Biotech Scan
Biotech Scan
The cohort reversed last week's cooldown from the top down: a scan ago every name sat below RSI 62 and the highest print was $MRNA at 61.2; this week eight names clear 60 and $TMO tops the cut at 67.6. $ILMN is the standout — up 16.07% on the week, 16.89% on the month, and now only 4.17% below its 52-week high. The deepest hole changed hands. $RARE climbed out of capitulation (RSI 20.2 to 28.1) after the FDA cleared its Sanfilippo gene therapy, and $IONS fell into it, down 18.02% on the week to RSI 25.4 — the cut's only sub-30 print, on a news pull that predates the move by two months.
Data as-of the 2026-09-18 close (Friday's settled session) — every name in this cut carries a fresh bar.
Quick Snapshot
| Signal | Reading |
|---|---|
| Overall | 🟡 A top-heavy recovery — eight names back above RSI 60 versus one last week, but the two biggest weekly gains belong to names with negative years |
| Leaders | $ILMN (RSI 65.7, +16.07% on the week, +132.57% on the year, 53.5% above its 200-day); $TMO (67.6, the cut's highest print, +35.41% on the year); $MRNA (63.3, +505.27% on the year) |
| Laggards | $IONS (25.4, -18.02% on the week, -28.02% on the year, 38.4% below its 200-day); $RARE (28.1, -44.7% on the month despite an approval); $COGT (30.2, -5.72% on the week) |
| Key insight | $IONS lost 18.02% in a week with no driver on the desk's record — its last news pull is dated July 12, two months before the move, so this is a gap in coverage, not evidence that nothing happened |
| Caveat | No news file exists on the desk for several cut members, and the pulls for $IONS, $ALNY, $LEGN and $MRNA all predate this week — absence of a headline in those files proves nothing |
What's Going On
The top of the cohort came back. Last week's scan found the whole universe under RSI 62 with $MRNA's 61.2 as the high print; this week $TMO (67.6), $ILMN (65.7), $MRNA (63.3), $A (62.7), $RXRX (62.2), $IQV (61.5), $GILD (61.4) and $ISRG (61.2) all clear 60. The cohort fund tells a quieter story than the single names — $XBI rose 0.33% on the week and $IBB 0.8% — so this was a handful of large moves inside a flat group, not a sector-wide lift.
$ILMN is the week's most consequential name: $239.62, up 16.07% on the week and 16.89% on the month, 9.5% above its 20-day and 53.5% above its 200-day, with a 132.57% year behind it and only 4.17% left to its 52-week high. Two drivers have been attributed to it — an S&P 500 index addition and an announcement to reacquire GRAIL — but the desk's own record holds only a transcript in its news file (pulled September 17) and no filing, so the September 17 brief graded the story attributed and unconfirmed. That grade still stands here.
$IONS is the week's break. It fell 18.02% to $44.44, RSI 25.4, now 21.2% below its 20-day, 38.4% below its 200-day and down 28.02% on the year with an alpha of -43.03 — the only name in the cut failing both the short and the long test this badly. Its news file was last pulled July 12, two months before this move, and nothing in the desk's event record matches the week. The cause is not established, and the coverage gap is the reason.
$RARE went the other way for one dated reason. Endpoints News reported September 17 that the FDA approved its gene therapy for Sanfilippo syndrome; the stock finished the week at $14.51, up 1.47%, with RSI recovering from 20.2 to 28.1. That does not repair the name — it is still down 44.7% on the month, 50.15% on the year and 42.3% below its 200-day. An approval stopped the slide; it has not turned the trend.
The two largest weekly gains in the cut are the ones to read carefully. $RXRX rose 19.69% and $DNA 16.74%, the best two prints on the board, but $RXRX is down 22.31% on the year with an alpha of -37.33 and $DNA is down 31.0% on the year and sits 4.5% below its 200-day. Both are bounces inside trends that have not worked for twelve months. No cause is established for either move: the $RXRX file was pulled September 18 and carries only quarterly-results aggregator pages, the $DNA file was pulled the same day and stops at an August 5 quarter, and the desk's event record holds nothing for either name this week.
