Mirati Therapeutics, Inc., Medtronic, Agilent Technologies Inc had the highest volumes yesterday.
Here's an update with information from the last trading session: Leading equity indices in the US rose as Dow Jones gained 1.18% and closed at 34,100. S&P 500 closed the day at 4,003.58, having gained 1.36%.
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 health care stocks recording abnormally high trading volumes. Here's a recap:
Mirati Therapeutics | 443% above rolling average Yesterday Mirati Therapeutics increased by 15.52%, ended the session at $86.11
Mirati Therapeutics, Inc. outpaced its average daily trading volume (1.22 million) with 5.41 million shares traded yesterday. Mirati Therapeutics continues an 11 day surge, reaping a total of 44.87%. it was more of the same for Mirati Therapeutics yesterday — Mirati Therapeutics rallied $11.57 (15.52%) deep into the session, reaching $86.11.
Approximately 10 months ago, the US oncology company reached a significant high of $152 but has struggled to hold onto its gains and declined 50.96% since then. So far in 2022, it has been under-performing the Nasdaq by 4.28%. The company has a market cap of $4.96 billion with an average daily volume of 1.22 million shares. Mirati Therapeutics last reported revenue of $5.43 million with an EPS of $-3.09.
Medtronic | 221% above rolling average Bearish mood pushes Medtronic to session low of $76.6
With 16.56 million shares traded yesterday, Medtronic beat its daily average by 221% to cap off a frenetic trading day. After ending Monday at $82.29, Medtronic declined to $76.6 yesterday before closing at $77.93, thereby losing 5.3% in total.
Medtronic hit a significant low of $77.93 around a day ago, but has since recovered 5.59%. So far in 2022, it has been doing worse than the S&P 500 by 5.42%. The company's market cap is $103.58 billion with an average daily trading volume of 7.49 million shares.
The company reported earnings results yesterday; with EPS at 1.3 and revenues at $7.58 billion, these results are mixed compared to a consensus of 1.28 Earnings Per Share and $7.70 billion revenue. Since the release of its earnings report, Medtronic lost 5.3%.
Agilent | 254% higher than rolling average Agilent rallied to $157.44 for the first time in 10 months
Yesterday's trading volume peaked at 3.47 million shares, thereby blitzing the daily average of 1.37 million by 254%. Maintaining its 4 days rise (+70 cents), yesterday's session pointed in the same direction — after closing yesterday at $156.86, the life sciences company peaked at $157.44 before giving up early gains and closing at $156.86.
— Average trading volume refers to a 21-day rolling average.