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The scenarios are the PIInneh Black Swan Lab’s. Each stock’s move combines the scenario’s factor shocks with its industry’s sensitivity to them, amplified by liquidity stress for lower-rated companies. The thesis is then re-checked at the shocked price: each risk zone the measure falls into (Altman Z under 2.99 and under 1.2; Merton DD under 4σ and under 1.2σ) counts as a likely one-notch rating cut; Altman Z also falls with the scenario’s earnings shock and Merton DD with its volatility spike, biotech cash runway is taken without new funding in a credit or liquidity freeze, estimates are cut in an earnings shock, and a condition that fails today never passes because of the shock.

The index figures are the PIInneh Quant indices’ published closes to the Sep 18, 2026 close. Your list is equally weighted; “since you added” compares each stock with the index over that stock’s own days on the list.