Hindsight Markets Recaps Small-cap stocks on August 21, 2026
ADXN, August 21: a gap that faded
ADXN opened up 31%, then faded below its open by the close.
What happened
Before the open
We found no news or filing before the move. Before the bell it reached $14.77, on 4M shares.
The open
It opened up 31%, at $5.88.
The close
It closed at $4.91, 67% under its high.
What to take from it: A big gap is not a trend. This one traded below its open by the close.
The details
How it traded, step by step
Gap and fade. It gapped up 31.2% to $5.88 at the open and traded below the open by 4:00 p.m., at $4.91.
| Time (ET) | What happened |
|---|---|
| 4:00 a.m. | First trade 20% above the previous close of $4.48 |
| 4:37 a.m. | Pre-market high, $14.77 |
| 4:37 a.m. | High of the day to the close, $14.77 |
| 5:01 a.m. | Volume since 4:00 a.m. passes the whole float, 1.03 million shares |
| 9:30 a.m. | The open: $5.88, up 31.2% from the previous close |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, $4.91, 66.8% below the high |
The shape's name comes from a fixed rule, not a judgement (how shapes are named). Halts are in the halt table below.
The day in numbers
- Previous close
- $4.48
- Open, 9:30 a.m.
- $5.88
- Gap at the open
- +31.2%
- Pre-market high
- $14.77 at 4:37 a.m.
- High, 4 a.m. to 4 p.m.
- $14.77 at 4:37 a.m.
- Low, 4 a.m. to 4 p.m.
- $4.60
- Close, 4 p.m.
- $4.91
- Change at 4 p.m.
- +9.6%
- After-hours high, 4 p.m. to 8 p.m.
- $5.00 at 4:21 p.m.
- Volume, 4 a.m. to 4 p.m.
- 4.52 million
- Volume after hours, 4 p.m. to 8 p.m.
- 24,545
- Relative volume by 8 p.m.
- n/m
- Float
- 1.03 million shares, from filings as of August 21, 2026
- Shares outstanding
- 1.24 million
- Volume, from the one-minute bars: 4.03 million shares before the 9:30 a.m. open (89%), 257,949 in the first 30 minutes (6%), and 254,694 in the rest of the day to 8 p.m. (6%).
- Float rotation, the volume since 4 a.m. against the float of 1.03 million shares: past it once at 5:01 a.m., twice at 6:10 a.m., three times at 7:11 a.m.
- In our recaps, this is the only day ADXN met the small-cap rule.
On the day's lists: the pre-market gappers, intraday runners. It is here because it met the small-cap rule on the pre-market gappers: price $2 to $20, up 10% or more, relative volume 5× or more, float under 20 million shares, its high reached $1 or more and it started the day at $20 or under (the rule every page uses).
Halts (none)
The exchange's halt feed shows no halts for ADXN that day.
Halt bands that day: the LULD plan's Amendment 18 rules (what that means, LULD calculator).
How we read the data, name a day's shape and pick the stocks: methodology.
Trade this day
Replay ADXN on August 21, 2026 in Hindsight Markets: the real tape, the order book and the halts, on a clock you control, and see where your orders would have filled.