Abiomed, Amedisys, Inc., Bio Rad Laboratories Inc and others reached higher-than-usual trading volumes.
A recap of yesterday's session: Markets were up yesterday; Dow Jones ended the session at 33,674 after a 1.65% gain. S&P 500 closed the day at 4,136.25, having gained 1.85%.
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 healthcare stocks recording abnormally high trading volumes. Here's a recap:
Abiomed | 506% higher than rolling average
With 15.70 million shares traded yesterday, Abiomed beat its daily average by 506% to cap off a frenetic trading day.
The stock has been trending positively for about 3 months.
Amedisys | 374% higher than rolling average
Though in the midst of a 4 day uptrend, gaining a total of 2.34%, ($3.21), Yesterday's session suggests run might be coming to an end — Amedisys went down to $79.07, after ending Thursday at $80.47. Overall, a 1.74% move or $1.4 yesterday.
Yesterday's trading volume peaked at 2.74 million shares, thereby blitzing the daily average of 732,454 by 374%.
Bio-Rad Laboratories | 525% above rolling average
Bio-Rad traded at $385.24 after making its biggest single-day drop of $77.37 (16.72%) since November 2020. Having fallen $1.25 in 3 days, Yesterday's session continued down the same path: after ending Thursday at $462.61, Bio-Rad Laboratories declined to $373.07 yesterday before closing at $385.24, thereby losing 16.72% in total.
Bio-Rad Laboratories outpaced its average daily trading volume (159,784) with 838,798 shares traded yesterday.
— Average trading volume refers to a 21-day rolling average.