What Changed Since Prior Scan (2026-09-11)
- The top of the cohort re-heated. Names above RSI 60 went from one to eight; the high print moved from $MRNA at 61.2 (Sept 11) to $TMO at 67.6 (Sept 18).
- $IONS collapsed into the cut's deepest print. RSI 35.5 → 25.4, price $54.21 → $44.44, down 18.02% on the week — no cause on the desk's record, and the news file predates the move by two months.
- $RARE climbed out of extreme oversold. RSI 20.2 → 28.1, price $14.30 → $14.51, on the September 17 FDA approval of its Sanfilippo gene therapy — still -44.7% on the month.
- $ILMN broke out to the strongest chart in the cut. RSI 49.6 → 65.7, price $206.45 → $239.62, +16.07% on the week; year-over-year return improved from +107.9% to +132.57%.
- $DXCM, $CRSP and $DNA all jumped more than 15 RSI points. DXCM 40.4 → 58.5; CRSP 39.3 → 55.2; DNA 41.9 → 59.5.
- $AMGN recovered from last week's crash. RSI 31.5 → 39.7, price $377.35 → $385.65, +2.2% on the week — its 31-point drop of a week ago still has no established cause.
- $ISRG's relapse paused. RSI 48.1 → 61.2 on a 6.55% weekly gain — but it remains 13.6% below its 200-day and down 9.75% on the year, so the long trend has not turned.
- The extreme-oversold band emptied and the oversold band shrank. Below RSI 25: one name a week ago, none now. RSI 25-40: eight a week ago, seven now.
- $COGT slid deeper. RSI 34.6 → 30.2, -5.72% on the week, and it is now 14.3% below its 200-day despite a +147.64% year.
- No stale bars this scan — every name carries a fresh 2026-09-18 close. Universe unchanged at 39 tickers.
How To Read The Board
RSI measures how stretched a name is over the last fourteen sessions: under 30 is oversold, over 70 overbought. The gap to the 20-day average shows how fast the recent move was. The two columns that decide whether a name is in a pullback or a breakdown are the one-year return and the distance to the 200-day average — and this week they matter more than usual, because the board's biggest weekly gains sit on the weakest long records. $RXRX (+19.69% on the week, -22.31% on the year) and $DNA (+16.74%, -31.0%) are bounces; $ILMN (+16.07%, +132.57%) is a trend. Everything below the 200-day with a negative year — $IONS, $RARE, $ALNY, $LEGN, $ISRG, $NTLA, $NVO, $DNA, $BEAM, $BNTX — is under genuine structural test no matter what its week looked like. A low RSI in this group is not an invitation; it is a description.
Price Table
| Stock | Price | RSI | SMA20 | vs SMA20 | 7D% | 30D% | 1Y% | vs SMA200 | Signal |
|---|---|---|---|---|---|---|---|---|---|
| IONS | $44.44 | 25.4 | $56.36 | -21.2% | -18.0% | -26.9% | -28.0% | -38.4% | 🔴 New cut-low, cause unknown |
