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June 01, 2023
The following healthcare stocks (Abiomed, Signify Health, Inc., Veeva Systems Inc.) are reaching higher-than-usual volumes.
A short overview of the current market situation: Markets are up as S&P 500 goes up 1.24%, trading at 4,231.53. Nasdaq up to 13,136, gaining 1.55%.
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 up yesterday, some healthcare stocks have high volumes. Take a look.
Abiomed | 15.70 million traded volume so far today exceeding the daily average by 506%
Today's session might suggest a slow down — Abiomed trades at $381, after ending yesterday at $381.
A blockbuster trading session for Abiomed, eclipsing its average daily volume by 506% and recording 15.70 million.
Signify Health | beating its average daily volume by 261%
A hectic day for Signify Health, surpassing its average daily volume by 261% to reach 9.63 million.
The home health care services company is up 172.3% from the significant low of $11.19 it hit 11 months ago. The stock has been trending positively for about 11 months. It's been more of the same this session on the back of a month of flat trade,
Veeva Systems | 250% higher than average
9 months ago the life sciences tech enabler reached a significant high of $231.91 but has consequently lost 28.55% since then. Trending downwards for around a month. The cloud-computing company's market cap currently stands at $31.80 billion with an average daily trading volume of 1.17 million shares.
Veeva Systems is having an eventful day so far, currently at 2.93 million and outpacing its average daily volume by 250%.
— Average trading volume refers to a 21-day rolling average.
