Dmitrii Ishutin
United Kingdom
6m
End of month update Tough month this month from being up 40% to being down 15%. Huge swing driven mainly by NTLA. The pause of Intellia Therapeutics’ Phase 3 MAGNITUDE trials led to a drop in share price attributed to serious adverse effects, primarily liver toxicity. Analysts have cut price targets, with RBC Capital issuing a Sector Perform rating, lowering it to USD14, due to confidence issues in the safety profile. Several financial institutions, including BofA and Chardan, adjusted NTLA’s forecasts, reflecting safety concerns and subsequent trial delays. The market’s response reflects skepticism regarding NTLA’s future advancements, while some analysts maintain a Buy rating on potential long-term gains. My very cheap entry still allows to exit at profit, but the drop was brutal. I guess it's what to be expected with biotechs. Perhaps it may be time to take some profit off the table before it vanishes completely. Regarding JACK, my stop-loss hit earlier in the month, so I’m out. For context, JACK announced a plan to sell Del Taco for ~USD115m, which could simplify the story but also signals ongoing restructuring. I’ll keep it on the watchlist and only revisit on evidence of traffic/margin improvement rather than trying to anticipate the turnaround. The valuation looks extremely attractive, but the selling pressure prevails. Long-duration bonds had a choppy month: US 10–30y yields eased into late October (10y ~4.0–4.1%, 30y ~4.66% on 31 Oct), which helped TMF mid-month before giving back some gains into the close. Rates do seem to be declining, with 20Y now being below its 200-day MA, I will of course continue to hold.
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