Hindsight Markets Recaps Small-cap stocks on October 22, 2026
AARD, October 22: an 8-K, one halt, and an after-hours run to $5.69
AARD barely moved in the regular session after an 8-K, then ran to $5.69 after the close.
News via Stock News API
What happened
Before the open
The news came first: an 8-K at 4:17 p.m. Before the bell it reached $4.41, on 2 shares.
The open
It opened near its previous close, at $4.27.
The halts
Trading stopped once, at 4:01 p.m. The biggest jump was the reopen after 4:01 p.m.: 29% above the last trade before it.
The close
It closed at $3.97, 11% under its high. After the close it ran to $5.69 by 4:35 p.m.
What to take from it: The day's real move came after the 4 p.m. close, not in the regular session.
The details
How it traded, step by step
After-hours run. It opened down 3.2% at $4.27 and traded at $3.97 at the 4:00 p.m. close, then ran 43.3% from $3.97 to $5.69 at 4:35 p.m. after the close, on 877,319 shares traded after hours.
| Time (ET) | What happened |
|---|---|
| 7:48 a.m. | Pre-market high, $4.41 |
| 9:30 a.m. | The open: $4.27, down 3.2% from the previous close |
| 9:30 a.m. | High of the day to the close, $4.44 |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, $3.97, 10.6% below the high |
| 4:05 p.m. | News (GlobeNewsWire): Aardvark Therapeutics Announces FDA Has Lifted the Clinical Hold on ARD-101 for the Treatment of Prader-Willi Syndrome and Will Host Webcast to Review the Available Exploratory Phase 3 HERO/OLE Data |
| 4:17 p.m. | SEC filing 8-K: 8-K |
| 4:35 p.m. | First trade 20% above the previous close of $4.41 |
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
- $4.41
- Open, 9:30 a.m.
- $4.27
- Gap at the open
- −3.2%
- Pre-market high
- $4.41 at 7:48 a.m.
- High, 4 a.m. to 4 p.m.
- $4.44 at 9:30 a.m.
- Low, 4 a.m. to 4 p.m.
- $3.90
- Close, 4 p.m.
- $3.97
- Change at 4 p.m.
- −10.0%
- After-hours high, 4 p.m. to 8 p.m.
- $5.69 at 4:35 p.m.
- Volume, 4 a.m. to 4 p.m.
- 34,969
- Volume after hours, 4 p.m. to 8 p.m.
- 877,319
- Relative volume by 8 p.m.
- 12.6×
- Float
- 18.46 million shares, from filings as of October 22, 2026
- Shares outstanding
- 21.88 million
- From news to the move: the first trade 20% above the previous close came 17 minutes after the latest SEC filing before it (8-K, 4:17 p.m.).
- Volume, from the one-minute bars: 2 shares before the 9:30 a.m. open (0%), 3,466 in the first 30 minutes (0%), and 908,820 in the rest of the day to 8 p.m. (100%).
- Other days AARD met the small-cap rule in our recaps: 1, the latest on October 23, 2026.
On the day's lists: the intraday runners, after-hours movers. It is here because it met the small-cap rule on the intraday runners: 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 (1)
| Halted | Resumed | Length | The 5 minutes into it | Reopened at, against the last trade | The 5 minutes after | Reason in the feed |
|---|---|---|---|---|---|---|
| 4:01 p.m. | 4:35 p.m. | 34 min 0 s | up 2.0% | $5.16, up 29.3% | down 14.5% | News pending |
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 AARD on October 22, 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.