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June 10, 2023
A busy day for Abiomed, NovoCure Limited, Signify Health, Inc., being the prominent healthcare stocks displaying higher volumes than usual.
Yesterday's session summary: Markets closed higher yesterday, as Dow Jones closed the day at 33,877, having gained 0.13%. Nasdaq gained 0.16% and closed at 13,259.
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 yesterday with some healthcare stocks recording abnormally high trading volumes. Here's a recap:
Abiomed | 506% above rolling average
The stock has been trending positively for about 4 months. Abiomed's market cap currently stands at $17.18 billion with an average daily volume of 3.10 million shares.
Yesterday's trading volume peaked at 15.70 million shares, thereby blitzing the daily average of 3.10 million by 506%.
NovoCure | 210% higher than rolling average
The oncology company is now trading 6.45% above the significant low ($42.74) it slumped to a day ago. NovoCure has a market cap of $4.54 billion with an average daily trading volume of 1.90 million shares.
Trading volume was 4 million shares yesterday — beating the daily average by a mammoth 210%.
Signify Health | 261% above rolling average
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. Signify Health's market cap is currently $8.93 billion with an average daily trading volume of 3.69 million shares.
Signify Health had a compelling day yesterday, with 9.63 million shares traded helping the company surpass its average daily volume by 261%.
— Average trading volume refers to a 21-day rolling average.
