Aggregated price index with volume information
Summary:
- The momentum of the sector is very strong.
- Biotechnology stocks up 1.2% on average while median return up 0.6% in a day
- Biotechnology stocks up 5.4% on average while median return up 4.5% in a week
- Biotechnology stocks up 16.3% on average while median return up 13.5% in a month
- When average return is significantly different from median return, this implies an asymmetry - composite return is driven by some outliners.
Aggregated price index (close) is based on equal weighted constituencies returns. Average short volume and average total volumes are averaged across all volume data among constituencies.
- 1M winners are : Winners for past month are $PSNL 189.9%, $EBS 113.0%, $QURE 86.9%, $CASI 84.7%, $AVXL 76.4%
- 1M losers are : Losers for past month are $CLRB -20.8%, $BRTX -21.3%, $IMMP -21.7%, $IVA -24.5%, $CUE -51.4%
- 1W winners are : Winners for past week are $SMMT 31.4%, $VKTX 29.6%, $PSTX 29.1%, $PACB 28.6%, $ACET 28.2%
- 1W losers are : Losers for past week are $VSTM -10.8%, $CUE -11.8%, $CODX -11.8%, $IVA -15.1%, $CANF -17.6%
Correlation Analysis
Index correlation analysis
Correlation for the past month is 16.6%, for the past 3 months is 10.4%
In the past month for a 5 days rolling window, the highest corrrelation is 36.4%, the lowest correlation is 2.8%, the latest correlation is 9.8%
When a correlation deviated from the normal level and goes lower or even negative, it indicates some of stocks have deviated from the normal direction of the group. The deviation could reverse if long term level of correlation was at a higher level. It creates trading opportunities and deserves study whether the deviation is idiosyncratic or systematic.
Among pairwise correlation, the highest correlation is 82.7% between ALDX and ALLO
The lowest correlation is -43.9% between ACET and ANPC
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