MTNB Matinas BioPharma Holdings, Inc.

XASE
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Stock quote, options chain, IV rank, technicals, AI analysis, and institutional ownership. Iron condor setups Fibonacci levels Insider trading

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MTNB — —
Key stats
About
Industry (SIC)
PHARMACEUTICAL PREPARATIONS (2834) · industry map
Exchange
XASE
Market Cap
$0.0B
Employees
2
List Date
2014-07-21
CIK
0001582554
Next Earnings
2026-11-09
Headquarters
Bedminster, NJ
Homepage
https://www.matinasbiopharma.com

Matinas BioPharma Holdings Inc is a clinical-stage biopharmaceutical company with a focus on identifying and developing novel pharmaceutical products. The firm's pipeline includes MAT2203, MAT2501, and others. Its LNC platform enables safe, intracellular, oral- delivery of small molecules and small oligonucleotides.

Summary
—
composite
—
No summary data available for this symbol yet.

Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.

Chart
Seasonality
Month'21'22'23'24'25'26Avg
Jan-16.09%-29.25%8.16%-11.11%-1.36%-3.58%-8.87%
Feb26.04%-20.27%-11.60%30.28%1.01%1.25%4.45%
Mar-19.23%38.69%2.17%-6.97%-5.45%-19.16%-1.66%
Apr-20.00%-11.88%16.58%-49.78%3.68%18.25%-7.19%
May-12.49%-2.56%-36.19%-10.35%31.45%15.88%-2.38%
Jun-1.91%3.95%-8.30%-0.69%8.54%-29.82%-4.71%
Jul-9.47%11.39%0.72%0.37%-2.56%-53.43%-8.83%
Aug5.39%-19.03%-48.86%-40.76%109.20%-34.45%-4.75%
Sep59.51%-15.20%-24.72%-11.50%3.28%-14.01%-0.44%
Oct-9.02%20.76%74.13%-81.82%-26.20%-31.40%*-8.92%
Nov-6.25%-15.78%0.53%10.50%-44.03%---11.01%
Dec0.00%-26.34%2.95%-18.39%-24.78%---13.31%
Total-23.85%-59.99%-53.43%-95.84%-8.84%-86.33%-54.72%
Technical Indicators

Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.

Trend Indicators
  • SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
  • EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
  • MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
  • ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
  • +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
  • RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
  • Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
  • Williams %R — inverted scale: <−80 oversold, >−20 overbought.

Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.

Volume & Volatility
  • Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
  • OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
  • Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
  • ATR / True Range — average daily $ move; sizing and stop-loss reference.
  • HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.

Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →

Trend Indicators

SMA 20: $2.36
SMA 50: $2.63
SMA 200: $7.17
Current: $1.66
EMA 12: $2.00
EMA 26: $2.33
MACD: -0.3301 | Signal: -0.0736
BEARISH
ADX (14): 21.54
WEAK TREND
+DI: 13.44
−DI: 29.29

Momentum Oscillators

RSI (14): 32.78
NEUTRAL
Stoch %K: 13.54
Stoch %D: 11.24
Williams %R: -87.46

Volume & Volatility

BB Upper: $3.35
BB Lower: $1.38
NEUTRAL
OBV: 17,018,455
Vol SMA 20: 141,069
Vol ROC: 131.26%
ATR: $0.29
True Range: $0.17
HV 20: 168.9%
HV 30: 153.2%
HV 60: 136.6%

Data Summary

Data Points: 500
Last Updated:
Date Range: 2024-10-28T00:00:00 – 2026-10-26T00:00:00
AI Analysis

LLM Stock Analysis Report

Executive Summary

Overall Assessment: NEUTRAL with confidence level 6/10

Key Drivers: Technical indicators suggest a potential reversal, while recent news headlines are neutral.

Primary Risks: Volatility regime is currently low, which may indicate a lack of catalysts or upside potential. Beta is relatively low compared to the broader market, which could mean the stock moves less than the overall market.

Investment Thesis:

The stock has been trading within a range-bound environment, with technical indicators suggesting a potential reversal. Recent news headlines have been neutral, lacking any significant market-moving events. The low volatility regime and relatively low beta suggest that the stock may be less prone to sudden price movements. However, the absence of clear catalysts or upside potential may limit the stock's ability to break out.

Recent News Sentiment Impact: Neutral news sentiment has had little impact on the stock's price movement, as it has been largely range-bound.

