6 Stocks Rising on Unusual Volume
Unusual volume can also be a major signal that hedge funds and momentum traders are piling into a stock ahead of a catalyst. These types of traders like to get in well before a large spike, so it's always a smart move to monitor unusual volume. That said, remember to combine trend and price action with unusual volume. Put them all together to help you decipher the next big trend for any stock.
With that in mind, let's take a look at several stocks rising on unusual volume today.
Ligand Pharmaceuticals (LGND)
This company focuses on drug discovery & early-stage development of pharmaceuticals that address critical unmet medical needs or that are more effective or safer than existing therapies, more convenient to administer & are cost effective. This stock is trading up 14% at $19.02 in recent trading.
Today's Volume: 957,000
Average Volume: 85,914
Volume % Change: 1346%
Shares of LGND are soaring today after the FDA approved PROMACTA for the treatment of low blood platelet counts in patients with chronic hepatitis C.
From a technical perspective, LGND is exploding higher here back above its 50-day moving average of $17.17 with monster volume. This move has also pushed LGND into breakout territory, since the stock has taken out some near-term overhead resistance levels at $10 to $19. Shares of LGND are now moving within range of another major breakout trade. That trade will hit once LGND manages to take out some past overhead resistance at $19.85 with high volume.