At a Glance
Regime: Short Term Relief Bounce · Open: Flat to Positive Open · Risk on new positions: High · Custom T2108: 40.8, rising
Focus: XNCR (Biotech Catalyst · Magnitude)
Secondary: N/A
Tonight After Hours: AEYE, AGYS, BRO, GGB, KFRC, NE, NPK, NUE · Tomorrow Before Open: CNC, CVLT, NVS★, RGEN, SXC · ★ = Market Mover
Holding: HAS
Situational Awareness
Market Condition: Short Term Relief Bounce
Commentary: The market is opening positively this morning. Largest news of this morning is likely the META $100b Raise. This follows on from comments from Elon Musk over the weekend and the SPCX $40b raise. The narrative here is that smaller players (Neo-Clouds) will get squeezed out in a credit crunch vs. the big boys with much better access to capital. This isn't exactly a controversial take but don't expect names to rally broadly. This narrative is a Megatech Only one. For me there isn't a trade in these today.
Brazil getting absolutely decimated this morning with election results. This is just another lesson for not trading through Binary Events. I hope people haven't gotten caught in it but it looks like quite the overreaction. Likely due to very one sided positioning.
I see one play today and as mentioned in the weekend edition it is as I hoped a Biotech. Listed below.
We're still in negative/danger zone. Caution advised. Less is more. Individual names have had a bounce but that may be just short term. We have a big week this week in terms of Newsflow. Narratives can change fast.
Today In Focus
XNCR — Xencor: Xencor Presents Phase 1 Dose Selection Data for XmAb819, a Potential First-in-Class ENPP3 x CD3 Bispecific T-Cell Engager, in Development for Patients With Advanced Clear Cell Renal Cell Carcinoma and ENPP3+ Tumors
Biotech Catalyst · Magnitude · Mkt cap $1.9B · Float 54M · SI 30.2% (10.1 days) · Nasdaq · Theme: Biotechnology > Biologics Discovery · Next earnings 4 Nov
Why: Excellent Chart, Positive Phase 1 Data. Very High Short Interest and Relatively Low Float.
This looks 5* to me. Company has plenty of cash.
Level: $35 is the PMH high area. $30.50 will be Resistance Turned Support for that U&R so Potential for $30.50 or $30 U&R. Ideally we want this to just go through.
Risk: Low of Day.
Also in Play
N/A
Trade Updates
Open:
HAS - Earnings Catalyst - 20th October 2026 - 100% Remaining
Macro Events (Eastern Time)
Monday October 26 2026
No scheduled data of note.
IPOs Today
GUNN - Gunnison Copper Corp. - NYSE
Biotech Calendar
XBI +3.6% on the week and -4.2% on the month, under its 50-day. The sector tailwind is gone for now. Reactions have to prove themselves.
Today: IONS / GSK - bepirovirsen (chronic hepatitis B) - PDUFA
Flagged Charts: IONS, INO
Note: Never front-run biotech catalysts. Wait for the catalyst to hit, then assess if the reaction is tradable. Dates are estimates and can shift.
Full H2 Biotech Watchlist: TradingView
Have a Great Day!
Sean Sharpe
