The following healthcare stocks experienced higher volumes than usual including Abiomed, Certara, Inc., Bright Health Group Inc. and others.
A quick recap of where the last trading session ended: Leading equity indices in the US rose as Nasdaq closed the day at 11,717, having gained 2.48%. S&P 500 ended the session at 3,960.28 after a 1.76% 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 yesterday with some healthcare stocks recording abnormally high trading volumes. Here's a recap:
Abiomed | 506% higher than rolling average
Trading volume was 15.70 million shares yesterday — beating the daily average by a mammoth 506%.
The stock has been trending positively for about 2 months.
Certara | 646% above rolling average
After hitting an important low of $10.65 approximately 4 months ago, the drug development software provider has bounced back 93.05% since. The company's market cap currently stands at $3.63 billion with an average daily volume of 736,998 shares.
With 4.76 million shares traded yesterday, Certara beat its daily average by 646% to cap off a frenetic trading day.
Bright Health | 289% above rolling average
Yesterday's trading volume was 8.50 million shares (surpassing the daily average by 289%).
The US health insurance company traded as high as $2.29 before shedding 75.86% lower over the past six months. Bright Health's bearish run has lasted 5 days so far (-12.78 cents).
— Average trading volume refers to a 21-day rolling average.