| RARE | $14.51 | 28.1 | $19.52 | -25.7% | +1.5% | -44.7% | -50.2% | -42.3% | 🔴 Approval stopped the slide, trend still broken |
| COGT | $31.50 | 30.2 | $34.63 | -9.0% | -5.7% | -14.5% | +147.6% | -14.3% | 🟡 Big run digesting below its 200-day |
| LEGN | $17.61 | 34.1 | $19.94 | -11.7% | -5.5% | -22.1% | -49.9% | -22.5% | 🔴 Breakdown, deepening |
| IMVT | $36.95 | 36.1 | $39.89 | -7.4% | -1.1% | -17.8% | +139.9% | +18.4% | 🟡 Deep pullback, trend intact |
| NKTR | $67.10 | 38.7 | $71.85 | -6.6% | -3.8% | -11.8% | +14.2% | +2.7% | 🟡 Pullback, barely above its 200-day |
| AMGN | $385.65 | 39.7 | $413.53 | -6.7% | +2.2% | -12.8% | +39.8% | +7.0% | 🟡 Recovering from last week's crash |
| VRTX | $508.34 | 41.2 | $534.51 | -4.9% | -1.4% | -7.9% | +31.3% | +8.1% | 🟡 Pullback, trend intact |
| NVO | $43.24 | 41.3 | $45.18 | -4.3% | +0.4% | -7.0% | -30.1% | -6.3% | 🔴 Negative year, below its 200-day |
| BEAM | $24.95 | 41.7 | $27.32 | -8.7% | +4.0% | -14.2% | -0.6% | -12.7% | 🔴 Flat year, below its 200-day |
| EDIT | $2.70 | 42.7 | $2.96 | -8.8% | 0.0% | -16.9% | -10.0% | +2.8% | 🟡 Negative year, sitting on its 200-day |
| BNTX | $96.06 | 44.1 | $102.98 | -6.7% | -0.7% | -15.1% | -0.3% | -1.5% | 🔴 Flat year, at its 200-day |
| PTGX | $143.00 | 45.2 | $147.24 | -2.9% | -3.5% | -7.7% | +130.1% | +31.6% | 🟡 Pullback, strong trend |
| ALNY | $239.56 | 45.4 | $246.84 | -2.9% | -3.7% | -1.3% | -47.0% | -23.3% | 🔴 Breakdown |
| BMRN | $63.94 | 45.7 | $65.42 | -2.3% | -2.7% | -7.8% | +16.0% | +9.6% | 🟡 Pullback, trend intact |
| XBI | $156.72 | 45.7 | $161.63 | -3.0% | +0.3% | -7.6% | +62.1% | +14.3% | 🟡 Cohort fund, flat week |
| LLY | $1,152.93 | 47.2 | $1,163.31 | -0.9% | +3.3% | -10.0% | +51.1% | +8.1% | 🟡 Recovered off the lows |
| REGN | $784.67 | 47.7 | $808.41 | -2.9% | +0.4% | -6.7% | +31.1% | +6.9% | 🟡 Pullback, trend intact |
| NTLA | $12.14 | 48.5 | $12.47 | -2.7% | +3.4% | -8.6% | -24.6% | -4.5% | 🔴 Negative year, below its 200-day |
| IBBQ | $34.71 | 48.8 | $35.49 | -2.2% | +0.7% | -5.7% | +43.3% | +13.4% | 🟡 Cohort fund |
| IBB | $204.56 | 49.5 | $208.99 | -2.1% | +0.8% | -5.7% | +42.4% | +14.2% | 🟡 Cohort fund |
| SRPT | $20.11 | 50.2 | $20.75 | -3.1% | -1.7% | +1.9% | +8.6% | +4.4% | 🟡 Flat, trend barely intact |
| BIIB | $215.50 | 50.4 | $217.87 | -1.1% | -0.8% | -2.7% | +49.9% | +11.7% | 🟢 Healthy trend |
| INCY | $125.31 | 52.5 | $125.72 | -0.3% | +3.2% | -2.5% | +45.7% | +18.6% | 🟢 Healthy trend |
| KYMR | $117.75 | 53.1 | $118.34 | -0.5% | +2.4% | -7.5% | +130.2% | +28.9% | 🟢 Healthy trend |
| MDT | $92.13 | 53.3 | $92.23 | -0.1% | +1.3% | -2.1% | -3.6% | +3.2% | 🔴 Flat year, weak alpha |
| CRSP | $56.56 | 55.2 | $56.00 | +1.0% | +9.4% | -5.4% | -10.1% | +6.1% | 🟡 Strong week, negative year |
