October 30, 2019 8:38pm

Low volume is still the standard

Follow-up pricing on news: Biostage (BSTG +$0.30) closed up with an IND being filed for treatment for esophageal conditions with the FDA for BSTG's lead product candidate, the Cellspan Esophageal Implant (CEI).

It's a daunting task to define risk parameters, seeing the unforeseen; on the basis of my own “rules”, I set-up my own “warning analysis” which isn’t machine oriented!  

 

The sector is what it is, until it isn’t and even then it doesn’t seem to be…

 

The Dow closed UP +115.27 points (+0.43%), the S&P closed UP +9.88 points (+0.33%) and the NASDAQ closed UP +27.12 points (+0.33%)

 

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

  • Wednesday the IBB closed up +0.13% while the XBI closed down -0.42%
  • Tuesday the IBB closed up +0.46% while the XBI closed down -0.28%
  • Monday the IBB closed up +1.34% while the XBI closed up +1.39%

 

The advance/decline line scenario of 45 covered companies:  

  • Wednesday the close was negative with an A/D line of 13/27, 2 flats, 1 reversed merged (HSGX) and 2 acquired;
  • Tuesday the close was negative with an A/D line of 16/23, 3 flats, 1 reversed merged (HSGX) and 2 acquired;
  • Monday the close was positive with an A/D line of 27/12, 3 flat, 1 reversed merged (HSGX) and 2 acquired;

 

Henry’omics:

Within my universe of 45 companies, Wednesday’s 13 positive closing companies followed 23 companies on Tuesday following Monday’s 27, last Friday’s 30 upside closings and last Thursday’s 13 – a roller coaster fan club in five (5) sessions.

Our universe of cell and gene therapy companies on Wednesday as investors cheered the Fed’s third rate cut of the year and comments from Chairman Powell that signaled it would be a while before the central bank hikes rates.

U.S. private payrolls increased by 125,000 in October according to ADP and Moody’s Analytics. That topped a Dow Jones estimate of 100,000; however, September payrolls were trimmed down by 42,000 to 93,000.

 

I usually have a comment but, have … none!

 

Decliners:

  • Regenxbio (-$4.69 after Tuesday’s -$1.97);
  • Sage Therapeutics (SAGE -$2.15 after Tuesday’s -$2.04 after Monday’s -$4.06 after Friday’s +$4.56, Thursday’s -$0.50 and last Wednesday’s +$2.58);
  • BioLife Solutions (BLFS -$0.94 after Tuesday’s +$0.28);
  • Alnylam Pharmaceuticals (ALNY -$0.93 after Tuesday’s -$1.91);
  • BioMarin Pharmaceuticals (BMRN -$0.74 after Tuesday’s +$2.20 , Monday’s +$0.96, Friday’s +$1.74, Thursday’s +$0.44 and last Wednesday’s +$1.28);

Incliners:

  • CRISPER Therapeutics (CRSP +$3.12 after Tuesday’s +$4.07 after Monday’s +$5.00);
  • Ionis Pharmaceuticals (IONS +$1.99);
  • Cellectis (CLLS +$0.84);
  • Ultragenyx (RARE +$0.87 after Tuesday’s -$2,57 and Monday’s +$1.13)
  • Intellia Therapeutics (NTLA +$0.52);

 

The percentage (%) indicators: 

  • Wednesday’s range of the 13 upside was +0.39% (GBT) to +38.69% (CUR) while the 27 downside ranged from -0.17% (ONVO) to -13.60% (VSTM);

 

  • Tuesday’s range of the 16 upside was +0.21% (SGMO) to +9.07% (CRSP) while the 23 downside ranged from -0.37% (EDIT) to -6.11% (RARE);

 

  • Monday’s range of the 27 upside was +042% (ONCE) to +12.55% (CRSP) while the 12 downside ranged from -0.40% (MDXG) to -7.92% (KOOL -$0.37);

 

Upside volume stats:  to compare

  • Wednesday: 5 out of the 13 upside had higher than the 3 month average volume;
  • Tuesday: 8 out of the 16 upside had higher than the 3 month average volume;
  • Monday: 8 out of the 27 upside had higher than the 3 month average volume;

