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May 23, 2023
The following healthcare stocks experienced higher volumes than usual including Abiomed, Signify Health, Inc., Pfizer and others.
A recap of yesterday's session: Markets completed a mixed session yesterday while Dow Jones lost 0.42% and ended the session at 33,300. Nasdaq closed the day at 12,721, having gained 0.5%.
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 sideways yesterday, several healthcare stocks were actively traded. Here's an update:
Abiomed | 506% above rolling average
Trading volume was 15.70 million shares yesterday — beating the daily average by a mammoth 506%.
The stock has been trending positively for about 4 months.
Signify Health | 261% above rolling average
Following a month of flat trade, Pointing in a similar direction, yesterday's session was more of the same — Signify Health moves 0.07% to close at $30.49 yesterday.
Trading volume peaked at 9.63 million shares yesterday, thereby obliterating the daily average of 3.69 million by 261%.
Pfizer | 303% above rolling average
Having soared to a high of $54.48 approximately 5 months ago, the pharmaceuticals and biotechnology company is now trading 32.51% lower. The company is currently trading with a market cap of $218.76 billion with an average daily trading volume of 25.86 million shares.
With 78.47 million shares traded yesterday, Pfizer beat its daily average by 303% to cap off a frenetic trading day.
— Average trading volume refers to a 21-day rolling average.
