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May 10, 2023
Abiomed, Novavax, Inc., Maravai LifeSciences Holdings, Inc. and others reached higher-than-usual trading volumes.
Yesterday's session summary: Leading equity indices in the US declined as Nasdaq shed 0.63% and closed at 12,180. After dropping 0.46%, S&P 500 closed at 4,119.17.
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
Abiomed had a compelling day yesterday, with 15.70 million shares traded helping the company surpass its average daily volume by 506%.
The stock has been trending positively for about 3 months.
Novavax | 654% higher than rolling average
The US biotechnology company reached a significant high of $76.12 around 10 months ago but has lost 90.21% since then. Currently, the US biotechnology company has a market capitalization of $820.37 million with an average daily volume of 6.55 million shares.
Novavax had a compelling day yesterday, with 42.86 million shares traded helping the company surpass its average daily volume by 654%.
Maravai LifeSciences | 467% above rolling average
Yesterday's trading volume was 10.98 million shares (surpassing the daily average by 467%).
After hitting an important low of $12.09 approximately a day ago, the drug therapy developer has bounced back 14.97% since. Maravai LifeSciences's downtrend has seen it decline 16.45% in 3 days
— Average trading volume refers to a 21-day rolling average.
