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June 22, 2023
Abiomed, Exact Sciences Corporation, Signify Health, Inc. and others reached higher-than-usual trading volumes.
A quick recap of where the last trading session ended: Leading equity indices in the US declined as Nasdaq shed 1.21% and closed at 13,500. S&P 500 was down 0.52% before closing the session at 4,365.69.
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 outpaced its average daily trading volume (3.10 million) with 15.70 million shares traded yesterday.
Exact Sciences | 345% above rolling average
Exact Sciences had a compelling day yesterday, with 6.72 million shares traded helping the company surpass its average daily volume by 345%.
The molecular diagnostics company now trading 32.85% above its 3-month low of $30.35. The stock has been trending positively for about 3 months.
Signify Health | 261% above rolling average
Trading volume peaked at 9.63 million shares yesterday, thereby obliterating the daily average of 3.69 million by 261%.
Signify Health has gained $17 points (126.54%) over the past year, leaving its annual lows around $13.47 in the rear-view mirror. The stock has been trending positively for about 11 months. With around a month of flat trade under its belt,
— Average trading volume refers to a 21-day rolling average.
