Following yesterday's heightened trading volumes, Abiomed, Signify Health, Inc., Incyte Corp were the standout stocks.
Yesterday's session summary: Markets did not have a clear cut direction — Nasdaq closed 12,072 after a stable day. Dow Jones closed at 33,800 after a flat day.
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.
While trading was mostly sideways yesterday, several healthcare stocks were actively traded. Here's an update:
Abiomed | 506% above rolling average
Yesterday's trading volume peaked at 15.70 million shares, thereby blitzing the daily average of 3.10 million by 506%.
The stock has been trending positively for about 3 months.
The company trades at $381 ahead of quarterly performance report which is scheduled to be released Wednesday.
Signify Health | 261% above rolling average
With 9.63 million shares traded yesterday, Signify Health beat its daily average by 261% to cap off a frenetic trading day.
The home health care services company is up 172.3% from the significant low of $11.19 it hit 10 months ago. The stock has been trending positively for about 9 months. Following a month of flat trade,
Incyte | 278% higher than rolling average
Trading volume peaked at 4.69 million shares yesterday, thereby obliterating the daily average of 1.68 million by 278%.
The biopharmaceutical manufacturer reached a significant high of $86 around 2 months ago but has lost 14.14% since then. Pointing downwards for around 2 months. Signs of life: 20 days of level trading might be coming to an end with a gain of 6.21% today
— Average trading volume refers to a 21-day rolling average.