The Catalyst

Earnings week split drug makers from device makers, the rally again stopped short of the smallest biotechs, and the FDA and CMS took coordinated steps on individualized gene editing. Plus: Regeneron, Glaukos, Replimune, Bausch Health, Alnylam, Iovance, Bicara, and Acumen.

A relief rally that skipped the smallest companies, moves driven by M&A and data rather than rates, and ten years of evidence on whether biotech really trades with the 10-year. Plus: Silence, Disc, Veradermics, Moderna, and Corcept.

The XBI fell 6.1% in a broad risk-off week, but the selling again concentrated in smaller and development-stage biotechs, while commercial-stage names held up better at every size. Plus: selective financing, including two IPOs priced at the midpoint, Liquidia's settlement, and Contineum's read-through.

The median clinical-stage biotech is down 19% since June 30 versus 5% for the XBI, with the steepest declines in $100M to $2B companies and specialist-heavy names. Plus: Caribou's program halt, Viatris and Pacira, and financings that did not fit last week's read.

The Fed's fully-priced rate hike landed as a non-event, but the real median biotech stock lagged the index anyway. Plus: Xenon's good-news-bad-news NDA filing, Schrodinger's AI-driven rally, and on-the-ground color from NYC investor conferences.

A hot CPI report pushed rate-hike odds to 90% and biotech sold off broadly -- but small-caps fell twice as hard as mid/large-cap. Plus: BridgeBio's mixed data and new leadership, and seven real financings.

Ultragenyx fell sharply on a late-stage clinical setback; Summit Therapeutics gained on data beating Keytruda head-to-head; eight real financings, macro sector performance, and more.

The first edition: Capricor's regulatory reprieve, hyperlinked financings, sector performance by market cap, and short interest positioning.