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May 28, 2023
Take a look at the following healthcare stocks that showed higher volumes than usual: Compugen Ltd., Abiomed, Tilray, Inc..
A recap of Friday's session: Leading equity indices in the US rose as Nasdaq gained 2.19% and closed at 12,976. S&P 500 closed the day at 4,205.45, having gained 1.3%.
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.
Price action was mostly bullish Friday with some healthcare stocks recording abnormally high trading volumes. Here's a recap:
Compugen | 489% above rolling average
Compugen Ltd. is up 10.25 cents to $1.06, building upon six consecutive days of gains. Compugen hit a significant low of 56.51 cents around 27 days ago, but has since recovered 69.44%. Compugen's market cap currently stands at $91.82 million with an average daily volume of 571,328 shares.
With 2.80 million shares traded Friday, Compugen beat its daily average by 489% to cap off a frenetic trading day.
Abiomed | 506% higher than rolling average
Friday's session put the brakes on the ongoing uptrend — Abiomed moves 0% to close at $381 Friday.
Abiomed had a compelling day Friday, with 15.70 million shares traded helping the company surpass its average daily volume by 506%.
Tilray | 423% higher than rolling average
Having fallen 17 cents in 5 days, Friday's session continued down the same path: early in Friday's session, Tilray dropped to $1.82 from $2.36 at the end of Thursday, before closing at $1.86. During the session, it lost 21.19%.
With 51 million shares traded Friday, Tilray beat its daily average by 423% to cap off a frenetic trading day.
— Average trading volume refers to a 21-day rolling average.