Downside volume stats:

  • Wednesday: 5 out of the 27 downside had higher than the 3 month average volume;
  • Tuesday: 8 out of the 23 downside had higher than the 3 month average volume;
  • Monday: 3 out of the 12 downside had higher than the 3 month average volume;

 

2 flat – ATHX and RENE.L with 1 reverse merged (HSGX), 2 acquired (AST & OSIR) and Spark Therapeutics’ (ONCE) acquisition by Roche could be soon according to rumors from FTC by year’s end.

 

October’s sessions:

Wednesday closed NEGATIVE with 27 decliners; 13 advancers, 2 flats, 1 reverse merged (HSGX) and 2 acquired (AST & OSIR);

Tuesday closed NEGATIVE with 23 decliners; 16 advancers, 3 flats, 1 reverse merged (HSGX) and 2 acquired (AST & OSIR);

Monday closed POSITIVE with 12 decliners, 27 advancers, 3 flats, 1 reverse merged (HSGX) and 2 acquired (AST & OSIR);

Friday closed POSITIVE with 11 decliners, 30 advancers, 1 flat, 1 reverse merged (HSGX) and 2 acquired (AST & OSIR);

Thursday closed NEGATIVE with 27 decliners, 13 advancers, 2 flats, 1 reverse merged (HSGX) and 2 acquired (AST & OSIR);

Wednesday closed NEGATIVE with 26 decliners, 16 advancers, 0 flats, 1 reverse merged (HSGX) and 2 acquired (AST & OSIR);

Tuesday closed NEGATIVE with 23 decliners, 16 advancers, 3 flats, 1 reverse merged (HSGX) and 2 acquired (AST & OSIR);

Monday closed POSITIVE with 13 decliners, 28 advancers, 1 flat, 1 reverse merged (HSGX) and 2 acquired (AST & OSIR);

Friday closed NEGATIVE with 33 decliners, 7 advancers, 2 flats, 1 reverse merged (HSGX) and 2 acquired (AST & OSIR);

Thursday closed POSITIVE with 17 decliners, 25 advancers, 0 flat, 1 reverse merged (HSGX) and 2 acquired (AST & OSIR);

Wednesday closed POSITIVE with 19 decliners, 23 advancers, 0 flat, 1 reverse merged (HSGX) and 2 acquired (AST & OSIR);

Tuesday closed POSITIVE with 9 decliners, 32 advancers, 1 flat, 1 reverse merged (HSGX) and 2 acquired (AST & OSIR);

Monday closed NEGATIVE with 29 decliners, 12 advancers, 1 flat, 1 reverse merged (HSGX) and 2 acquired (AST & OSIR);

Friday closed POSITIVE with 13 decliners, 29 advancers, 0 flat, 1 reverse merged (HSGX) and 2 acquired (AST & OSIR);

Thursday closed POSITIVE with 17 decliners, 23 advancers, 2 flats, 1 reverse merged (HSGX) and 2 acquired (AST & OSIR);

Wednesday closed NEGATIVE with 27 decliners, 12 advancers, 3 flats, 1 reverse merged (HSGX) and 2 acquired (AST & OSIR);

Tuesday closed NEGATIVE with 38 decliners, 4 advancers, 1 flat and 1 reverse merged (HSGX), 2 acquired (AST & OSIR);

Monday closed NEGATIVE with 25 decliners, 17 advancers, 1 flat and 2 acquired (AST & OSIR);

Friday closed POSITIVE with 17 decliners, 24 advancers, 2 flats and 2 acquired (AST & OSIR);

Thursday closed NEUTRAL with 21 decliners, 21 advancers, 1 flat and 2 acquired (AST & OSIR);

Wednesday closed NEGATIVE with 22 decliners, 18 advancers, 3 flats and 2 acquired (AST & OSIR);

Tuesday closed NEGATIVE with 36 decliners, 5 advancers, 2 flat and 2 acquired (AST & OSIR);

 

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.