Scimitar Equity Blog

Shares of regenerative medicine companies were gyrated by low volumes by Friday, 4/8/11, after being pushed up and down during the week.

US equities closed lower on Friday, 4/8/11 amid concerns of a US government shutdown (aborted) and a falling US dollar. Markets were modestly higher at the open though quickly turned back their gains following wholesale inventory data and hawkish comments from the Fed. Major indices traded down to flat by (Friday) mid-morning, where they remained for much of the session, before volatility struck in the final 2 hours, nearly ending thoughts of a 3rd straight positive week for stocks. The Dow ending -29.44 (-0.24%) for the week. Looking ahead and beyond the aborted government shutdown, Q1 earnings season starts Monday, 4/11/11.

At the end of the week, the NASDAQ was down -15.72 (-0.56%) to 2780.42 versus last weeks (4/1/11) end of week close of 2789.60 which had been up 0.56% higher.

Volume with elements of visibility continue to be the indicators of momentum initiatives … (Last week close (4/8/11) =LW)

Advancers (8):

• Advanced Cell (OTC: ACTC) up $0.001 (0.58%) to $0.19 (LW $0.192);
• Athersys (ATHX) up $0.11 (3.81%) to $3.00 (LW $2.86);
• Aastrom (ASTM) up $0.01 (0.38%) to $2.67 (LW $2.54);
• Opexa (OPXA) up $0.03 (1.67%) $1.83 (LW $1.73)
• ImmunoCellar Therapeutics (IMUC) up $0.08 (3.51%) to $2.36 (LW $2.25);
• Neuralstem (AMEX:CUR) up $0.02 (1.11%) to $1.82 (LW $1.82);
• International Stem Cell (ISCO.OB) up $0.01 (0.78%) to $1.29 (LW $1.30); and
• Pluristem (PSTI) up $0.04 (1.38%) to $2.93 (LW $2.58). 

Decliners (11):  

• Osiris (OSIR) down -$ 0.02 (-0.29%) to $6.83 (LW $7.24);
• BioTime (AMEX: BTX) down -$0.37 (-4.84%) to $7.27 (LW $7.57);
• ReNeuron Group (RENE.L) down -$0.01 (-0.17%) to $5.81 (LW $5.81);
• ThermoGenesis (KOOL) down -0.05 (-2.24%) to $2.18 (LW $2.19);
• BioMimetic (BMTI) down -$0.13 (-0.91%) to $14.18 (LW $13.42);
• NeoStem (AMEX: NBS) down -$.012 (-6.25%) at $1.80 (LW $1.72);
• Cytori (CYTX) down -$0.07 (-0.89%) to $7.80 (LW $7.01);
• StemCells (STEM) down -$0.076 (-8.70%) to $0.794 (LW $0.92);
• Geron (GERN) down -$0.06 (-1.71%) to $5.07 (LW $5.13);
• Tengion (TNGN) down -$0.03 (-1.18%) to $2.52 (LW $2.52); and
• Brainstorm (BCLI.OB) down -$0.005 (-1.67%) at $0.295 (LW $0.295).

Flat (1):

•   BioHeart (BHRT.PK) flat at $0.20 (LW $0.19).

The Bottom Line: From the 4/8/11 close, the lower volumes in this universe is adjusting investors’ attitudes, as can be seen by the numbers (last week 4/8 versus 4/1). Declining stocks (11 to 8) outpaced those advancing, a weakening indicator (versus 4/1/11’s close of 12 advancers versus 6 decliners). The regenerative medicine universe continues to gyrate during periods of market unrest.  The biggest  mid-week winner of the regenerative medicine universe swing-up was Athersys (ATHX) up $0.11 (3.81%) followed by ImmunoCellar Therapeutics (IMUC) up $0.08 (3.51%). Last week’s news flow highlighted: Cephalon’s (CEPH) rejection of Valeant’s (TSE: VRX) proposal referencing Mesoblast (MSB) partnering, radiation exposure issues in Japan, StemCells (STEM) discontinuing the Battens (NCL) disease trial, ReNeuron’s (RENE.L) agreement with the NHSBT, Cellular Dynamic’s $30M venture raise, NeoStem’s (NBS) earnings breakout, Aldagen withdrawal of an IPO, Pluristem (PSTI) radiation exposure expanded (animal) testing and collaboration with Hadassah University Medical Center, our breakdown of Neuralstem’s (AMEX: CUR) FY10 results, Cellectis (Alternext: ALCLS)  financing a new EU cell bank, CIRM’s funding troubles and finally Aastrom’s (ASTM) manufacturing transfer (from a bankrupt supplier) and CLI product naming, Ixmyelocel-T (how do we pronounce that). Always reiterating, short sale ratio data continues to carry significance. Trading volumes slowed to a crawl as traders took any profit from increasing share pricing. Hesitancy is being nudged by smaller volume indicators. Volume depreciation raises suspicion without any indictment but, is it an indication of the universes direction with news of patient recruitment issues with all the trials about to commence?