Ontrak (NASDAQ:OTRK) stock is falling on Thursday, but that’s not actually due to any negative news from the healthcare company.
Instead, today’s dip is simply shares giving up some of the ground they recently gained. OTRK stock went through a massive rally on Wednesday that resulted in shares climbing about 95% higher.
That makes the drop the company is seeing today reasonable. It’s typical for a company’s shares to retreat after a major rally, with some investors choosing to sell the stock while it’s worth more. Others will maintain their positions, which explains why OTRK stock is only falling as far as it is today.
What Was Behind the OTRK Stock Rally Yesterday?
Ontrak saw its surge in price yesterday after posting data from its adoption of PHQ-9 and GAD-7. These are measures for depression and anxiety. The company said it saw a positive influence after integrating these measures for its Wholehealth+ program.
That also brought with it heavy trading of shares on Wednesday. When the day closed, some 182 million shares had changed hands. That’s a massive surge over the daily average trading volume of about 3.3 million shares.
OTRK stock is down 14.3% as of Thursday morning but is up 211.7% since the start of the year.
Investors seeking out more of the latest stock market news will want to stick around!
InvestorPlace is home to all of the most recent stock market news for Thursday! A few examples include what’s happening with shares of Nogin (NASDAQ:NOGN) and Amesite (NASDAQ:AMST), as well as this morning’s biggest pre-market stock movers. You can find all of that at the links below!
More Thursday Stock Market News
- Why Is Nogin (NOGN) Stock Up 17% Today?
- Why Is Amesite (AMST) Stock Up 46% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.