| DHR | $211.81 | 56.6 | $210.11 | +0.8% | +5.8% | +0.2% | +8.5% | +4.9% | 🟡 Recovering, thin trend |
| DXCM | $89.35 | 58.5 | $88.09 | +1.4% | +7.6% | -0.6% | +17.9% | +24.1% | 🟢 Strong week, trend intact |
| ABBV | $263.96 | 58.9 | $259.69 | +1.6% | +2.7% | -0.8% | +18.9% | +15.0% | 🟢 Healthy trend |
| DNA | $7.88 | 59.5 | $7.09 | +11.1% | +16.7% | +2.2% | -31.0% | -4.5% | 🔴 Big bounce inside a broken trend |
| ISRGE | $393.33 | 61.2 | $371.80 | +5.8% | +6.6% | -1.1% | -9.8% | -13.6% | 🔴 Bounce, long trend still broken |
| GILD | $150.11 | 61.4 | $147.73 | +1.6% | +4.5% | +1.7% | +32.1% | +11.0% | 🟢 Healthy trend |
| IQV | $266.42 | 61.5 | $263.16 | +1.2% | +1.8% | +6.9% | +40.1% | +30.8% | 🟢 Healthy trend |
| RXRX | $3.83 | 62.2 | $3.40 | +12.7% | +19.7% | +9.4% | -22.3% | +6.2% | 🟡 Best week in the cut, negative year |
| A | $156.47 | 62.7 | $151.74 | +3.1% | +6.5% | +0.7% | +22.6% | +18.9% | 🟢 Healthy trend |
| MRNA | $154.04 | 63.3 | $145.89 | +5.6% | +7.0% | -11.7% | +505.3% | +155.7% | 🟠 Extreme multi-quarter move, high variance |
| ILMN | $239.62 | 65.7 | $218.88 | +9.5% | +16.1% | +16.9% | +132.6% | +53.5% | 🟢 Breakout, strongest chart in the cut |
| TMO | $651.45 | 67.6 | $623.30 | +4.5% | +6.8% | +6.2% | +35.4% | +21.1% | 🟢 Cut's highest print, trend intact |
Tier Analysis
Capitulation (RSI < 25)
Empty this week. $RARE vacated it at 28.1 after the FDA approval; nothing replaced it.
Oversold (RSI 25-40)
$IONS (25.4), $RARE (28.1), $COGT (30.2), $LEGN (34.1), $IMVT (36.1), $NKTR (38.7), $AMGN (39.7) — seven names, down from eight. Only $IMVT, $NKTR and $AMGN pass the long test (positive year, above the 200-day); those are pullbacks. $IONS, $RARE and $LEGN fail both tests and are breakdowns. $COGT is its own case: a +147.6% year that is now 14.3% below its 200-day, a big run still digesting.
Neutral to strong (RSI 40+)
- Structurally broken (below the 200-day with a flat-to-negative year): $NVO, $BEAM, $BNTX, $ALNY, $NTLA, $DNA, $ISRG. A high weekly gain here is a bounce — $DNA rose 16.74% and $ISRG 6.55% without changing either number.
- Negative year but holding the 200-day: $EDIT, $MDT, $CRSP, $RXRX. These are the ambiguous ones; the long trend is flat-to-down while the price sits just above its long average.
- Pullback, trend intact: $VRTX, $PTGX, $BMRN, $XBI, $LLY, $REGN, $IBBQ, $IBB, $SRPT, $DHR — all above the 200-day with a positive year, most still below their 20-day.
- Healthy and working: $BIIB, $INCY, $KYMR, $DXCM, $ABBV, $GILD, $IQV, $A, $TMO, $ILMN.
- Extreme move, high variance: $MRNA — up 505.3% on the year and 155.7% above its 200-day, still down 11.66% on the month; a different kind of situation from the rest of the cut.
