Biotech recovered most of last week's break but ended the week soft: 33 of 41 names rose over 7D (15 of 40 a week ago), yet only 10 rose Friday and $LLY fell 2.54%. $XBI gained 3.62% on the week to RSI 45.1, 1.4% under its 20-day average and 6.2% above its 200-day; $IBB (+2.85%) sits 13.1% above its 200-day. The damage was event-specific: $MRNA lost 8.22% after Moderna and Merck's melanoma-vaccine data leaked ahead of its presentation, and $DXCM fell 9.41% with no cause on file. No name is under RSI 25 any more (two were a week ago; $NKTR 28.8 and $IMVT 31.9 are the lowest), and $ISRG and $RXRX moved back above their 200-day averages on negative years. Outside the board, three small tools names in the funding-cycle lane ($NAUT, $QSI, $PACB) ran 49.65% to 239.66% over 30D.

Data as of the 2026-10-23 settled close; 41 tickers, every one carrying a 2026-10-23 bar ($DFTX joined the board on October 17).

The week reversed last week's break. $XBI closed at $149.54 (-1.38% Friday, +3.62% 7D), RSI 45.1 from 35.9, 1.4% under its 20-day ($151.73) and 6.2% above its 200-day ($140.87), a wider cushion than the 3.0% of a week ago; $IBB gained 2.85% to $207.74 (RSI 51.9). Last week's oversold pullbacks inside intact trends have mostly resolved: $PTGX (+7.52% 7D), $KYMR (+5.71%) and $INCY (+2.33%) are back within 1.1% of their 20-day averages. Breadth tells the same story with a catch: 33 of 41 names rose over 7D, but 31 fell Friday, and 19 of 41 sit below their 20-day (26 of 40 a week ago). On Friday the Nasdaq-100 fund was flat (-0.01%) while the Dow fund fell 1.24%; biotech funds fell with the Dow, not the Nasdaq.

The sector's news flow was about deal volume and China. Endpoints reported on October 23 that third-quarter M&A cooled, big upfront licensing slackened and venture investing slowed ("Biotech takes a hit as dealmakers take a knee in Q3"), after its October 20 sentiment index reported "a level of optimism not seen in years". The same feed has Lycia Therapeutics pricing a $317.5 million IPO (it sought $227 million on October 20), Gilead paying $1.28 billion upfront to PepStar Therapeutics for a Phase 1 oral IL-23 asset, and a live discussion titled "Did the US just kill off China biotech deals?" about a Treasury proposed rule issued Thursday night under the COINS Act; Endpoints' October 22 report says the draft would sharply limit US investment in much of China biotech. $GILD closed -0.73% Friday; no source on file ties any of these items to a move on the board.

Moderna is the week's casualty. $MRNA closed at $200.10 (-1.25% Friday, -8.22% 7D, RSI 50.2 from 61.7), 4.9% under its 20-day ($210.49) yet still 143.5% above its 200-day ($82.16) on a +662.29% 1Y. Endpoints reported on October 22 that Phase 3 data for Moderna and Merck's cancer vaccine in melanoma leaked before the scheduled presentation in Madrid and "fell short of investors' high hopes"; MarketWatch said the vaccine cut recurrence or death by 42% after two years and asked whether the reaction was "sell-the-news"; Bloomberg's October 23 segment described doctors celebrating while Wall Street sold off. Public.com's page cites an Investopedia headline that Moderna sank nearly 20% after the leak, and Yahoo Finance's history page has it down about 24% intraday on October 22 from a $245.81 close. Moderna is estimated to report November 6.

