GlaxoSmithKline PLC, Sanofi, Mirati Therapeutics, Inc. had the highest volumes yesterday.
A quick recap of where the last trading session ended: Leading equity indices in the US declined as S&P 500 closed at 3,941.26, a 1.44% change. Nasdaq was down 2% before closing the session at 11,000.
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 yesterday, some health care stocks reached high volumes. Here is an update.
Glaxo | 579% above rolling average GlaxoSmithKline posts record single day jump of $2.76 (+7.85%)
Yesterday's trading volume peaked at 30.70 million shares, thereby blitzing the daily average of 5.30 million by 579%. GlaxoSmithKline has posted further gains as part of a 16 day trend that has already seen the stock gain $3.58. yesterday's session pointed in the same direction — GlaxoSmithKline rallied $2.76 (7.85%) deep into the session, reaching $37.92.
The global healthcare giant is now trading 33% below the significant high of $52.47 it set around 4 months ago. So far in 2022, it has performed better than the S&P by 7.33%. Glaxo has a market cap of $77.12 billion with an average daily trading volume of 5.30 million shares. GlaxoSmithKline has a forecast of $8.24 billion with an EPS of 90 cents.
Sanofi | 543% above rolling average Sanofi wraps up its best day in 13 years
Trading volume peaked at 11.62 million shares yesterday, thereby obliterating the daily average of 2.14 million by 543%. Sanofi rallied $3.62 (8.06%) deep into the session, closing at $48.55.
Mirati Therapeutics | 261% higher than rolling average Yesterday's slide leaves Mirati Therapeutics traders hoping for a bounce
Yesterday's trading volume peaked at 4.16 million shares, thereby blitzing the daily average of 1.59 million by 261%. Early in yesterday's session, Mirati Therapeutics dropped to $70.44 from $92.75 at the end of Monday, before closing at $71.52. During the session, it lost 22.89%.
— Average trading volume refers to a 21-day rolling average.