ZOM Stock Price and News: Zomedica Corp suffers as sells first Truforma product

Update March 19: ZOM shares continue to suffer from post-Truforma sale as investors likely move on to the next meme name, or back to the king, in Gamestop. ZOM does have a solid investment case but not at this level with a $1.99 market capitalization in a market that in its entirety is worth just over $2 billion for diagnostic pet products. Maybe investors have realized they have pushed the valuation too far or maybe they have moved into the next meme stock but either way ZOM shares have been struggling, despite the positive news, which is never a good sign. 

Update: ZOM shares are trading lower on Thursday as the company continues to suffer a buy the rumour sell the fact response to news it has sold its first Truforma product ahead of schedule. ZOM shares also closed lower on Wednesday.

NYSEAMERICAN:ZOM is fast approaching what shareholders are hoping to be a defining moment in the company’s history at the end of March. Thus far, the stock has had mixed results leading up to Truforma’s release, and on Tuesday Zomedica dropped by 9.24% to close the trading session at $2.26. Investors cannot complain about a slight dropoff though as they are still up well over 1,400% over the past 52-weeks since the stock traded at its low price of $0.06. 

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Tuesday also saw Zomedica announce the first official sales of Truforma to a large emergency care center located in Brewster, New York. The veterinarian in charge of the facility is Dr. Jason Berg, who is excited to be the first official user of the Truforma diagnostic platform for dogs and cats. While Zomedica has not reported any more official sales of its platform, the news that the official release was pushed up due to the demand of Dr. Berg’s practice is promising news for investors. Zomedica is targeting a slow regional release of Truforma, before rolling out nationwide at some point in the future. 

ZOM Stock Forecast

While Zomedica is branching out and beginning to stand on its own two legs, the company is still grouped in with the other Reddit meme stocks that initiated the short selling event in late January. It was a red day all around on Tuesday for the meme stocks and Zomedica may still be experiencing sympathy from traders which will cause the stock to move in either direction.