Backtest
The backtest results indicate that ADXN shows a 50% win rate with returns improving from -0.39% at 3 days to 6.41% at 30 days after earnings beats, peaking at 16.44% by day 14. This suggests a delayed but significant positive price reaction. The Pharmaceuticals Industry, however, shows a slight negative impact following earnings beats, with a maximum return of -0.41% one day after the event. Investors might consider a medium-term holding strategy for ADXN while being cautious about broader sector performance when relying on earnings beats.