I’ve owned Bristol-Myers Squibb (BMY) through two CEO changes, one near-catastrophic acquisition, and more patent cliff panic attacks than I care to count. The dividend alone has paid for my annual fishing trip to Alaska three times over. So when the street spent the better part of two years treating BMY like a condemned man, […]
Category Archives: Biotech Letter
Mad Hedge Biotech and Healthcare Letter February 24, 2026 Fiat Lux Featured Trade: (THE CLIFF HANGER) (BMY), (PFE)
Mad Hedge Biotech and Healthcare Letter February 19, 2026 Fiat Lux Featured Trade: TEACHING CATS TO DO YOUR TAXES (MRNA), (GSK), (PFE), (MRK)
The FDA just delivered Moderna (MRNA) a Refusal-to-File letter for its influenza vaccine mRNA-1010, which is regulatory speak for “we’re not even going to look at this.” It’s the bureaucratic equivalent of returning an unopened package to the sender, and it triggered a 10% after-hours selloff that erased whatever goodwill the stock had built from […]
Mad Hedge Biotech and Healthcare Letter February 17, 2026 Fiat Lux Featured Trade: (A SURVIVOR OF THE GLP-1 MASSACRE) (VKTX), (NVO), (LLY)
The GLP-1 stock massacre of 2025 was brutal, indiscriminate, and thoroughly predictable. Viking Therapeutics (VKTX) got caught in the crossfire, dropping from its peak alongside every other obesity drug hopeful when the market decided a price war was imminent. I watched the selling cascade through the sector like an avalanche, taking down pre-revenue biotechs and […]
Mad Hedge Biotech and Healthcare Letter February 12, 2026 Fiat Lux Featured Trade: (THE 2028 PATENT CLIFF AND OTHER FAIRY TALES) (MRK)
I remember sitting in a conference room at Merck’s (MRK) Kenilworth headquarters back in 2014, watching their presentations on some experimental cancer drug called pembrolizumab. Half the analysts in the room were checking their phones. That drug became Keytruda, now pulling in $32 billion annually, and those same analysts are convinced the company’s about to […]
Mad Hedge Biotech and Healthcare Letter February 10, 2026 Fiat Lux Featured Trade: ONE INFUSION TO RULE THEM ALL? (NTLA), (PFE), (REGN), (ALNY), (BBIO), (TAK), (CSLLY), (BCRX)
In 2020, for the first time in history, a doctor pushed a CRISPR-based drug into a vein, let it ride the bloodstream like an Uber through downtown physiology, and watched it edit a gene inside the liver in real time. That experiment – Intellia’s (NTLA) NTLA-2001, now dubbed nexiguran ziclumeran, or nex-z – delivered an […]