Abiomed, Encompass Health Corporation, UroGen Pharma Ltd. and others reached higher-than-usual trading volumes.
Here's an update with information from the last trading session: Leading equity indices in the US rose as Nasdaq ended the session at 11,622 after a 0.95% gain. S&P 500 closed the day at 4,070.56, having gained 0.25%.
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 health care stocks recording abnormally high trading volumes. Here's a recap:
Abiomed | 506% higher than rolling average
Abiomed outpaced its average daily trading volume (3.10 million) with 15.70 million shares traded Friday.
Abiomed is scheduled to announce earnings results Thursday. The consensus Earnings Per Share estimate is 1.03 and the consensus revenue estimate is $288.72 million.
Encompass Health | 271% above rolling average
Encompass Health went down to $61.39 (0.68%), adding to its five days of losses. After hitting an important low of $45.23 approximately 4 months ago, the US healthcare company has bounced back 36.66% since. The stock has been trending positively for about 3 months. America's largest provider of post-acute healthcare's market cap currently stands at $6.13 billion with an average daily volume of 599,937 shares.
Trading volume peaked at 1.62 million shares Friday, thereby obliterating the daily average of 599,937 by 271%.
UroGen Pharma | 183% above rolling average
The biotechnology company is now trading 30.35% below the significant high of $12.06 it set around 2 months ago. The stock has been trending positively for about a month. Currently, the urothelial and specialty cancer treatment company has a market capitalization of $215.89 million with an average daily trading volume of 106,051 shares.
UroGen Pharma outpaced its average daily trading volume (106,051) with 194,180 shares traded Friday.
— Average trading volume refers to a 21-day rolling average.