  • Monday: BioLife Solutions (BLFS), CRISPR Therapeutics (CRSP) and Moderna (MRNA)
  • Friday: Alnylam Pharmaceuticals (ALNY), Vericel (VCEL) and Mesoblast (MESO)

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.