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June 07, 2023
Traders are flocking around Abiomed, Cresco Labs Inc., NovoCure Limited and others; check out these healthcare stocks that are displaying higher than typical trading volumes.
What is happening with the market now? Markets are mixed with Nasdaq slipping 0.97% and closing at 13,148. Dow Jones up to 33,700, gaining 0.34%.
Why Trading Volume Matters
Trading volume is simply the total number of shares traded including both buy and sell orders. If a stock has appreciated on high volume, it is more likely to be a sustained move compared to an appreciation with low volume. Typically, high volume trading sessions are considered significant occurrences and closely watched by traders.
While trading was mostly flat yesterday, some healthcare stocks are at high volumes. Check them out.
Abiomed | trading volume soars by 506%
The stock has been trending positively for about 4 months. Currently, the US-based medical device maker has a market capitalization of $17.18 billion with an average daily volume of 3.10 million shares.
Abiomed is having an eventful day so far, currently at 15.70 million and outpacing its average daily volume by 506%.
Cresco Labs | 428% improvement so far today
The medical marijuana company traded as high as $4.18 before shedding 54.3% lower over the past six months. The medical marijuana company's market cap currently stands at $521.46 million with an average daily trading volume of 585,634 shares.
A hectic day for Cresco Labs, surpassing its average daily volume by 428% to reach 2.51 million.
NovoCure | beating its average daily volume by 264%
The oncology company has fallen back around 60.44% from the significant high of $118.81 set 5 months ago. The company's market cap currently stands at $5 billion with an average daily trading volume of 1.37 million shares.
A blockbuster trading session for NovoCure, eclipsing its average daily volume by 264% and recording 3.61 million.
— Average trading volume refers to a 21-day rolling average.
