Abiomed, Fate Therapeutics, Inc., BioMarin Pharmaceutical Inc. had the highest volumes yesterday.
A recap of yesterday's session: Leading equity indices in the US rose as S&P 500 closed the day at 3,853, having gained 0.75%. Nasdaq gained 0.69% and closed at 10,459.
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:
Abiomed | 793% higher than rolling average
With 15.70 million shares traded yesterday, Abiomed beat its daily average by 793% to cap off a frenetic trading day.
The medtech company now trading 44.32% above its 3-month low of $224.73. The stock has been trending positively for about 3 months. On a month uptrend,
Fate Therapeutics | 210% higher than rolling average
Yesterday's trading volume peaked at 7.45 million shares, thereby blitzing the daily average of 3.54 million by 210%.
The cellular immunotherapy developer has gained 10.3% since its lowest print of $9.86 earlier this year. Fate Therapeutics has posted further gains as part of a 5 day trend that has already seen the stock gain 31 cents.
BioMarin Pharmaceutical | 209% above rolling average
BioMarin Pharmaceutical outpaced its average daily trading volume (1.27 million) with 2.66 million shares traded yesterday.
This year has been a bright one for the biotech company after trading as low as $71.48 and going on to appreciate by 6.69% year to date. The stock has been trending positively for about a month.
— Average trading volume refers to a 21-day rolling average.