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May 04, 2023
Take a look at the following healthcare stocks: Abiomed, Signify Health, Inc., Penumbra, Inc. and others showed higher volumes than usual.
A recap of yesterday's session: Leading equity indices in the US declined as Dow Jones closed at 33,400, a 0.8% change. S&P 500 shed 0.7% and closed at 4,090.75.
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.
Though trading was down yesterday, some healthcare stocks reached high volumes. Here is an update.
Abiomed | 506% higher than rolling average
Yesterday's session put the brakes on the ongoing uptrend — Abiomed moves 0% to close at $381 yesterday.
Abiomed had a compelling day yesterday, with 15.70 million shares traded helping the company surpass its average daily volume by 506%.
Signify Health | 261% higher than rolling average
The healthcare platform developer has recovered 172.3% since descending to a significant low of $11.19 around 10 months ago. The stock has been trending positively for about 10 months. Signify Health's market cap is currently $8.93 billion with an average daily volume of 3.69 million shares.
With 9.63 million shares traded yesterday, Signify Health beat its daily average by 261% to cap off a frenetic trading day.
Penumbra | 289% above rolling average
Trading volume peaked at 1 million shares yesterday, thereby obliterating the daily average of 379,628 by 289%.
The medical device company has fallen back around 6.55% from the significant high of $301.04 set a day ago. The stock has been trending positively for about a month.
— Average trading volume refers to a 21-day rolling average.
