Medicenna Therapeutics Corp Stock Market Value
| MDNA Stock | CAD 1.57 0.08 5.37% |
| Symbol | Medicenna |
Medicenna Therapeutics Price To Book Ratio
Medicenna Therapeutics 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Medicenna Therapeutics' stock what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Medicenna Therapeutics.
| 12/04/2022 |
| 11/23/2024 |
If you would invest 0.00 in Medicenna Therapeutics on December 4, 2022 and sell it all today you would earn a total of 0.00 from holding Medicenna Therapeutics Corp or generate 0.0% return on investment in Medicenna Therapeutics over 720 days. Medicenna Therapeutics is related to or competes with Aptose Biosciences, Oncolytics Biotech, and Helix BioPharma. Medicenna Therapeutics Corp., a clinical stage immunotherapy company, develops and commercializes Empowered Cytokines an... More
Medicenna Therapeutics Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Medicenna Therapeutics' stock current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Medicenna Therapeutics Corp upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.1) | |||
| Maximum Drawdown | 27.82 | |||
| Value At Risk | (8.26) | |||
| Potential Upside | 7.66 |
Medicenna Therapeutics Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Medicenna Therapeutics' investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Medicenna Therapeutics' standard deviation. In reality, there are many statistical measures that can use Medicenna Therapeutics historical prices to predict the future Medicenna Therapeutics' volatility.| Risk Adjusted Performance | (0.05) | |||
| Jensen Alpha | (0.32) | |||
| Total Risk Alpha | (1.21) | |||
| Treynor Ratio | 0.7677 |
Medicenna Therapeutics Backtested Returns
Medicenna Therapeutics has Sharpe Ratio of -0.0681, which conveys that the firm had a -0.0681% return per unit of risk over the last 3 months. Medicenna Therapeutics exposes twenty-four different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please verify Medicenna Therapeutics' Mean Deviation of 3.88, standard deviation of 5.21, and Risk Adjusted Performance of (0.05) to check out the risk estimate we provide. The company secures a Beta (Market Risk) of -0.5, which conveys possible diversification benefits within a given portfolio. As returns on the market increase, returns on owning Medicenna Therapeutics are expected to decrease at a much lower rate. During the bear market, Medicenna Therapeutics is likely to outperform the market. At this point, Medicenna Therapeutics has a negative expected return of -0.36%. Please make sure to verify Medicenna Therapeutics' coefficient of variation, jensen alpha, treynor ratio, as well as the relationship between the standard deviation and total risk alpha , to decide if Medicenna Therapeutics performance from the past will be repeated at some point in the near future.
Auto-correlation | -0.39 |
Poor reverse predictability
Medicenna Therapeutics Corp has poor reverse predictability. Overlapping area represents the amount of predictability between Medicenna Therapeutics time series from 4th of December 2022 to 29th of November 2023 and 29th of November 2023 to 23rd of November 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Medicenna Therapeutics price movement. The serial correlation of -0.39 indicates that just about 39.0% of current Medicenna Therapeutics price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.39 | |
| Spearman Rank Test | -0.64 | |
| Residual Average | 0.0 | |
| Price Variance | 0.52 |
Medicenna Therapeutics lagged returns against current returns
Autocorrelation, which is Medicenna Therapeutics stock's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Medicenna Therapeutics' stock expected returns. We can calculate the autocorrelation of Medicenna Therapeutics returns to help us make a trade decision. For example, suppose you find that Medicenna Therapeutics has exhibited high autocorrelation historically, and you observe that the stock is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Medicenna Therapeutics regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Medicenna Therapeutics stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Medicenna Therapeutics stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Medicenna Therapeutics stock over time.
Current vs Lagged Prices |
| Timeline |
Medicenna Therapeutics Lagged Returns
When evaluating Medicenna Therapeutics' market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Medicenna Therapeutics stock have on its future price. Medicenna Therapeutics autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Medicenna Therapeutics autocorrelation shows the relationship between Medicenna Therapeutics stock current value and its past values and can show if there is a momentum factor associated with investing in Medicenna Therapeutics Corp.
Regressed Prices |
| Timeline |
Pair Trading with Medicenna Therapeutics
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Medicenna Therapeutics position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Medicenna Therapeutics will appreciate offsetting losses from the drop in the long position's value.Moving against Medicenna Stock
| 0.64 | TSLA | Tesla Inc CDR | PairCorr |
| 0.48 | WMT | Walmart Inc CDR | PairCorr |
| 0.41 | AMZN | Amazon CDR | PairCorr |
| 0.32 | TD-PFI | Toronto Dominion Bank | PairCorr |
The ability to find closely correlated positions to Medicenna Therapeutics could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Medicenna Therapeutics when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Medicenna Therapeutics - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Medicenna Therapeutics Corp to buy it.
The correlation of Medicenna Therapeutics is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Medicenna Therapeutics moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Medicenna Therapeutics moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Medicenna Therapeutics can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Other Information on Investing in Medicenna Stock
Medicenna Therapeutics financial ratios help investors to determine whether Medicenna Stock is cheap or expensive when compared to a particular measure, such as profits or enterprise value. In other words, they help investors to determine the cost of investment in Medicenna with respect to the benefits of owning Medicenna Therapeutics security.