Large-cap pharma stayed near its highs and sold on Friday. $LLY closed at $1,273.46 (-2.54% Friday, +1.31% 7D, RSI 62.2 from 68.6), 5.7% above its 20-day; $ABBV (RSI 65.1 from 71.1) was flat on the week (+0.08% 7D); AbbVie announced a Phase 3 win for lutikizumab in a painful skin condition (Endpoints, October 22), and the shares rose 0.16% Friday. The wider peptide-economy list closed 0 of 10 up (median -2.1% on the day, per the October 23 market brief). Friday's pharma weakness has no cause on file: the $LLY pull dates from October 16. $BIIB is +7.75% over 7D to RSI 70.6, 8.6% above its 20-day; Biogen said on October 19 that third-quarter results will include about $284 million of acquired in-process R&D and upfront and milestone expense, cutting GAAP and non-GAAP EPS by roughly $1.65 and $1.70, and MarketBeat's October 23 item says analysts raised targets ahead of the estimated October 28 report.

Genomics bounced. $GRAL rose 12.51% over 7D to $132.55 (RSI 56.8 from 48.6, +4.32% Friday), 1.5% under its 20-day ($134.63) and 72.5% above its 200-day ($76.84) on a +60.38% 1Y; cause unknown, since its news was last pulled October 19, before the move. $RXRX gained 6.63% to $3.70 (RSI 48.1), which puts it 4.4% above its 200-day ($3.54) on a -35.43% 1Y; quote pages in the news pull note a $200 million underwritten offering announced October 15. $DNA lost 2.73% over 7D despite a +2.88% Friday ($9.99, RSI 47.4), 13.1% under its 20-day and 17.1% above its 200-day ($8.53) on a -24.38% 1Y. $ILMN (+2.62% 7D, RSI 54.7) is 55.8% above its 200-day on a +169.50% 1Y; its news pull on October 23 found nothing newer than July 30.

Devices and diagnostics split. $DXCM is the board's biggest decliner: $77.94, -9.41% over 7D and -11.16% over 30D on 1.37 times average volume Friday, RSI 32.1, 7.8% under its 20-day ($84.54) and 4.9% above its 200-day ($74.31) on a +9.68% 1Y. Cause unknown: the Dexcom news receipt dates from June 21, so the pull says nothing about this week, and no capture from October 16 to 23 mentions the company. Dexcom is scheduled to report October 29 after the close. $ISRG (+6.00% 7D, +1.90% Friday, RSI 70.8) reported October 20 after the close: EPS of $3.00 against $2.64 in the consensus (yfinance record) and revenue of $3.05 billion against $2.91 billion expected (Benzinga); the shares dipped after hours, per Benzinga, but closed the week 7.5% above their 20-day and 3.7% above their 200-day ($436.21) on a -17.96% 1Y. $MDT (+0.70% 7D, RSI 59.8, 8.2% above its 200-day) traded on 0.17 times average volume.

The long-trend lines are the test for the weak names. $IMVT closed at $28.41 (-2.37% Friday, +6.29% 7D, RSI 31.9 from 13.2), 11.1% under its 200-day ($31.97) on a +51.60% 1Y, with its shelf at $26.92: a strong year under test. $NKTR closed at $37.22 (RSI 28.8 from 20.6, +4.02% 7D but -3.70% Friday on 0.28 times average volume), 42.7% under its 200-day ($65.01) on a -41.51% 1Y, with no shelf identified: a base that has not started, since it has not reclaimed even its 20-day ($42.66). The other 11 names basing below the line on negative years are $ALNY (RSI 41.7, 22.7% under; Endpoints on October 23 reports Alnylam planning a bigger Huntington's study, with no price effect stated), $IONS (36.6% under; FDA approved GSK and Ionis' hepatitis B drug bepirovirsen early, per Endpoints on October 21, and the shares were flat on the week and fell 2.23% Friday, with no source tying Friday to the approval), $RARE (32.2% under, +7.63% 7D), $NVO, $NTLA, $SRPT, $LEGN, $CRSP, $EDIT, $BNTX and $BEAM. Sub-$5 shares ($RXRX, $EDIT) carry business risk this board cannot grade.