Entry Zones
| Stock | Price | Zone | RSI | 1Y% | Conditions |
|---|---|---|---|---|---|
| ILMN | $239.62 | Above $218.88 (its 20-day) holds the breakout | 65.7 | +132.6% | Extended after a 16.07% week and 9.5% above its 20-day; the named drivers remain attributed and unconfirmed |
| AMGN | $385.65 | $354.71 (a prior support shelf) to $413.53 (its 20-day) | 39.7 | +39.8% | Two weeks after an unexplained 31-point RSI drop; long trend still intact, floor unconfirmed |
| IMVT | $36.95 | Watch $39.89 (its 20-day) | 36.1 | +139.9% | Oversold with the long trend intact, 18.4% above its 200-day; a reclaim of the 20-day is the confirmation |
| COGT | $31.50 | Watch $34.63 (its 20-day); its 200-day sits above | 30.2 | +147.6% | Still below its long average after a huge run — the 200-day reclaim is the test, not the RSI |
| IONS | $44.44 | No support shelf identified | 25.4 | -28.0% | Deepest print in the cut with no established cause and no confirmed floor; a watch item, not an entry |
Action Matrix
| Stock | Signal | Action | Notes |
|---|---|---|---|
| TMO, ILMN, A, IQV, GILD, KYMR, INCY, BIIB, ABBV, DXCM | 🟢 | 🔒 Hold | Above the 200-day with a positive year and positive alpha; $ILMN is the most extended of the group |
| VRTX, PTGX, BMRN, LLY, REGN, XBI, IBB, IBBQ, SRPT, DHR | 🟡 | 📈 Accumulate | Pullbacks inside intact trends — below their 20-day, above their 200-day, positive years |
| AMGN, IMVT, NKTR, COGT | 🟡 | 🔍 Watch | Oversold with the long trend intact or a big run digesting; confirm a floor and a cause before acting |
| RXRX, CRSP, DNA, EDIT, MDT | 🟡 | 🔍 Watch | Strong or steady weeks on flat-to-negative years — a bounce until the one-year number turns |
| MRNA | 🟠 | ⚠️ Don't chase | Still unwinding an extreme multi-quarter move; 155.7% above its 200-day and down 11.66% on the month |
| IONS, RARE, LEGN, ALNY, ISRG, NTLA, NVO, BEAM, BNTX | 🔴 | ❌ Avoid | Below the 200-day with a flat-to-negative year; $IONS and $RARE are the two deepest and neither has a confirmed floor |
What To Watch Next
- $IONS fell 18.02% in a week with the desk's last news pull dated July 12. The open question is whether a driver surfaces on the next pull or the decline stays unexplained — it is the cut's worst name on both the week and the year.
- $ILMN's index addition and GRAIL reacquisition are attributed and still unconfirmed by any filing on the desk's record. Confirmation would make a 16.07% week a re-rate; its absence leaves the strongest chart in the cut resting on a transcript.
- $RARE has an approval and still a 42.3% gap below its 200-day. Does the FDA clearance build a floor above $14.51, or does the month's 44.7% decline resume?
- $RXRX and $DNA put up the cut's two biggest weekly gains on negative years. Watch whether either reclaims a positive one-year return, or whether both fade back — that is the difference between a turn and a bounce.
- $ISRG is now seven scans below its 200-day. A 6.55% week lifted its RSI to 61.2 without moving the year off -9.75%.
Sources
- Tape data (price, RSI, moving averages, returns): pre-computed summaries as of the 2026-09-18 close — biotech-scan.
- $RARE approval: 2026-09-17-endpointsnews-fda-approves-ultragenyx-s-gene-therapy-for-sanfilippo-syndro-ts-news-p-591147; also carried in 2026-09-17-market-brief.
- $ILMN attribution (index addition, GRAIL reacquisition — attributed, unconfirmed): 2026-09-17-market-brief; news receipt latest (pulled 2026-09-17, transcript only, no filing).
- News checks with nothing on this week's move: latest (pulled 2026-07-12, predates the move),
RXRX(pulled 2026-09-18),DNA(pulled 2026-09-18),RARE(pulled 2026-09-18),CRSP(pulled 2026-09-17),COGT(pulled 2026-08-28),LEGN(pulled 2026-08-11),ALNY(pulled 2026-07-31),MRNA(pulled 2026-08-28). Event recordresearch/stock-events/checked for the 2026-09-11 to 2026-09-18 window: only LAES, FPS and ALMU earnings are filed, none in this cut. - Prior scan for comparison: 2026-09-11-biotech-scan.
Related
10 eventsNo direct external sources are attached to this read.