Aggregated price index with volume information
Summary:
- Digital Healthcare stocks up 1.3% on average while median return up 0.5% in a day
- Digital Healthcare stocks up 4.6% on average while median return up 4.4% in a week
- Digital Healthcare stocks down 3.7% on average while median return down 6.8% 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 $IRTC 3.4%, $DRIO 0.7%
- 1M losers are : Losers for past month are $TDOC -9.0%, $OPRX -22.2%
- 1W winners are : Winners for past week are $DRIO 24.0%, $TDOC 4.5%
- 1W losers are : Losers for past week are $OPRX -3.9%, $BEAT -5.1%
Correlation Analysis
Index correlation analysis
Correlation for the past month is 34.3%, for the past 3 months is 24.7%
In the past month for a 5 days rolling window, the highest corrrelation is 78.2%, the lowest correlation is -13.7%, the latest correlation is 32.2%
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 58.6% between IRTC and TDOC
The lowest correlation is -8.0% between BEAT and OPRX
Digital medical services platform Teladoc Health (NYSE:TDOC) will be announcing earnings results tomorrow after the bell. Here's what you need to know.
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OptimizeRx (OPRX) has become technically an oversold stock now, which implies exhaustion of the heavy selling pressure on it. This, combined with strong agreement among Wall Street analysts in revising earnings estimates higher, indicates a potential trend reversal for the stock in the near term.
The telemedicine specialist is still trying to show that it isn't just a "pandemic stock."
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