Unusual Volume Encountered In (NASDAQ: LGND)

NASDAQ (NASDAQ: LGND): traded higher by 15.24% or $5.699/share to $43.10. In the past year, the shares have traded as low as $12.56 and as high as $33.86. On average, 172759 shares of LGND exchange hands on a given day and today's volume is recorded at 174956. The shares are currently trading above the 50-day moving average which indicates that the shares have been experiencing strong upward momentum as the 50 DMA is above the 200 DMA. The stock may come back down to test the 50-day moving average, so look for a move back to the $28.62 area where the stock will likely see buying pressure.