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May 01, 2023
The following healthcare stocks experienced higher volumes than usual including UroGen Pharma Ltd., Abiomed, Signify Health, Inc. and others.
A recap of today's session: Markets did not have a clear cut direction — Dow Jones shed 0.14% and closed at 34,052. Nasdaq closed at 12,200 after a flat day.
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 sideways today, several healthcare stocks were actively traded. Here's an update:
UroGen Pharma | 1,000% above rolling average
Trading volume was 1.83 million shares today — beating the daily average by a mammoth 1,000%.
Having set a significant high of $12.46 4 days ago, the biotechnology company is trading 7% lower. The stock has been trending positively for about a month.
UroGen Pharma is scheduled to announce earnings results Monday. The consensus Earnings Per Share estimate is -1.33 and the consensus revenue estimate is $17.18 million.
Abiomed | 506% higher than rolling average
Today'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 3 months.
Signify Health | 261% above rolling average
Following a month of flat trade, Pointing in a similar direction, today's session was more of the same — Signify Health moves 0.07% to close at $30.49 today.
Today's trading volume was 9.63 million shares (surpassing the daily average by 261%).
— Average trading volume refers to a 21-day rolling average.
