ZOM Stock Price: Shares remain strong another 10% gain possible

Zomedica shares remain strong, up 8% for Thursday.
ZOM shares have tried to breach $3 in pre-market trading.
ZOM remains in focus with retail traders.

Stocks Reporter FXStreet

Update 2 February 11: Shares in ZOM continued to surge on Thursday as the frenzy showed no sign of abating. Shares in ZOM are at $2.76 at the time of writing, a gain of 8% on Thursday. ZOM shares had traded up to $3 during Thursday's pre-market.

Update February 11: Shares in ZOM continue their strong run as they closed up 10% on Wednesday. ZOM shares are in sight of record highs. The fact that the recent share offering was increased due to demand was certainly a strong catalyst. However, the valuation is now stretched. ZOM is valued at over $2 billion. The company itself said in an earlier presentation “the diagnostics segment of the global companion animal market is expected to reach $2.8 billion by 2024.” This is the entire market and ZOM is already nearly worth that!

See US Stocks Today Preview

Update: Zomedica Corp( (NYSEAMERICAN:ZOM) has shifted gears and is jumping by some 12% on Wednesday, reaching $2.60. Shares of the Ann Arobr-based firm have been subject to substantial swings after some profit-taking took place earlier on. Equity of the pharma firm leaped from a low of only $0.06 in the past 52-weeks to its current value – staying out of the radar of regulators and RobinHood's managers. It is now eyeing the all-time highs of $2.91. See all the latest hot stocks news.

NYSEAMERICAN:ZOM has been on the radar lately as one of the meme stocks that was caught up in the r/WallStreetBets saga that momentarily took over Wall Street. Since the beginning of 2021, Zomedica stock is up over 700% and over 1200% during the past 52-weeks. Of course, these multiples grow larger with penny stocks, but the recent surge is still impressive for a company that has accomplished very little since it began trading in 2016. On Tuesday, Zomedica shares plunged by 14.07% to close the trading session at $2.32.

The catalyst behind the drop in price was Zomedica’s recent stock offering, a common practice by companies who experience a spike in the share price. The underwriter behind Zomedica’s offering valued the veterinary software firm’s shares at $1.90, which represented a 30% decrease from the opening price of $2.70. Long-term investors may be more optimistic though as Zomedica attempts to disrupt a pet healthcare industry that is estimated to be valued at nearly $3 billion by 2024. Stock offerings raise capital that can be used by the company to fund projects and pay down debt.

ZOM stock forecast

Zomedica is preparing to release its Truforma diagnostic platform across the United States in March. Truforma is designed to perform multiple assay tests on cats and dogs, specifically to diagnose and treat adrenal and thyroid gland issues. The best part about Truforma is it enables veterinarians to keep results in-house, rather than sending them away to external labs which takes time and money to accomplish.

Author

Stocks Reporter

FXStreet

AUD/USD climbs toward 0.7000 after strong China data dump

AUD/USD attracts follow-through buyers for the second straight day on Monday, extending last week's recovery toward 0.7000 in Monday's Asian trading. Strong Chniese Q3 GDP and activity data for September strengthen the pair's advance, following RBA Assistant Governor Chris Kent's hawkish remarks.

USD/JPY struggles near 158.00 amid hawkish BoJ, subdued USD

USD/JPY remains defensive near 158.00 in the Asian session on Monday, as the US Dollar remains depressed near a two-week low amid the recent decline in US bond yields. Furthermore, looming intervention risks underpin the Japanese Yen and weigh on the pair amid BoJ Governor Kazuo Ueda's hawkish remarks. However, Fed rate-hike bets and geopolitical uncertainties could limit USD losses and the major.

Gold bulls hesitant below $4,200 as Fed risks and firmer USD cap intraday gains

Gold struggles to capitalize on modest intraday gains and remains below the $4,200 mark, well within a three-week-old trading range. US Federal Reserve Chair Kevin Warsh’s unwillingness to offer fresh cues on further policy moves forced investors to price out the possibility of policy tightening later this month. Moreover, the recent sharp pullback in US government bond yields from multi-year highs, which dragged the US Dollar to a two-week low on Friday, acts as a tailwind for bullion.

Pi Network: Weak momentum and waning demand reinforce downside bias

Pi Network edges lower, risking a bearish conclusion to its short-term consolidation above the $0.0774 horizontal support. A steady decline in the notional value of active PI futures contracts and the weekly spot trading volume suggests reduced retail demand. The PI token risks a retest of its record low around $0.0704 as bearish momentum remains dominant on the daily chart.

Canada CPI expected to show a pick-up in inflation in September

Canada’s September CPI figures will be the focus of attention on Monday. Indeed, Statistics Canada data will provide markets with an update on price pressures ahead of the BoC’s October 28 gathering, when officials are expected to keep the interest rate steady at 2.25%, broadly in line with analyst consensus.

Everyone's dumping Gold after hot US inflation. Here's why $4,100 could be a floor, not a cliff

Gold (XAU/USD) is recovering from a sharp sell-off triggered by hotter-than-expected United States (US) inflation data released on Wednesday. The precious metal briefly plunged toward $4,073 as investors increased their bets on further Federal Reserve (Fed) interest rate hikes before recovering as US Treasury yields and the US Dollar (USD) reversed their initial gains.