The biotech funding campaign asks whether improving funding reaches tools and CRO revenue through net new orders, rather than staying in issuance and stock prices. Its second-cycle evidence is mixed and incomplete. Medpace reported October 21: revenue up 8.5% to $716.0 million, backlog up 5.6% to $3,167.2 million, and a call summary that calls net new business awards a record without a figure. Thermo Fisher reported revenue of $12.14 billion with 6% organic growth, but its call summary says Pharma Services growth should moderate in Q4 because customer activity was pulled forward into Q3. Danaher raised full-year EPS guidance to $8.57 to $8.62 with a cautious 2027 outlook. No source on file states net awards, book-to-bill or cancellations at more than one supplier, so the test is open: ICON reports October 27 after the close (call October 28), IQVIA is estimated for October 27, and Repligen has announced October 27 before the open. On the tape, $MEDP (+8.20% 7D), $ICLR (+8.87%) and $CRL (+15.07%, RSI 73.2, after its investor day) rose on the week, and $IQV (+4.67%, RSI 65.5) sits 1.28% under its high; $TMO closed 2.34% lower on the week after touching a 52-week high on October 21 (Yahoo Finance history page).

Three small names in this lane moved far more than anything on the board, and none is an instrument of the campaign. $NAUT closed at $3.24 (+24.62% Friday, +57.28% 7D, +239.66% over 30D, RSI 77.6), $QSI at $1.40 (+21.74% Friday, +84.53% over 30D) and $PACB at $2.11 (+2.43% Friday, +49.65% over 30D). The same three were flagged as unclaimed movers on October 12 and remain so. The only items on file are not causes: Nautilus will report October 27 before the open (company announcement, October 15) and Leerink initiated at Buy with a $3.50 target (Investing.com); Quantum-Si regained Nasdaq compliance on October 21 (MarketBeat); Pacific Biosciences announced a collaboration with Verily on October 19 (ChartExchange); and a trader's October 23 post calls $NAUT "a 2-3x trade", which is promotion, not evidence. A reason for Friday's 24.62% and 21.74% days is unknown (news pulled October 23, stock-events checked). Business-quality veto on $NAUT and $QSI: near pre-revenue (revenue of $190,000 and $344,000 in the June quarter against net losses of $14 million and $24 million, per their SEC-filed quarterly results) on tapes shaped like squeezes, which the board will not treat as a setup. $PACB has $39 million of quarterly revenue and a $45 million loss, a +8.21% 1Y and a close 32.1% above its 200-day; $NAUT's 1Y is +123.45% and $QSI's -36.36%.

Tape figures below are live-bound to the desk summaries; the as-of date is shown per row.

• Universe: 41 names, from 40; $DFTX joined the board on October 17 (the watchlist record gives no reason). It enters intact: RSI 47.8, level with its 20-day, 22.8% above its 200-day, +186.05% 1Y, 28.23% under its high.
• Extended band: 2 of 41 at RSI 70 or higher ($ISRG 70.8, $BIIB 70.6), from 1 ($ABBV, now 65.1). None at RSI 80 or higher.
• Oversold bands: none under RSI 25, from 2 ($IMVT 13.2, $NKTR 20.6); 5 names at RSI 25 to 40 ($NKTR, $IMVT, $DXCM, $BNTX 38.2, $IONS 39.8), from 11.
• Breadth: below the 20-day, 19 of 41 (26 of 40 a week ago); below the 200-day, 15 of 41 (17); negative year, 15 of 41 (16); up over 7D, 33 of 41 (15); up on Friday, 10 of 41 (4).
• Long-trend changes: $ISRG and $RXRX moved above their 200-day averages, both still on negative years. $MDT's year turned positive, so it moved from a base above the line to intact. No name lost its 200-day. Names below the line on negative years: $ALNY, $BEAM, $BNTX, $CRSP, $EDIT, $IONS, $LEGN, $NKTR, $NTLA, $NVO, $RARE, $SRPT (last week's "broken" 14 less $ISRG and $RXRX); the board now reads them as bases rather than "broken", because a flat or negative year alone is what a base looks like. Under test with positive years: $BMRN, $COGT, $IMVT, unchanged.
• Leaders rotated: last week's leaders (large-cap pharma and tools) gave way to genomics and the funding-cycle names; $LLY (+1.31%), $REGN (+1.81%) and $AMGN (+1.57%) gained less than 2% on the week and $TMO fell 2.34%.

