Hindsight Markets Small-cap stocks on August 4, 2026
ADGM on August 4, 2026: why it ran
On August 4, 2026, ADGM opened up 30.6% from the previous close of 0.4600 and reached 1.13 at 1:56 p.m. ET. The exchange halted it 2 times.
- Previous close
- 0.4600
- Open, 9:30 a.m.
- 0.6006
- Gap at the open
- up 30.6%
- Pre-market high
- 0.7849 at 4:00 a.m.
- High, 4 a.m. to 4 p.m.
- 1.13 at 1:56 p.m.
- Low, 4 a.m. to 4 p.m.
- 0.3949
- After-hours high, 4 p.m. to 8 p.m.
- 0.8200 at 4:00 p.m.
- Last trade before 4:00 p.m.
- 0.8101
- Volume
- 153.69 million
- Relative volume
- 640.3x
- Float
- 19.62 million shares, from filings as of August 4, 2026
- Shares outstanding
- 22.21 million
Replay ADGM's day
It starts at 9:31 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 9:34 a.m. and asks what you would do. Or press Play on any moment in How it traded.
The day, step by step
- Small cap
- Momentum
- Gap, run and fade
- Pre-market float turnover
- Halted twice
- Bid wall eaten
- Lower high after the top
The day before
On August 3, ADGM ran from $0.46 to $0.88 and closed at $0.46, where it started.
The one news item in the data is from that day. At 8:30 a.m. on the 3rd, Business Wire carried the headline "Adagio Medical Treats First Patient with Faster, Single-Freeze Next-Generation ULTA System." There is no news item dated the 4th.
Pre-market: the float traded by 7:45 a.m.
The first trades on the 4th were at $0.68, already above the $0.46 close. The pre-market high came right away: $0.78 at 4:00 a.m. By 4:06 it was down to $0.52.
It did not trend. It ran to $0.71 at 4:19 a.m., then slid for hours to $0.39 at 6:22 a.m. Volume dried up on the way down.
The second push began at 7:16 a.m. at $0.42. It reached $0.70 at 7:37 a.m., up 67%, and was at $0.54 a minute later. Those minutes were heavy: more than 650,000 shares traded in each of the 7:36, 7:37, 7:38 and 7:39 bars.
By 7:45 a.m., more shares had traded than exist in the whole float (19.62 million). It ran again to $0.77 at 7:56 a.m. and faded to $0.53 at 8:29 a.m. In all, 34.31 million shares traded before the bell.
The open
It opened at $0.60, up 31% from the previous close. It dipped to $0.55 at 9:31, then started to climb at 9:36.
Stop It's 9:41. ADGM is at $0.74. The pre-market high of $0.78 is just above, and the stock has climbed from about $0.62 in six minutes. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 9:41 a.m. ET for your call, then show what happened. The clip starts at 9:38 a.m. ET.
At 9:41 it cleared the $0.78 pre-market high. At 9:43 the last trade was $0.90, and at 9:43:29 it was halted (a volatility pause).
The book showed something just before the halt. A bid wall appeared at $0.90 at 9:43:18 and peaked at 453,258 shares at 9:43:29, 2.3% of the float. The halt lasted five minutes. It reopened at 9:48:29 at $0.84, 7% below where it stopped. A single print of 382,685 shares crossed at $0.8393. The $0.90 wall was gone at 9:48:30, with 8,080 shares traded at that price.
From the reopen it ran to $1.06 at 9:50 a.m., up 84% from the $0.58 low at 9:35. Then it came back down. At 9:54:27 it was halted again with the last trade at $0.78. It reopened at 9:59:27 at $0.78, on a print of 269,306 shares.
The low that minute was $0.77, 28% under the $1.06 high. It ran to $0.95 at 10:06 a.m., fell to $0.74 at 10:12 a.m., and then built again from $0.80 at 10:24 to $1.08 at 10:40.
The bid at $0.92
From 10:49 a.m. on, a large bid stood at exactly $0.92. It first appeared at 10:49:27 and peaked at 257,986 shares at 10:49:51, 1.3% of the float.
Stop It's 10:52. ADGM is at $0.94, down from $1.11 six minutes ago. A big bid sits just below at $0.92. It reached about 258,000 shares at its peak. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 10:52 a.m. ET for your call, then show what happened. The clip starts at 10:49 a.m. ET.
At 10:52:36 the first trade printed at $0.92. In 12.1 seconds, 204,653 shares traded at exactly $0.92 and the wall was gone. It wasn't pulled. Sellers hit it. After a bounce to $0.97 at 10:58 a.m., it fell to $0.84 at 11:07 a.m., down 24% from $1.11.
