Hindsight Markets Small-cap stocks on August 12, 2026
VBIO on August 12, 2026: why it ran
On August 12, 2026, VBIO opened up 11.1% from the previous close of 0.3100 and reached 1.30 at 9:56 a.m. ET. The exchange halted it 9 times.
- Previous close
- 0.3100
- Open, 9:30 a.m.
- 0.3443
- Gap at the open
- up 11.1%
- Pre-market high
- 0.3410 at 9:14 a.m.
- High, 4 a.m. to 4 p.m.
- 1.30 at 9:56 a.m.
- Low, 4 a.m. to 4 p.m.
- 0.2000
- After-hours high, 4 p.m. to 8 p.m.
- 0.2550 at 4:18 p.m.
- Last trade before 4:00 p.m.
- 0.2212
- Volume
- 69.18 million
- Relative volume
- 170.4x
- Float
- 4.11 million shares, from filings as of August 12, 2026
- Shares outstanding
- 4.15 million
Replay VBIO's day
It starts at 9:27 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 9:30 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
- Catalyst: news
- Halted nine times
- Float traded 15x
- Bid wall break
Pre-market: quiet, then a headline
The previous close was $0.31. Pre-market trading was thin, and the stock sat in the low $0.30s. The pre-market high was $0.34 at 9:14 a.m. Only 39,148 shares traded before the bell.
At 9:29 a.m. Accesswire ran: “Valion Bio Announces U.S. Government-Funded Entolimod Studies Targeting Lethal Radiation-Induced GI Injury”. The stock opened at $0.34, up 11% from the previous close, and had touched $0.39 by 9:31.
Through $0.50, and the first halt
The first four minutes after the open were slow, with a high of $0.40. Then at 9:34 a.m. it traded through $0.50 for the first time, on 322,683 shares in that one minute.
At 9:35:20 it was halted (a volatility pause) with the last trade at $0.55. It reopened at 9:45:20 at $0.72, 31% above where it stopped. The reopen print alone was 293,382 shares.
The second halt and the bid at $0.87
Within 18 seconds of the reopen it was halted again. At 9:45:38 it stopped with the last trade at $0.87. It reopened at 9:55:38 at $1.17, 34% above where it stopped.
This part a chart doesn't show. A bid sat at exactly $0.87 as the halt began. It was first seen at 9:45:24 and peaked at 530,310 shares (12.9% of the float) at 9:45:38. It was gone by 9:47:13, well before the reopen.
The top at $1.30
From the $1.17 reopen it ran to $1.30, the high so far, in the 9:56 minute. At 9:56:54 it was halted again with the last trade at $1.30.
A bid sat at $1.30 as the halt began. It was first seen at 9:56:41 and peaked at 365,371 shares (8.9% of the float) at 9:56:54. The stock reopened at 10:01:54 at $1.15, 12% below where it stopped, under that bid. The bid was gone at 10:01:55.
By 10:01, more shares had traded than exist in the whole float (4.11 million). It was halted again at 10:02:25, and after that reopen it fell to $0.94 in the 10:07 minute, 28% below $1.30.
More halts, and a lower high
The 10:02 halt reopened at 10:07:25 at $1.02, and 25 seconds later it was halted again. It reopened at 10:12:50 at $1.12. It touched $1.17 in both the 10:07 and 10:12 minutes, a lower high under the $1.30 top.
That made nine halts by 10:41. After the 10:13 halt it reopened at $0.95 (10:18:25) and fell to $0.79 by 10:18, 22 minutes after the top. It was halted at 10:22:42 and again at 10:28:07, and reopened at 10:33:07. The last halt ran from 10:41:27 to 10:46:27, when it reopened at $0.70.
After that last reopen there were no more halts, and the stock fell almost without a pause. By 10:56 it had traded as low as $0.34, half of the reopen price.
The bid at $0.35
From 11:00 a.m. on, a large bid sat at exactly $0.35. It peaked at 332,952 shares at 11:03:56, about 8% of the float.
Stop It's 11:06. VBIO is at $0.35. Since 11:00 a bid has sat at exactly $0.35, peaking near 333,000 shares. The stock was at $0.39 a few minutes ago. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 11:06 a.m. ET for your call, then show what happened. The clip starts at 11:03 a.m. ET.
At 11:06:26 trading at exactly $0.35 began. In 1.8 seconds, 325,261 shares traded at exactly $0.35 and the bid was gone. It wasn't pulled. Sellers hit it. One sell order of 294,041 shares went through 16 price levels, from $0.35 to $0.3478. A minute later it was down to $0.305.
By 11:27 a.m. the day's volume was about ten times the float.
More bids, and the $0.25 level
At 11:27 a bid appeared at $0.25. At 11:42 another appeared at $0.20. By 11:51 the $0.20 bid had grown to 1,008,997 shares, 24.6% of the float. It was pulled by 11:53:06, and while it was there the stock stayed above $0.26. It sat around $0.27.
Stop It's 12:28. VBIO is at $0.25. A bid has sat at $0.25 since 11:27, peaking near 290,000 shares. It has traded between about $0.25 and $0.27 for most of the last hour. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 12:28 p.m. ET for your call, then show what happened. The clip starts at 12:25 p.m. ET.
At 12:28:27, 109,800 shares traded at exactly $0.25, and the $0.25 bid (289,795 shares at its peak, 7.0% of the float) was eaten by 12:28:28. A sell order of 216,505 shares went through 42 price levels, from $0.252 to $0.2405. The 12:28 minute traded 585,158 shares. The stock was at $0.24 a minute later.
