BioMarin Pharmaceutical Inc., Mirati Therapeutics, Inc., Ionis Pharmaceuticals, Inc. had the highest volumes Wednesday.
A quick recap of where the last trading session ended: Markets closed higher Wednesday; Nasdaq gained 0.99% and closed at 11,300. S&P 500 ended the session at 4,027.26 after a 0.59% gain.
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 Wednesday with some health care stocks recording abnormally high trading volumes. Here's a recap:
BioMarin Pharmaceutical | 271% above rolling average BioMarin Pharmaceutical levels up 7.25% in Wednesday's session; traders eye opening bell in 13 hours time
BioMarin Pharmaceutical Inc. outpaced its average daily trading volume (1.71 million) with 4.64 million shares traded Wednesday. Having added to its $10.25 increase during 11 days of gains, BioMarin Pharmaceutical stayed on track Wednesday: after closing Wednesday at $97.79, the biotech company peaked at $99.68 before giving up early gains and closing at $97.79.
The biotech company is now trading 6.76% below the significant high of $97.79 it set around 2 days ago. The Nasdaq has been doing worse in 2022, it has been passing it by 50.89%. The company's market cap is $18.17 billion with an average daily volume of 1.71 million shares. BioMarin Pharmaceutical last reported revenue of $505.34 million with an EPS of -3 cents.
Mirati Therapeutics | 213% higher than rolling average Mirati Therapeutics closes at $95.85 after gaining 11.31%
Mirati Therapeutics outpaced its average daily trading volume (1.33 million) with 2.83 million shares traded Wednesday. 12 days and $26.67 of gains are not enough for Mirati Therapeutics. Wednesday's session pointed in the same direction — pronounced bullish sentiment in the market helped the US oncology company to make a notable 11.31% gain Wednesday, rising $9.74 and ultimately closing at $95.85.
The biotechnology developer has recovered 119.89% since descending to a significant low of $39.16 around 5 months ago. So far in 2022 it has been beating the Nasdaq by 1.67%. The company has a market cap of $5.52 billion with an average daily trading volume of 1.33 million shares. Mirati Therapeutics's last revenue report was $5.43 million with an EPS of $-3.09.
Ionis Pharmaceuticals | 208% above rolling average Dropping for four consecutive days, Ionis Pharmaceuticals closes at $41.25 (down 2.25%)
With 1.98 million shares traded Wednesday, Ionis Pharmaceuticals beat its daily average by 208% to cap off a frenetic trading day. Having fallen $3.27 in 10 days, Wednesday's session continued down the same path: an influx of sellers pushed the RNA therapeutics developer to end the session lower around $41.25, while establishing a $41.17 to $42.72 session range Wednesday.
2 months ago the biotechnology company reached a significant high of $48.66 but has consequently lost 13.28% since then. Ionis Pharmaceuticals has a market cap of $5.86 billion with an average daily trading volume of 950,676 shares. $160 million was Ionis Pharmaceuticals's last reported revenue with -33 cents being the current EPS.
— Average trading volume refers to a 21-day rolling average.