The ask wall at $0.98
Midday was quieter. An ask wall sat at $0.98 from 12:35 p.m. and peaked at 255,642 shares at 12:44. A second ask wall stood at $0.9799 from 1:05 p.m. and was pulled at 1:20.
Stop It's 1:52. ADGM is at $0.95. An ask wall at $0.98 has sat there since 12:35 p.m. It reached about 256,000 shares at its peak. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 1:52 p.m. ET for your call, then show what happened. The clip starts at 1:49 p.m. ET.
From 1:52:42 to 1:52:45, 52,519 shares traded at $0.98 in 3.2 seconds, and by 1:52:46 the wall was gone. The data marks it as pulled, not eaten. Within the next minute buy sweeps went through the book: 98,369 shares from $1.00 to $1.02 at 1:53:21, and 82,186 shares from $1.06 to $1.09 at 1:53:29.
From $0.87 at 1:45 p.m. it ran to $1.13, the high of the day, at 1:56 p.m., up 146% from the previous close. The next minute it traded as low as $0.97.
The rest of the day and after hours
It came back. At 2:00 p.m. it pushed to $1.06, a lower high under the $1.13 top.
From there it faded: $0.87 at 2:11 p.m., $0.79 at 3:19 p.m., $0.78 at 3:54 p.m., and $0.81 at the close.
By the close, 114.69 million shares had traded: the float changed hands about 6 times. With pre-market and after hours, the day's total was 153.69 million, about 8 times the float.
After hours, 4.69 million shares traded, between $0.62 and $0.82. The high was at 4:00 p.m.
What to take from it
- A halt can reopen lower than it stopped, and a big bid can vanish with it. The 9:43 halt stopped at $0.90 with a 453,258-share bid there. It reopened at $0.84.
- Walls end two ways. The $0.92 bid was eaten by sellers in 12 seconds. The $0.98 ask was gone by 1:52:46, and the stock hit $1.13 four minutes later.
- After the top, the next push stopped lower. $1.13 at 1:56 p.m., then $1.06 at 2:00 p.m.
Why it ran
News and SEC filings for ADGM published between the previous session's close and the first minute ADGM traded 20% above it, at 4:00 a.m. ET, newest first, from the same feeds the replay shows.
No news found before the move.
How it traded
Gap, run and fade. It gapped up 30.6% to 0.6006 at the open, ran from the open to the high of 1.13 in 266 minutes through two halts, then gave back 60% of that move by 4:00 p.m., trading at 0.8101.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 4:00 a.m. | First trade 20% above the previous close of 0.4600 | |
| 4:00 a.m. | Pre-market high, 0.7849 | |
| 7:45 a.m. | Volume since 4:00 a.m. passes the whole float, 19.62 million shares | |
| 9:30 a.m. | The open: 0.6006, up 30.6% from the previous close | |
| 9:43 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 9:48 a.m. | |
| 9:54 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 9:59 a.m. | |
| 1:56 p.m. | High of the day to the close, 1.13 | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, 0.8101, 28.3% below the high |
The shape is a fixed rule, not a judgement: gapped 10% or more at the open, ran 10% or more from the open to the high, and faded if it gave back 30% or more of that move by the close.
The day in numbers
- Volume, from the one-minute bars: 34.31 million shares before the 9:30 a.m. open (22%), 16.54 million in the first 30 minutes (11%), and 102.84 million in the rest of the day to 8 p.m. (67%).
- Float rotation, the volume since 4 a.m. against the float of 19.62 million shares: past it once at 7:45 a.m., twice at 9:42 a.m., three times at 10:11 a.m.
- The halt at 9:43 a.m.: up 29.6% in the 5 minutes into it, reopened at 0.8393, down 6.7% from the last trade before it, then up 1.8% over the next 5 minutes.
- The halt at 9:54 a.m.: down 22.8% in the 5 minutes into it, reopened at 0.7800, unchanged from the last trade before it, then up 10.2% over the next 5 minutes.
Halts
| Halted | Resumed | Length | Reason in the feed |
|---|---|---|---|
| 9:43 a.m. | 9:48 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 9:54 a.m. | 9:59 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
On this date the LULD plan ran under Amendment 18, in force from February 24, 2020: no band doubling at the open, and the closing doubling only for Tier 1 stocks and Tier 2 stocks whose previous close was at or below three dollars. See LULD halts or work out a band with the LULD calculator.
Trade this day
Replay ADGM on August 4, 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.