The rest of the day
It kept fading. By 1:57 it was down to $0.22 and the low after the open was $0.20 at 2:48 p.m. It drifted back up and ended the regular session at $0.22, 83% below the $1.30 high.
By the close, 62.91 million shares had traded: the float changed hands about 15 times. Relative volume for the day was about 170. It was halted 9 times.
After hours another 6.23 million shares traded. It touched $0.25 at 4:03 p.m., then fell to $0.188 at 4:42 p.m., the low of the day.
What to take from it
- A halt can reopen lower than it stopped. The 9:56 halt stopped at $1.30 and reopened at $1.15. The bid at $1.30 was gone one second later.
- Big bids are levels, not floors. The $0.35 bid (325,261 shares) was hit in 1.8 seconds, and the $0.25 bid was eaten in one second. Both times the stock kept falling.
- Reopens can be thin. A 5,000-share buy cost $315 and $422 over the screen at the 10:01 and 10:12 reopens, while at three other reopens it cost nothing extra.
Why it ran
News and SEC filings for VBIO published between the previous session's close and the first minute VBIO traded 20% above it, at 9:31 a.m. ET, newest first, from the same feeds the replay shows.
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Valion Bio Announces U.S. Government-Funded Entolimod Studies Targeting Lethal Radiation-Induced GI Injury
News via Stock News API
How it traded
Gap, run and fade. It gapped up 11.1% to 0.3443 at the open, ran from the open to the high of 1.30 in 26 minutes through two halts, then gave back 113% of that move by 4:00 p.m., trading at 0.2212.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 9:14 a.m. | Pre-market high, 0.3410 | |
| 9:29 a.m. | News (Accesswire): Valion Bio Announces U.S. Government-Funded Entolimod Studies Targeting Lethal Radiation-Induced GI Injury | |
| 9:30 a.m. | The open: 0.3443, up 11.1% from the previous close | |
| 9:31 a.m. | First trade 20% above the previous close of 0.3100 | |
| 9:35 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 9:45 a.m. | |
| 9:45 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 9:55 a.m. | |
| 9:56 a.m. | High of the day to the close, 1.30 | |
| 9:56 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:01 a.m. | |
| 10:01 a.m. | Volume since 4:00 a.m. passes the whole float, 4.11 million shares | |
| 10:02 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:07 a.m. | |
| 10:07 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:12 a.m. | |
| 10:13 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:18 a.m. | |
| 10:22 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:27 a.m. | |
| 10:28 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:33 a.m. | |
| 10:41 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:46 a.m. | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, 0.2212, 83.0% 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
- From news to the move: the first trade 20% above the previous close came 2 minutes after the latest news item before it (Accesswire, 9:29 a.m.).
- Volume, from the one-minute bars: 39,148 shares before the 9:30 a.m. open (0%), 3.65 million in the first 30 minutes (5%), and 65.49 million in the rest of the day to 8 p.m. (95%).
- Float rotation, the volume since 4 a.m. against the float of 4.11 million shares: past it once at 10:01 a.m., twice at 10:20 a.m., three times at 10:35 a.m.
- The halt at 9:35 a.m.: up 51.3% in the 5 minutes into it, reopened at 0.7200, up 30.9% from the last trade before it.
- The halt at 9:45 a.m.: up 58.2% in the 5 minutes into it, reopened at 1.17, up 34.5% from the last trade before it, then up 11.1% over the next 5 minutes.
- The halt at 9:56 a.m.: up 49.4% in the 5 minutes into it, reopened at 1.15, down 11.5% from the last trade before it, then down 13.0% over the next 5 minutes.
- The halt at 10:02 a.m.: down 23.1% in the 5 minutes into it, reopened at 1.02, up 2.0% from the last trade before it.
- The halt at 10:07 a.m.: up 17.0% in the 5 minutes into it, reopened at 1.12, down 4.3% from the last trade before it, then down 13.4% over the next 5 minutes.
- The halt at 10:13 a.m.: down 17.1% in the 5 minutes into it, reopened at 0.9500, down 2.1% from the last trade before it, then up 5.3% over the next 5 minutes.
- The halt at 10:22 a.m.: up 3.1% in the 5 minutes into it, reopened at 1.09, up 9.0% from the last trade before it, then down 13.8% over the next 5 minutes.
- The halt at 10:28 a.m.: down 6.0% in the 5 minutes into it, reopened at 0.9999, up 6.4% from the last trade before it, then down 5.0% over the next 5 minutes.
- The halt at 10:41 a.m.: down 26.0% in the 5 minutes into it, reopened at 0.7061, down 0.5% from the last trade before it, then down 26.7% over the next 5 minutes.
- Other days VBIO met the small-cap rule in our recaps: 3, the latest on September 30, 2026.
Halts
| Halted | Resumed | Length | Reason in the feed |
|---|---|---|---|
| 9:35 a.m. | 9:45 a.m. | 10 min 0 s | LULD pause (limit up-limit down) |
| 9:45 a.m. | 9:55 a.m. | 10 min 0 s | LULD pause (limit up-limit down) |
| 9:56 a.m. | 10:01 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 10:02 a.m. | 10:07 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 10:07 a.m. | 10:12 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 10:13 a.m. | 10:18 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 10:22 a.m. | 10:27 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 10:28 a.m. | 10:33 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 10:41 a.m. | 10:46 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 VBIO on August 12, 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.