Hindsight Markets Recaps Small-cap stocks on September 25, 2026
JAGX, September 25: the $12 wall, four halts, and $12.10
JAGX opened up 29%, ran to $12.10 through four halts, then fell below its open by the close.
What happened
Draft for review. Not published.
Thin float, big open
This stock had a tiny float, and it all changed hands before the bell. Only 1.46M shares float, and more than that traded by 8:24 a.m. It opened at $9.09, up 29% from the $7.06 close. From 9:37, sellers offered stock at exactly $12.00.
Stop It's 9:54. JAGX is at $9.77. The pre-market high of $10.39 is just above. Would you buy here?
Press play: the real Level 2, tape and chart run from 9:51 a.m. and stop at 9:54 a.m. ET for your call.
The $12 wall
Buyers took over. It cleared the $10.39 pre-market high at 9:55. It was halted at 9:58:44 and reopened at 10:03:44 at $11.64, with a 40K-share wall at $12.00 just above.
Stop It's 10:04. JAGX is at $11.16. Just above, close to 40,000 shares are waiting at $12.00. Would you buy here?
Press play: the real Level 2, tape and chart run from 10:01 a.m. and stop at 10:04 a.m. ET for your call.
The wall did not hold. Buyers ate 49K shares at $12.00 in under seven seconds. The $12.10 high came that same minute.
Fade to the close
The top did not last. A push at 10:23 stopped at $11.69. When the pipeline news story ran at 10:49, it was near $9.20. It closed at $7.74, 36% under the high.
What to take from it: Here the $12 wall was eaten in seconds, and the top came that same minute.
Replay JAGX's day
It starts at 8:05 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 8:08 a.m. and asks what you would do. Or press Play on any moment in How it traded.
The details
How it traded, step by step
Gap, run and fade. It gapped up 28.8% to $9.09 at the open, ran from the open to the high of $12.10 in 34 minutes through two halts, then gave back 145% of that move by 4:00 p.m., trading at $7.74, below the open.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 4:44 a.m. | First trade 20% above the previous close of $7.06 | |
| 8:24 a.m. | Volume since 4:00 a.m. passes the whole float, 1.46 million shares | |
| 8:31 a.m. | Pre-market high, $10.39 | |
| 9:30 a.m. | The open: $9.09, up 28.8% from the previous close | |
| 10:04 a.m. | High of the day to the close, $12.10 | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, $7.74, 36.0% 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
- $7.06
- Open, 9:30 a.m.
- $9.09
- Gap at the open
- +28.8%
- Pre-market high
- $10.39 at 8:31 a.m.
- High, 4 a.m. to 4 p.m.
- $12.10 at 10:04 a.m.
- Low, 4 a.m. to 4 p.m.
- $6.75
- Close, 4 p.m.
- $7.74
- Change at 4 p.m.
- +9.6%
- After-hours high, 4 p.m. to 8 p.m.
- $8.68 at 4:14 p.m.
- Volume, 4 a.m. to 4 p.m.
- 14.67 million
- Volume after hours, 4 p.m. to 8 p.m.
- 523,906
- Relative volume by 8 p.m.
- 14.1×
- Float
- 1.46 million shares, from filings as of September 25, 2026
- Shares outstanding
- 1.46 million
- Volume, from the one-minute bars: 4.14 million shares before the 9:30 a.m. open (27%), 2.94 million in the first 30 minutes (19%), and 8.11 million in the rest of the day to 8 p.m. (53%).
- Float rotation, the volume since 4 a.m. against the float of 1.46 million shares: past it once at 8:24 a.m., twice at 8:40 a.m., three times at 9:37 a.m.
- Other days JAGX met the small-cap rule in our recaps: 3, the latest on October 6, 2026.
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 (4)
| Halted | Resumed | Length | The 5 minutes into it | Reopened at, against the last trade | The 5 minutes after | Reason in the feed | Watch it |
|---|---|---|---|---|---|---|---|
| 9:32 a.m. | 9:37 a.m. | 5 min 0 s | up 9.0% | $9.86, unchanged | down 0.7% | LULD pause (limit up-limit down) | |
| 9:58 a.m. | 10:03 a.m. | 5 min 0 s | up 19.3% | $11.64, unchanged | down 10.5% | LULD pause (limit up-limit down) | |
| 10:06 a.m. | 10:11 a.m. | 5 min 0 s | down 10.5% | $10.37, down 0.5% | up 5.2% | LULD pause (limit up-limit down) | |
| 10:28 a.m. | 10:33 a.m. | 5 min 0 s | down 11.7% | $10.11, up 1.3% | up 2.5% | LULD pause (limit up-limit down) |
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 JAGX on September 25, 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.