Keyword price-impact finder

How stocks move after “Phase 3” headlines

Late-stage clinical trial news. Every single-ticker headline on the Quantisnow wire containing “Phase 3” in the last 12 months, measured to the next close.

After 653 headlines containing “Phase 3” (627 distinct stock-sessions), the stock moved -0.69% on average by the next close (median -0.06%), and closed higher 48% of the time.

How often it shows up

Distribution of next-close moves

• Below -10%10%
• -10% to -5%8%
• -5% to -2%15%
• -2% to 0%18%
• 0% to +2%17%
• +2% to +5%14%
• +5% to +10%8%
• Above +10%11%

Recent headlines

Methodology

• Headlines: every press release, analyst rating and news item tagged to exactly one listed company on the Quantisnow wire in the last 12 months. SEC filing notices and multi-company items are left out.
• Matching: the keyword must appear in the headline as a phrase, case-insensitive, starting at a word boundary. Words under three letters and very common words (the, of, for) only count inside a longer phrase.
• Move: the closing price of the first regular session that closed after the headline hit the wire, against the prior session's close. A pre-market headline is measured on that day, one after 4pm ET on the next session. The 5-session move uses the close four sessions later against the same base.
• Prices: daily consolidated (SIP) bars adjusted for splits and spin-offs. Moves beyond +/-300% are dropped as bad prints. Dividends are not included. A move reflects everything that happened that session, not just the headline.
• Several matching headlines on the same stock before the same close (a proposed offering and its pricing, say) count as one stock-session in the move statistics. Frequency counts every headline, over the days the dataset covers.