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June 17, 2023
Doximity, Inc., Abiomed, Incyte Corp and others reached higher-than-usual trading volumes.
A recap of yesterday's session: Leading equity indices in the US declined as after dropping 0.68%, Nasdaq closed at 13,700. S&P 500 closed at 4,409.59, a 0.37% change.
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.
Doximity | 568% higher than rolling average
The medical professional network has fallen back around 29.93% from the significant high of $46.17 set 10 months ago. Doximity is currently trading with a market cap of $6.33 billion with an average daily trading volume of 2.89 million shares.
Yesterday's trading volume was 16.41 million shares (surpassing the daily average by 568%).
Abiomed | 506% above rolling average
Yesterday's trading volume peaked at 15.70 million shares, thereby blitzing the daily average of 3.10 million by 506%.
The stock has been trending positively for about 5 months.
Incyte | 329% above rolling average
Trading volume peaked at 7.78 million shares yesterday, thereby obliterating the daily average of 2.37 million by 329%.
The biopharmaceutical manufacturer is up 2.52% from the significant low of $61.04 it hit 8 days ago. Trending downwards for around 4 months. Incyte has posted further gains as part of a 6 day trend that has already seen the stock gain $1.54.
— Average trading volume refers to a 21-day rolling average.
