February 10, 2020 5:38pm

News: Adverum Biotechnologies (ADVM +$1.81 or +17.68% to $12.05, expect more decline) has commenced an offering of $100 M with an overallotment of an additional 15% of the shares after announcing (2/8) interim clinical data from the OPTIC P1 dose-ranging clinical trial of ADVM-022 intravitreal injection gene therapy. OPTIC includes treatment-experienced patients with wet age-related macular degeneration (AMD).  

Don’t get too comfortable; unfortunately share pricing strength from low volume is a short-term enemy; if you were a subscriber … you would understand why!

Q4 and FY19 LPS (Loss-Per-Share) results are forthcoming

 

The Dow closed UP +174.31 points (+0.60%), the S&P closed UP +24.83 points (+0.73%) and the NASDAQ closed UP +107.88 points (+1.13%)

 

Henry’omics:

Cell and gene therapy sector stocks rose on Monday, rebounding from a decline in Friday and Thursday's sessions.

Both the S&P 500 and Nasdaq reached all-time highs.

 

One of my favorite quotes. “When you’re on a roller coaster, the only thing you can be sure of is you’ll end up back where you started.”

For the time being, investors should be building a cash reserve!

 

Offerings are in the wind as some share rise and cash positions weaken: Adverum Biotechnologies, Inc. (ADVM), a clinical-stage gene therapy company targeting unmet medical needs in ocular and rare diseases, today announced that it has commenced an underwritten public offering of $100 million of its common stock. The company intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock offered in the public offering. All of the shares in the offering will be sold by Adverum Biotechnologies. The offering is subject to market and other conditions, and there can be no assurances as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Goldman Sachs & Co. LLC, Cowen and Company, LLC, and SVB Leerink LLC, are acting as joint book-running managers for the proposed offering. LifeSci Capital LLC is acting as lead manager for the proposed offering.

 

The iShares NASDAQ Biotechnology (IBB) and the SPDR S&P ETF (XBI) indicators:

·         Monday the IBB closed up +1.20% and XBI closed up +1.55%

·         Friday the IBB closed down -0.94% and XBI closed down -0.83%

 

The advance/decline line scenario of 35 covered companies:

·         Monday the close was positive with an A/D line of 26/6, 3 flats of 35 covered;

·         Friday the close was negative with an A/D line of 9/26, 0 flats of 35 covered;

 

Decliners:

·         ReNeuron (RENE.L -$6.00 after Friday -$3.00, Thursday’s +$9.00, Wednesday’s +$1.50, Tuesday’s +$5.00 and last Monday’s -$7.50);

·         Ionis Pharmaceutics (IONS -$0.51);

·         Pluristem (PSTI -$0.18);

·         Aduro Biotechnologies (ADRO -$0.08 after Friday’s +$0.345);

·         Solid Biosciences (SLDB -$0.03);

Incliners:

·         Alnylam Pharmaceuticals (ALNY +$6.02 after Friday’s +$3.52);

·         CRISPER Therapeutics (CRSP +$4.30 after Friday’s -$2.01);

·         uniQure NV (QURE +$2.42 after Friday’s -$2.06, Thursday’s -$1.01 and Wednesday’s +$2.30);

·         bluebird bio (BLUE +$2.01 after Friday’s -$1.34, Thursday’s -$1.90 and Wednesday’s +$2.22);

·         Global Blood Therapeutics (GBT +$1.98);

 

The percentage (%) indicators:

·         Monday’s range of the 26 upside was +0.25% (BCLI) to +17.68% (ADVM) while the 6 downside ranged from -0.74% (ATHX) to -4.74% (PSTI); 

·         Friday’s range of the 9 upside was +0.06% (CLLS) to +13.66% (ADRO) while the 26 downside ranged from -0.43% (BLFS) to -12.43% (AGTC); 

 

Upside volume stats:  to compare

·         Monday: 6 out of the 26 upside had higher than the 3-month average volume;

·         Friday: 2 out of the 9 upside had higher than the 3-month average volume;

 

Downside volume stats:

·         Monday: 1 out of the 6 downside had higher than the 3-month average volume;

·         Friday: 2 out of the 26 downside had higher than the 3-month average volume;

 

3 flats – AGTC, CLBS and VYGR

 

February

Monday closed positive with 6 decliners, 26 advancers and 3 flats

Friday closed negative with 26 decliners, 9 advancers and 0 flat

Thursday closed negative with 23 decliners, 12 advancers and 0 flat

Wednesday closed positive with 5 decliners, 27 advancers and 3 flats

Tuesday closed positive with 5 decliners, 30 advancers and 0 flats

Monday (2/3) closed positive with 8 decliners, 24 advancers and 3 flats

 

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.