Technical Analysis

Trend Direction:

  • Short-term (1-4 weeks): NEUTRAL
  • Medium-term (1-3 months): BEARISH
  • Long-term (3-12 months): NEUTRAL

Support/Resistance Levels:

  • Lower: $0.60
  • Middle: $0.76
  • Upper: $0.92

Momentum Signals:

  • RSI interpretation: NEUTRAL (36.34) - not oversold or overbought
  • MACD signal: BULLISH (bullish crossover)
  • Bollinger Bands position: OVERSOLD - price touching the lower band

Volume Analysis:

  • Volume trends: Moderate volume with no clear trend
  • Institutional interest signals: Low institutional buying and selling activity

News & Sentiment Analysis

Recent Headlines Summary: Neutral news headlines have been focused on corporate updates, research presentations, and financial results.

Sentiment Assessment: NEUTRAL - recent news sentiment has had little impact on the stock's price movement.

Catalyst Identification:

  • None identified in recent news headlines
  • No earnings dates or FDA approvals announced

Market Narrative: The neutral market narrative is reflected in the range-bound trading environment, with no clear catalysts driving prices higher or lower.

Risk & Volatility Assessment

Risk Assessment:

  • Beta Interpretation: LOW (0.33) - relatively low risk compared to the broader market
  • Volatility Regime: LOW (1.17) - stock moves less than the overall market
  • Options Market Signals: N/A (no options data available)
  • Downside Protection: Support levels at $0.60 and $0.64

Market Context & Positioning

Sector Performance:

  • Relative strength vs sector/market: NEUTRAL - similar performance to broader market

Institutional Activity:

  • Volume patterns suggesting institutional interest: LOW - moderate volume with no clear trend

Correlation Analysis:

  • How stock moves relative to market (R-squared interpretation): 0.04 - low correlation suggests the stock may move independently of the overall market

Relative Valuation:

  • Position within trading range: NEUTRAL - trading within a range-bound environment with no clear catalysts driving prices higher or lower

Key Levels & Action Items

Critical Price Levels:

  • Support/resistance to monitor: $0.60 and $0.92

Breakout/Breakdown Levels:

  • Technical levels that could trigger significant moves: N/A (no breakout/breakdown levels identified)

Time-Sensitive Catalysts:

  • Earnings dates or FDA approvals: None announced
  • Product launches or regulatory changes: None recent

Risk Management:

  • Stop-loss levels and position sizing considerations: Monitor price action and adjust risk accordingly based on market conditions.

Note: The analysis is based on the provided data and may not reflect actual stock performance.

Generated
Showing 1–10 of 50
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MTNB Options Activity & IV Rank

Loading options activity...
Spread Scanner GPU

Each spread is ranked by a composite score built in three stages. Full documentation →

Stage 1 — Base Score (GPU scanner)

score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.

Stage 2 — Skew Adjustment (±25% cap)

RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.

Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
  • RSI <40 bullish / >60 bearish
  • MACD crossover + histogram trend
  • Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
  • Stochastic %K <20 / >80
  • Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
  • Blended ATR + straddle expected-move penalty
  • Bollinger Band signal (+ counter-trend penalty)
  • BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
  • IV rank ≥ 75 → strong boost for credit spreads
  • IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
  • Min open interest across all legs
  • OI < 100 → −0.10 · OI < 500 → −0.05

score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →

Enter a ticker to scan for optimal spread opportunities.

Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.

Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Metric:
Wing vs ATM
IV(put wing) − IV(ATM), in vol points

How much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.

  • Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
  • Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
  • Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
  • Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each side

Which side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.

  • Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
  • Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
  • Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
  • Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together

Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:

  • High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
  • Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
  • Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d —
— pts EXTREME
ATM — / Wing —
30 DTE / 10d —
— pts EXTREME
ATM — / Wing —

Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.

Volatility Surface

Enter a ticker to render the implied volatility surface.

Volatility Smile

Enter a ticker to render the implied volatility smile.

IV Rank (7 DTE)
IV Rank (30 DTE)
Straddle Price (30 DTE)
Beta Analysis

Risk Metrics

Beta: -0.0590
Alpha: -188.70%
Correlation: -0.0062
R-Squared: 0.0%
Stock Volatility: 121.4%
Market Volatility: 12.7%

Analysis Details

Benchmark: SPY
Data Points: 251
Period: 252 trading days
Interpretation:
Negative beta - stock moves opposite to market
Beta & Alpha Over Time
Notable investors who own MTNB
2 of 37 tracked investors
InvestorValueShare of their portfolioRankQ/Q sharesSource
Renaissance Technologies Hedge fund
Jim Simons
$43K
0.00%
#3058 of 3138+148.7%13F
Citadel Hedge fund
Ken Griffin
$9K
0.00%
#6234 of 6285-70.1%13F

Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions

MTNB Institutional Ownership (13F)

Latest filings — 2026-09-30

Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.

  • Shares — long equity positions in this name, aggregated across share classes.
  • Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
  • % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
  • Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.

Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.

