Shares of DermTech (NASDAQ: DMTK) were soaring 15% higher as of 3:09 p.m. EST on Wednesday after rising as much as 32.6% earlier in the day. The stock shot higher so quickly that trading of its shares was temporarily halted. However, DermTech didn’t announce any news to drive today’s big gain.
What’s the best explanation for the jump? DermTech’s average daily trading volume over the last 30 days has been a little over 200,000 shares. Today, though, the trading volume for the stock surged to more than 2.1 million share,s with a significant spike in trading shortly after 10 a.m. EST. It appears that one or more large buy orders were placed, creating a lot of upward pressure on DermTech’s share price.