Covalon Technologies (TSXV:COV) Momentum Rank : 9 (As of May. 11, 2024)

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What is Covalon Technologies Momentum Rank?

Covalon Technologies has the Momentum Rank of 9.

For Momentum Rank, we considered the residual momentum concept that was widely studied by Blitz and his colleagues as well as by Nobel Prize laureates Fama and French. However, we did not find any significant differences in the performances of stocks with different ranks of residual momentum. Therefore, we use traditional momentum instead.

Momentum Rank is determined using the standardized momentum ratio and other momentum indicators. The standardized momentum ratio is the average of the performances from 12 months ago to 1 month ago and 6 months ago to 1 month ago, divided by the beta of the stock over the past 12 months. To calculate the momentum ratio today, we would use the average of the two performance numbers.

For momentum, we found that stock price performance does not have a monotonic correlation with the momentum ratio. The stocks with the highest momentum ratios perform worse than those at about the 70th percentile. Therefore, for the momentum rank, we ranked the stocks at about the 70th percentile of the momentum ratio as the highest at 10.

Please click GF Score to see more details on the GF Score's 5 Key Aspects of Analysis.

Competitive Comparison of Covalon Technologies's Momentum Rank

For the Biotechnology subindustry, Covalon Technologies's Momentum Rank, along with its competitors' market caps and Momentum Rank data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Covalon Technologies's Momentum Rank Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Covalon Technologies's Momentum Rank distribution charts can be found below:

* The bar in red indicates where Covalon Technologies's Momentum Rank falls into.

Covalon Technologies Momentum Rank Related Terms

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Covalon Technologies (TSXV:COV) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » Covalon Technologies Ltd (TSXV:COV) » Definitions » Momentum Rank

Comparable Companies

Traded in Other Exchanges

CVALF:USA

Address

1660 Tech Avenue, Unit 5, Mississauga, ON, CAN, L4W 5S7

Website

https://www.covalon.com

Covalon Technologies Ltd is principally engaged in the business of developing, licensing, and selling medical technologies. The company develops advanced wound care line which is designed for the treatment of a wide range of wounds; and infection prevention products such as MediClear PreOp which is a breathable, transparent, self-adhesive silicone barrier film that conforms to the contours of the body. It also develops perioperative care products. The company generates its revenue through development contracts, licensing agreements, and distribution contracts, and sales.

Covalon Technologies (TSXV:COV) Headlines

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