PMI on August 25, 2026: why it ran

The day, step by step

• Small cap
• Momentum
• Gap up 13%
• Main move: midday to 2 p.m.
• Round-number wall
• Halted twice
• Float traded 8x
• Faded into the close

The day before

On August 24, PMI opened at $4.61 and reached $7.50. It gave most of it back and closed at $5.20.

Its last trade that day was $5.96, above the close.

Pre-market: down to $5.17, up to $6.28

The day started at $5.83 at 4:00 a.m., already above the $5.20 close. It did not hold. By 4:09 a.m. it had slid to $5.17, just under the close.

Then it drifted between about $5.17 and $5.75 for hours. At 7:08 a.m. it hit the pre-market high of $6.28, in a minute that traded 27,661 shares. 381,566 shares traded before the bell, about 28% of the 1.39-million-share float.

The open and the first halt

It opened at $5.87, up 13% from the previous close. The open began with a single print of 17,562 shares at $5.87 at 9:30:00.

The opening minute reached $6.38. From 9:31 to 9:36 it traded between about $5.84 and $6.23. At 9:37 it began to climb, and the 9:38 minute traded 40,408 shares up to $6.78. At 9:38:35 a.m. it was halted (a volatility pause). The last trade was $6.75.

It reopened at $6.50, 4% below where it stopped. A single print of 18,871 shares crossed at $6.50. The 9:43 minute then ranged from $6.07 to $6.80.

After lows of $6.07 at 9:43 and 9:45, it ran to $7.66 at 9:56 a.m., up 26%. A buy order of 22,771 shares swept from $7.43 to $7.65 across 23 price levels at 9:56:04. By 10:03 a.m., counting pre-market, more shares had traded than exist in the whole float (1.39 million).

The first $10.00 wall, $10.65, and the second halt

At 10:22 the candle went from $7.45 to $8.33 on 122,654 shares. By 10:27 it had reached $9.48.

At 10:29:57 an ask wall appeared at exactly $10.00. It grew to 35,136 shares at 10:48:44, about 2.5% of the float. In that same second a buy order of 30,496 shares swept from $9.88 to $10.00 across 12 levels.

At 10:49:29, 10,431 shares traded at exactly $10.00 in about a tenth of a second. That is less than the wall's peak. At 10:49:30 the wall was gone. The stock hit $10.65 in the 10:49 minute, up from $8.12 at 10:35.

Then it reversed hard. The 10:50 candle opened at $10.36 and closed at $8.84 on 191,436 shares. At 10:51:02 a.m. it was halted (a volatility pause), with the last trade at $8.84.

It reopened at $8.80. In the first second a single 33,529-share print went through at $8.30, and the 11:01 minute traded as low as $7.93 on 254,585 shares.

The second wall at $10.00

At 11:06 a.m. another wall appeared at exactly $10.00, with the stock around $8. It grew over the next hour and a half and peaked at 37,369 shares at 12:33 p.m., about 2.7% of the float.

Meanwhile the stock slid to $7.33 at 11:36 a.m., down 31% from $10.65. At 11:40 it jumped from $7.42 to $8.02 in one minute. A buy of 21,558 shares swept $7.85 to $8.02 at 11:40:45.

From $7.40 at 12:13 p.m. it climbed to $9.18 at 12:54 p.m., up 24%. At 1:32 p.m. it jumped from $9.09 to $9.84 in one minute. The 1:33 candle touched $10.00 but closed at $9.76. The wall was still there.

At 1:36:45 p.m., 24,902 shares traded at exactly $10.00 in about a tenth of a second and by 1:36:46 the wall was gone. It wasn't pulled. Buyers ate it.

A 19,032-share buy swept $9.87 to $10.02 at 1:41:11. The 1:42 minute traded 221,862 shares. It reached $10.87, up 22% from $8.88 at 1:29 p.m., and traded as low as $9.63 in the same minute.

The top at $11.12

At 1:42:42 p.m. a new ask wall appeared at $11.50. It peaked at 35,140 shares at 3:33 p.m. The stock never got there.

The 2:00 p.m. candle opened at $10.44 and made the high of the day, $11.12, on 160,689 shares. Two buy sweeps went through at 2:00:44 (23,296 shares, $10.79 to $11.00) and 2:00:49 (19,946 shares, $10.97 to $11.06). The next minute it traded down to $10.16.

It slid under $10 by 2:09. It hit $9.11 at 2:15 and $9.02 at 2:24.

The rest of the day

It climbed back to about $9.95 by 2:49, then chopped between about $9.11 and $9.95. At 3:06 p.m. GlobeNewsWire ran: “PICARD MEDICAL INVESTIGATION ALERT: Bragar Eagel & Squire, P.C. is Investigating Picard Medical, Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm”. The stock was $9.48 when it came out.

It came back once more. At 3:21 p.m. it pushed to $10.57, a lower high under the $11.12 top. By 3:24 it was down to $9.61. For the rest of the session it stayed between $9.40 and $10.40 and ended at $9.53 at the close.

By the close, 11.12 million shares had traded: the float changed hands about 8 times, at about 14 times its normal volume.

After hours, 543,698 more shares traded. The 4:00 p.m. minute reached $9.89. It fell to $8.52 by 4:35 p.m., then jumped to $9.70 at 4:55 p.m. The last minute of the evening closed at $9.27.

What to take from it

• A halt can reopen lower than it stopped, and the book is thin right after. The 9:38 a.m. halt stopped at $6.75 and reopened at $6.50. A 5,000-share buy one second later averaged $6.70 against $6.55 on screen.
• Two walls at the same price, two different endings. After the $10.00 wall went at 10:49, PMI hit $10.65 and was halted at $8.84 about a minute and a half later. After it went at 1:36 p.m., the stock reached $10.87 and then $11.12.
• After the top, the next push stopped lower. $11.12 at 2:00 p.m., then $10.57 at 3:21 p.m.

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