A busy day for Iovance Biotherapeutics, Inc., Mirati Therapeutics, Inc., Cooper Companies Inc, being the prominent health care stocks displaying higher volumes than usual.
Here's an update with information from the last trading session: Leading equity indices in the US declined as Dow Jones was down 0.9% before closing the session at 33,476. S&P 500 lost 0.73% and ended the session at 3,934.38.
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 Friday, some health care stocks reached high volumes. Here is an update.
Iovance Biotherapeutics | 249% above rolling average Dropping for five consecutive days, Iovance Biotherapeutics closes at $6.92 (down 3.49%)
With 16 million shares traded Friday, Iovance Biotherapeutics, Inc. beat its daily average by 249% to cap off a frenetic trading day. Iovance Biotherapeutics's bearish run has lasted 5 days so far (-86 cents). more of the same from Friday's session: early in Friday's session, Iovance Biotherapeutics dropped to $6.41 from $7.17 at the end of Thursday, before closing at $6.92. During the session, it lost 3.49%.
Having set a significant high of $20.16 14 days ago, the US biotech pioneer is trading 20.5% lower. The company's market cap is $1 billion with an average daily trading volume of 6.43 million shares.
Mirati Therapeutics | 188% above rolling average Mirati Therapeutics closed at $41.75, continuing its bearish run
Friday's trading volume peaked at 4.51 million shares, thereby blitzing the daily average of 2.40 million by 188%. Over the last 6 days, Mirati Therapeutics has fallen 56.62%. Friday's session continued down the same path: an influx of sellers pushed the biotechnology developer to session lows around $39.55 while establishing a $39.55 to $43.2 session range Friday.
The biotechnology developer has shed 50.56% over the past three months. So far in 2022, it has been doing worse than the Nasdaq by 27.78%. Mirati Therapeutics is currently trading with a market cap of $2.40 billion with an average daily volume of 2.40 million shares. Mirati Therapeutics's last revenue report was $5.43 million with an EPS of $-3.09.
CooperCompanies | 213% higher than rolling average Risk-off sentiment pushes CooperCompanies to 3.12% loss Friday
With 810,016 shares traded Friday, CooperCompanies beat its daily average by 213% to cap off a frenetic trading day. After ending Thursday at $319.43, CooperCompanies dropped to $305 early in Friday's session and closed at $309.47. In total, it lost 3.12%.
CooperCompanies hit a significant low of $248.67 around a month ago, but has since recovered 28.46%. So far in 2022, it has been under-performing the S&P 500 by 4.23%. The company has a market cap of $15.27 billion with an average daily trading volume of 379,658 shares.
CooperCompanies reported inconclusive earnings results Thursday, with revenue at $848 million, compared to a consensus of $838.78 million. Since the publication of its earnings report, CooperCompanies has declined 1.62%.
— Average trading volume refers to a 21-day rolling average.