E Before The Blizzard

Today the blizzard is coming so my blog is going out late as I did all my errands before starting to write. Two major issues are perhaps about to be resolved, a deal over Britain's exit from the European Union according to EU head Ursula Van der Leyen. And both the Fed and Mitch McConnell, finally agreeing that Trumperoo lost the election, are working on a stimulus package rumored to be around $900 bn.

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If you are optimistic, and I am not, this is hopeful, but the stock market is contradicting that and money is moving away from stocks and into alternatives like Bitcoin (at a new high), cannabis plays, and gold. The reason is very high COVID-19 hospitalizations and deaths. US retail sales in Nov. fell sharply, not helping the mood. Amazon is suing to get the Pentagon to end its contract with Microsoft. Details:

Drugs

*BiolineRX of Israeli is down an agonizing 28.7% opening at $2.58. The plunge came after BLRX announced good results from a phase II trial of its metixafortide immune checkpoint inhibitor to treat pancreatic cancer. It was used with chemo and Merck's Keytruda and increased survival by a matter of weeks. The patients were all in stage IV, meaning doomed to die. In the pre-market, probably meaning Israel, it rose 22% on the same results. There is no current cure for pancreatic cancer. There is no way to judge whether results would improve if treatment began earlier, but it is likely. The stock did get ahead of itself in recent weeks, the triumph of hope over experience and we are still well in the black. BLRX hit a new 52-wk high just yesterday morning at $3.72.

*My other horror stock, Canadian Abcellera Biologics, ABCL, is still down 20% from its day one price last Friday, but it has recovered from its post-ipo low of minus 25%. I bought more on Tuesday but did not catch the low. It was the largest firm by market capitalization to hit a new 52 weeks low although it only has been trading since Friday, not Thursday as I wrongfully wrote.

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