E Heavy Day

Wednesday the stock market tried to pull off a rally but Wall Street remained mixed by mid-morning. However, foreign stocks were generally higher after Bottomline said they were better buys than US shares. Tech mostly recovered. Value Line talks about mixed messages. I agree. 

Our portfolio gained 1.07% or 1.41% including cash in the account. That the good news. The bad is that the 3rd leading cause of American deaths last year was covid-19, behind heart disease and cancer.

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*Our heavy focus on drug-makers working with antibodies paid off today with big gains for several. AbCellera rose another 12.31% and was back over $30 after the antibody discovery firm reported a huge jump in sales last year and boosted income. This was due to bamlamiximab, now being sold under license by Eli Lilly which ABCL developed, and hopes for a SARS-Covid-19 antibody candidate.

*Japanese Takeda cut its debt by selling over-the-counter and non-core assets to Orifam for $670 mn. It also sold consumer healthcare products like dietary supplements to Blackstone Group for $70 mn. The drugs will continue being made by TAK in Denmark and Poland. TAK aims to cut its net debt to twice its adjusted EBITDA (cash flow) by 2023. TAK stock fell 0.46% despite it forecasting that it will have a pre-tax gain of $1.27 bn for the current fiscal year ending this month.

*Fellow Japanese Eisai, ESALY, fell 0.71%.

*Busted IPO today tipped Genfit, the French specialist in liver disease, despite its failure with elafibrinor against NASH (non-alcoholic steatohepatitis), citing other liver disease uses. GNFT lost 0.44% today.

*TEVA of Israel rose 2.15% on optimism over Covid-19 generics for inoculating children 16 to 25 years old, now in trial, and eventually even younger ones.

*Compugen rose 6% today. It is also Israeli. CGEN.

*Bioline RX was today's volatility leader with prices ranging from up 0.1% to 2.22% on tiny trades. BLRX is also Israeli.

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William K. 1 week ago Member's comment

An interesting summary, as usual. And we see that there are always ups and downs and what is the obvious force is not always clear, except when it is.