25 filers354,414 shares$217.63K value
# Filer Shares Value % of Total % of Float Period
1 RENAISSANCE TECHNOLOGIES LLC 71,040 $43.48K 19.98% — 2026-06-30
2 Vanguard Group Inc Custodian 59,725 $35.00K 16.08% — 2025-12-31
3 BlackRock, Inc. Custodian 50,262 $30.76K 14.13% — 2026-06-30
4 Geode Capital Management, LLC Custodian 49,135 $30.08K 13.82% — 2026-06-30
5 Vanguard Capital Management LLC 40,110 $24.55K 11.28% — 2026-06-30
6 Vanguard Fiduciary Trust Co 17,316 $10.60K 4.87% — 2026-06-30
7 Susquehanna International Group, LLP Custodian 16,093 $9.85K 4.53% — 2026-06-30
8 Citadel Advisors LLC Custodian 15,465 $9.46K 4.35% — 2026-06-30
9 State Street Corp 15,322 $9.38K 4.31% — 2026-06-30
10 Sargent Investment Group, LLC 12,720 $7.79K 3.58% — 2026-06-30
11 Holos Integrated Wealth LLC 2,165 $3.59K 1.65% — 2026-09-30
12 Tower Research Capital LLC (TRC) Custodian 2,853 $1.75K 0.80% — 2026-06-30
13 Vanguard Global Advisers, LLC 1,338 $819 0.38% — 2026-06-30
14 Morgan Stanley Custodian 344 $211 0.10% — 2026-06-30
15 Costello Asset Management, INC 200 $122 0.06% — 2026-06-30
16 Wells Fargo & Company Custodian 102 $62 0.03% — 2026-06-30
17 Jones Financial Companies LLLP Custodian 60 $39 0.02% — 2026-06-30
18 EverSource Wealth Advisors, LLC Custodian 60 $37 0.02% — 2026-06-30
19 OSAIC HOLDINGS, INC. Custodian 52 $31 0.01% — 2026-06-30
20 Northwestern Mutual Wealth Management Co 20 $12 <0.01% — 2026-06-30
21 ROTHSCHILD INVESTMENT LLC 14 $9 <0.01% — 2026-06-30
22 IFG Advisory, LLC 10 $6 <0.01% — 2026-06-30
23 VISION FINANCIAL MARKETS LLC 2 $5 <0.01% — 2026-09-30
24 Bogart Wealth, LLC 2 $1 <0.01% — 2026-06-30
25 Motiv8 Investments LLC 4 $0 0.00% — 2025-12-31
# Filer Notional Value % of Total Period
# Filer Notional Value % of Total Period

MTNB Insider Trading (Form 4)

Latest: 2026-08-13
Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.
Filed Reporter Role Action Shares Avg Price Net $ Link
2026-08-13 Adam K Stern 10%+ Owner Exer (X) +1,067,145 $0.38 $400.6K EDGAR
2026-08-13 Sanitam Partners LLC 10%+ Owner Other (J) −4,800,042 RSU — EDGAR
2025-05-02 An Evelyn D Director Grant (A) +11,600 opt — EDGAR
2025-05-02 Edward Neugeboren Director Grant (A) +11,600 opt — EDGAR
2025-05-02 Jerome D Jabbour President and CEO Grant (A) +70,100 opt — EDGAR
2025-05-02 Robin L Smith Director Grant (A) +11,600 opt — EDGAR
2025-05-02 Keith Murphy Director Grant (A) +11,600 opt — EDGAR
2025-04-10 Sanitam Partners LLC 10%+ Owner Buy (P) +2,400,021 RSU — EDGAR
2025-04-10 Robert J Eide 10%+ Owner Buy (P) — — EDGAR
2025-04-10 Pembroke & Partners LLC 10%+ Owner Buy (P) +1,679,674 RSU — EDGAR
2023-12-15 Hui Liu Chief Technology Officer Grant (A) +1,000,000 opt — EDGAR
2023-12-15 Keith A Kucinski Chief Financial Officer Grant (A) +1,000,000 opt — EDGAR
2023-12-15 James J. Ferguson III Chief Medical Officer Grant (A) +1,200,000 opt — EDGAR
2023-12-15 Jerome D Jabbour President and CEO Grant (A) +3,500,000 opt — EDGAR
2023-12-15 Theresa Matkovits Chief Development Officer Grant (A) +1,300,000 opt — EDGAR
Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.