RSI measures stretch over fourteen sessions: under 30 oversold, 70 and over extended. The 200-day average is the long-trend test: above it on a positive year is an intact trend (a low RSI there is a pullback); below it on a positive year is a trend under test; below it on a flat or negative year is a base, and a close back above the 200-day is what ends it. A name down 15% or more over 7D, or 10% or more below its 20-day, is a deep pullback: wait for a flag, not a bounce. This board carries price, RSI and trend only, with no insider, fundamental or clinical-trial layer, so a low RSI is raw screen evidence, not a setup. Sub-$5 shares ($RXRX, $EDIT) carry business risk this board cannot grade. Zone levels and action labels are screen output, not calls.

Tape figures below are live-bound to the desk summaries; the as-of date is shown per row.

None this week.

$NKTR, $IMVT, $DXCM, $BNTX, $IONS

Long-trend status: above the 200-day on a positive year: $DXCM; below the 200-day on a positive year (under test): $IMVT; above the 200-day on a flat or negative year (base): none; below the 200-day on a flat or negative year (basing): $NKTR, $BNTX, $IONS.

$CRSP, $ALNY, $NTLA, $BMRN, $EDIT, $BEAM, $XBI, $NVO, $SRPT, $DNA, $RARE, $INCY, $DFTX, $PTGX, $RXRX, $KYMR, $COGT, $IBBQ, $MRNA, $IBB, $LEGN, $TMO, $ILMN, $VRTX, $GRAL, $A, $REGN, $GILD, $MDT, $DHR, $AMGN, $LLY, $ABBV, $IQV, $BIIB, $ISRG

Of these, RSI 70 or higher: $BIIB, $ISRG

Zones are conditions (a level plus a confirmation), not orders. Levels are live-bound to the desk summaries.

• $XBI: a close back above its 20-day ($151.73) would mark the turn; the line is its 200-day ($140.87; the close is 6.2% above it), with the shelf far below at $128.82.
• $DXCM: the 200-day ($74.31) and shelf ($74.15) are the floor (the close is 4.9% above the 200-day); a reclaim of the 20-day ($84.54) is the confirmation. Reports October 29 after the close (scheduled).
• $ISRG and $RXRX at their new lines: a close back under $436.21 ($ISRG, shelf $426.08) or $3.54 ($RXRX, shelf $3.47) undoes the cross. Recursion is scheduled to report November 4.
• $IMVT: the 200-day is $31.97 (the close is 11.1% under it); the shelf at $26.92 is the floor. Immunovant is scheduled to report November 9 before the open. $NKTR needs $65.01 back and has no shelf; Nektar is estimated for November 12. $BMRN (close $55.95, shelf $55.14, 200-day $58.46) reports October 26 after the close (scheduled).
• Genomics ($GRAL, $DNA, $ILMN): whether the bounce holds above the 20-day averages ($134.63, $11.50, $271.82); $GRAL's 200-day is $76.84. $ILMN reports October 29 after the close (scheduled), $GRAL November 4 (estimated), $DNA November 5.
• $LLY and $ABBV: both near highs; the first close under the 20-day ($1,204.94 and $275.09) is the first crack. $LLY reports October 29 before the open (scheduled); $ABBV is estimated for October 30. $MRNA: a reclaim of the 20-day ($210.49) confirms; its ACCUMULATE label is mechanical and the drop is event-driven; the report is estimated for November 6.
• $INCY (0.6% above its 20-day of $115.07, 200-day $107.78, shelf $103.25) is estimated to report October 29 before the open; $BIIB (RSI 70.6) October 28 (estimated); $ALNY October 29; $REGN October 30 (estimated); $VRTX November 2; $AMGN November 3.
• Funding lane: ICON (October 27 after the close), IQVIA and Repligen (October 27), then the campaign's review on October 28. $NAUT reports October 27 before the open; $PACB is estimated for November 4 and $QSI for November 5.

