Recaps · September 25, 2026

JAGX, September 25: the $12 wall, four halts, and $12.10

• Small cap
• Momentum
• Gap, run and fade
• Round-number break
• Halted four times
• Float traded 10x

Float

1.46 million shares

Volume

15.19 million shares

Previous close

$7.06

Open

$9.09 (up 28.8%)

High

$12.10 at 10:04 a.m.

Halts

4 (9:32 a.m. and 9:58 a.m. and 10:06 a.m. and 10:28 a.m.)

Close

$7.74

The day before

On September 24, JAGX opened at $7.94, hit $9.00, fell to $5.56, and closed at $7.06. Two headlines that day described a drop. At 10:23 a.m. 24/7 Wall Street wrote that Jaguar Health "tumbles 25%." At 3:33 p.m. Benzinga ran "Jaguar Health Stock Slides Thursday: What's Happening?"

Pre-market: the float traded by 8:24 a.m.

The float is 1.46 million shares. Pre-market, it moved in three waves: 4:23-4:45, 7:38-8:14, and 8:18-8:31.

The first started at $7.21 at 4:23 a.m. and reached $8.88 at 4:45 a.m., up 23%. The 4:45 minute alone traded 53,037 shares and ranged from $7.58 to $8.88. By 5:31 a.m. it had fallen to $6.75, the low so far and 24% under that high.

The second wave ran from $6.90 at 7:38 a.m. to $8.65 at 8:14 a.m. Then the volume came. By 8:24 a.m., more shares had traded than exist in the whole float.

The pre-market high was $10.39 at 8:31 a.m. 4.14 million shares traded before the bell.

The open and the first halt

It opened at $9.09, up 29% from the $7.06 close. The 9:30 minute dipped to $8.66. By 9:31 it was at $9.86. At 9:32:12 it was halted (a volatility pause).

It reopened at 9:37:12 with a 44,082-share print at $9.86. A 5,000-share market buy one second later would have averaged $9.70 against $9.69 on the screen, a small gap. Over the next 17 minutes it chopped between about $9 and $10.22.

The wall at $12.00

From 9:37 on, stock was offered at exactly $12.00, well above the price.

Buyers swept the ask again. At 9:54:22 one order bought 30,190 shares from $9.85 to $9.90. At 9:55 it cleared the pre-market high of $10.39 and reached $10.75 in that minute. It kept climbing: $10.99 at 9:56, $11.11 at 9:57. At 9:58 it reached $11.64.

At 9:58:44 it was halted again. It reopened at 10:03:44 with a 56,351-share print at $11.64. The wall at $12.00 was now just above, and at 10:03:52 it peaked at 39,711 shares, 2.7% of the float.

Here's what happened. At 10:04:08 a buy order swept 19 price levels, from $11.60 to $11.82. At 10:04:09 the first trade printed at $12.00. In 6.9 seconds, 49,096 shares traded at exactly $12.00 and the wall was gone. It wasn't pulled. Buyers ate it. At 10:04:16 one more order bought 28,311 shares from $11.85 to $12.05.

The high of the day, $12.10, came in the 10:04 minute, which traded 483,692 shares. The same minute closed at $11.60.

Two more halts and the lower high

The top didn't last. The 10:06 minute fell to $10.42, and at 10:06:42 it was halted a third time. At 10:09, during that halt, Benzinga ran: "Jaguar Health Stock Surges Friday: What's Happening?"

It reopened at 10:11:42 with a 29,553-share print at $10.37. It then rebuilt: $11.41 at 10:14, $11.59 at 10:21.

At 10:23 it pushed to $11.69, a lower high under the $12.10 top. A 19,696-share buy swept 22 levels from $11.48 to $11.69 at 10:23:25. It couldn't get back to $12.

By 10:27 it was at $9.98, and at 10:28:13 it was halted a fourth time. It reopened at 10:33:13 with a 31,147-share print at $10.11. At 10:49 24/7 Wall Street ran: "Jaguar Health Soars 32% as Rare-Disease Pipeline News Meets Thin Post-Split Float." The stock was around $9.20 then, well under its earlier highs.

The rest of the day

From there it drifted lower: $8.69 at 11:04, $7.28 at 12:04. At 1:11 p.m. one minute traded 53,301 shares and dropped it from $7.25 to $6.80, the low after the open.

The afternoon was quiet, mostly between $6.90 and $7.80. It closed at $7.74, 36% under the $12.10 high and 68 cents above the $7.06 previous close.

After hours it spiked to $8.68 at 4:14 p.m., then settled back near $7.75 by 5 p.m.

10.53 million shares traded in the regular session, and 15.19 million across the whole day: the float changed hands about 10 times, at 14 times its normal volume. The stock was halted 4 times.

What to take from it

• A big ask wall at a round number is a level, not a ceiling. Buyers ate $12.00 in under seven seconds, and the high came in the same minute.
• Buying right after a halt reopen or a wall break costs more than the screen says. Here the same 5,000 shares cost $491 and $707 more than the screen showed.
• After the top, the next push stopped lower. $12.10 at 10:04, then $11.69 at 10:23. The move never got back to $12.