MTNB Insider Holdings

3 insiders · @ $1.66
Officers, directors, and 10%+ owners who have filed a Form 4 in the past two years, ranked by current disclosed exposure (shares × today's price). Shares are direct + indirect (via trusts / LLCs / spouse). Excludes unvested RSU and option grants — those aren't beneficially owned until vest.
# Insider Role Shares Disclosed Exposure Lifetime OM Net Filings Last Filed
1 Adam K Stern Director 2,284 $3.8K $444.2K 18 2026-08-13
2 Jerome D Jabbour President and CEO 1,120 $1.9K $26.5K 15 2025-05-02
3 Robert J Eide 10%+ Owner 100 $166 $0 1 2025-04-10
Lifetime OM Net = signed sum of open-market buys (P) and sells (S) over their career; excludes grants, tax withholdings, and dispositions to issuer. A large negative number is normal for long-tenured executives — they've sold compensation grants over many years.

MTNB Board & Officers

As of SEC filings through Aug 13, 2026

Directors 5

Changes in the last 10 years (48)
Aug 13, 2026Sanitam Partners LLC reported in an SEC filing no longer being a 10% owner
Aug 13, 2026Adam K Stern reported in an SEC filing no longer being a director
Aug 13, 2026Adam K Stern reported in an SEC filing no longer being a 10% owner
Jan 22, 2026The company announced the departure of Jerome D Jabbour as President and CEO in an SEC filing
Apr 10, 2025Adam K Stern first listed as a 10% owner in an SEC filing
Mar 11, 2025Keith Murphy became a director
Mar 11, 2025Edward Neugeboren became a director
Feb 13, 2025Sanitam Partners LLC became a 10% owner
Feb 13, 2025Robin L Smith became a director
Feb 13, 2025Robert J Eide became a 10% owner
Feb 13, 2025Pembroke & Partners LLC became a 10% owner
Feb 10, 2025The company announced the departure of Natasha Giordano from the board in an SEC filing
Feb 10, 2025The company announced the departure of Matthew Wikler from the board in an SEC filing
Feb 5, 2025The company announced the departure of Herbert J Conrad from the board in an SEC filing
Feb 5, 2025An Evelyn D became a director
Oct 31, 2024The company announced the departure of James J. Ferguson III as Chief Medical Officer in an SEC filing
Dec 6, 2021Thomas Hoover became Chief Business Officer
Nov 1, 2021Kathryn Penkus Corzo became a director
Dec 1, 2020Hui Liu became Chief Technology Officer
Sep 14, 2020Natasha Giordano became a director
Not reported recently (17)
  • Pembroke & Partners LLC · Last reported as a 10% owner in an SEC filing dated Apr 10, 2025
  • Robert J Eide · Last reported as a 10% owner in an SEC filing dated Apr 10, 2025
  • Theresa Matkovits · Last reported as Chief Development Officer in an SEC filing dated Dec 15, 2023
  • Keith A Kucinski · Last reported as Chief Financial Officer in an SEC filing dated Dec 15, 2023
  • Hui Liu · Last reported as Chief Technology Officer in an SEC filing dated Dec 15, 2023
  • Thomas Hoover · Last reported as Chief Business Officer in an SEC filing dated Dec 15, 2023
  • James S Scibetta · Last reported as a director in an SEC filing dated Nov 3, 2023
  • Eric J Ende · Last reported as a director in an SEC filing dated Nov 3, 2023
  • Kathryn Penkus Corzo · Last reported as a director in an SEC filing dated Nov 3, 2023
  • Raphael J Mannino · Last reported as Chief Scientific Officer in an SEC filing dated Dec 15, 2021
  • Patrick G Lepore · Last reported as a director in an SEC filing dated Nov 10, 2020
  • Gary Gaglione · Last reported as VP Finance, Acting-CFO in an SEC filing dated May 2, 2018
  • Dominick DiPaolo · Last reported as Senior VP of Compliance in an SEC filing dated May 2, 2018
  • Roelof Rongen · Last reported as a director in an SEC filing dated Sep 11, 2017
  • Stefano Ferrari · Last reported as a director in an SEC filing dated Sep 7, 2017
  • Douglas F Kling · Last reported as an officer in an SEC filing dated Mar 1, 2017
  • Abdel A. Fawzy · Last reported as an officer in an SEC filing dated Mar 1, 2017
Compiled from SEC filings by the company and its directors and officers. Dates are as stated in those filings. Where no filing says when someone left, we show the last filing that listed them.
ETF Holders
1 ETF hold MTNB
1 shown · $6.82K total exposure
# ETF Provider Weight $ Exposure ETF AUM As Of
1 VXF Vanguard Extended Market ETF Vanguard 0.00% $6,819 — 2026-09-30
Fundamentals

Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.

Metrics
  • Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
  • Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
  • Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
  • Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.
How to read the bars
  • Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
  • YoY growth — compare to the same quarter a year earlier to remove seasonality.
  • Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
  • Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.

TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.