• Tape data: pre-computed desk summaries for the biotech universe and the funding-cycle lane, as of the 2026-10-23 settled close (biotech-scan, biotech-capital-cycle.json); SPY, QQQ and the Dow fund from market-pulse.json; peptide-economy lane figures from the October 23 market brief.
• Sector and policy news: Endpoints News, Biotech takes a hit as dealmakers take a knee in Q3, Lycia's $318M IPO, Gilead strikes $1.3B upfront China deal, Post-Hoc Live: Did the US just kill off China biotech deals?, Treasury proposal would sharply limit US investments in much of China biotech, Biopharma Sentiment Index Q3 2026, AbbVie notches Phase 3 win, GSK gets FDA approval for hepatitis B drug (captures under 2026-10-20-* to 2026-10-23-*).
• Moderna: MarketWatch, Endpoints News, Bloomberg, Oncologists Cheer Melanoma Data; news receipt fetched 2026-10-23 (Public.com; Yahoo Finance history).
• Company items via news receipts (quote pages, so reasons are the press's): Benzinga, Intuitive Surgical tops Q3 estimates (ISRG, fetched 2026-10-23); Biogen statement (BIIB, fetched 2026-10-23); Nasdaq, Nautilus third-quarter announcement, Investing.com, NAUT, MarketBeat, QSI, ChartExchange, PACB, Medpace release, Danaher release, MarketBeat, Thermo Fisher call, Yahoo Finance, Thermo Fisher call summary, TMO history, Timothy Sykes, CRL. A trader's post on NAUT (X, October 23, captured under tweets) is cited as promotion, not evidence.
• Older receipts, so not evidence of absence: DXCM and DFTX (2026-06-21), NKTR (2026-10-03), IMVT and GRAL (2026-10-19), IONS (2026-09-19), PTGX (2026-09-30), LLY (2026-10-16), ALNY (2026-07-31), XBI (2026-08-25). Social-search captures for NAUT and QSI returned only name collisions and are not used.
• Funding campaign record: biotech-capital-cycle (next review 2026-10-28; Medpace, Danaher and Thermo Fisher summaries only, filings unread). Watchlist change: CHANGELOG (DFTX added 2026-10-17).
• Earnings records: 2026-10-20-isrg-earnings (yfinance, actual against analyst consensus); 2026-07-28-naut-earnings.md, 2026-08-05-qsi-earnings.md and 2026-08-05-pacb-earnings.md (SEC-filed quarter figures). Scheduled or estimated dates from 2026-10-26-bmrn-earnings.md, 2026-10-27-naut-earnings.md, 2026-10-28-biib-earnings.md (estimated), 2026-10-29-lly-earnings.md, 2026-10-29-dxcm-earnings.md, 2026-10-29-ilmn-earnings.md, 2026-10-29-alny-earnings.md, 2026-10-29-incy-earnings.md (estimated), 2026-10-30-abbv-earnings.md (estimated), 2026-10-30-regn-earnings.md (estimated), 2026-11-02-vrtx-earnings.md, 2026-11-03-amgn-earnings.md, 2026-11-04-rxrx-earnings.md, 2026-11-04-gral-earnings.md (estimated), 2026-11-05-dna-earnings.md, 2026-11-05-qsi-earnings.md (estimated), 2026-11-04-pacb-earnings.md (estimated), 2026-11-06-mrna-earnings.md (estimated), 2026-11-09-imvt-earnings.md and 2026-11-12-nktr-earnings.md (estimated). Two IONS 8-Ks (2026-10-21, 2026-10-23) on file unread.
• Prior scan: 2026-10-16-biotech-scan (structure, universe, and its October 16 readings cited as history).