Hindsight Markets Small-cap stocks on August 28, 2026
QNRX on August 28, 2026: why it ran
On August 28, 2026, QNRX opened up 50.7% from the previous close of 4.81 and reached 10.80 at 6:13 a.m. ET. The exchange did not halt it.
- Previous close
- 4.81
- Open, 9:30 a.m.
- 7.25
- Gap at the open
- up 50.7%
- Pre-market high
- 10.80 at 6:13 a.m.
- High, 4 a.m. to 4 p.m.
- 10.80 at 6:13 a.m.
- Low, 4 a.m. to 4 p.m.
- 5.95
- After-hours high, 4 p.m. to 8 p.m.
- 6.32 at 6:00 p.m.
- Last trade before 4:00 p.m.
- 6.15
- Volume
- 15.77 million
- Relative volume
- 1214.6x
- Float
- 2.01 million shares, from filings as of August 28, 2026
- Shares outstanding
- 2.01 million
- Halts
- none in the halt feed
Replay QNRX's day
It starts at 7:14 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 7:17 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
- Main move: pre-market
- Catalyst: news
- Gap, run and fade
- Lower high
- Bid wall eaten
- Float traded 8x
The day before
On August 27, QNRX traded between $4.67 and $5.25 and opened at $5.13. The official close was $4.81. Volume was 12,938 shares. That is a very quiet stock: the float is 2.01 million shares.
Pre-market: the float traded by 6:24 a.m.
At 6:00 a.m. GlobeNewsWire ran two headlines. One was “Quoin Pharmaceuticals Announces Private Placement Financing of Up to $50.0 Million”. The other was “Quoin Pharmaceuticals Reports Positive Interim Data from Ongoing Phase 2/3 Study of QRX003 in Netherton Syndrome”.
The first trades came in the 6:01 minute at $6.69, already above the $4.81 close. Then it ran. From $6.21 at 6:02 it hit $8.96 at 6:03, up 44%. From $7.39 at 6:05 it hit $9.45 at 6:07.
The big push came at 6:13. From $8.68 at 6:10 it ran to $10.80, the high so far, at 6:13 a.m. That is 125% above the previous close. Within two minutes it was back at $9.46.
Then it fell to $6.89 at 6:21 a.m., down 36% from the top. By 6:24 a.m., more shares had traded than exist in the whole float (2.01 million).
It tried again. At 6:41 a.m. it pushed to $8.30, a lower high under $10.80. After that it slid. It was near $6.40 at 7:00, then climbed back above $7 and traded mostly between $6.78 and $7.82 from 7:22 to 9:29. 8.94 million shares traded before the bell.
The open, and the walls on both sides
It opened at $7.25, up 51% from the previous close. A 23,068-share print at $7.22 came at 9:30:00. The 9:30 minute swung between $7.01 and $7.68, and two buy sweeps went through in the first seconds. The regular-session high so far came at 9:36 at $8.25.
At 9:40 a.m. Benzinga ran: “Quoin Pharmaceuticals Stock Surges Friday: What's Happening?”.
Now the part a chart doesn't show. A bid wall had been sitting at $6.46 since 9:45. It peaked at 26,151 shares at 9:57. Above the price, an ask wall appeared at $8.00 at 9:50. It peaked at 37,133 shares at 10:04, about 1.8% of the float. The stock sat between the two.
Stop It's 10:08. QNRX is at $7.18. A big bid wall sits below at $6.46 and a big ask wall sits above at $8.00. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 10:08 a.m. ET for your call, then show what happened. The clip starts at 10:05 a.m. ET.
Here's what happened. At 10:08:33 a 32,205-share sell order went through 22 price levels, from $7.10 down to $6.89. The 10:08 candle hit $6.55 and closed at $6.77. At 10:08:40 the $6.46 bid was pulled. Four seconds later a new bid wall showed up at $6.66.
The bid at $6.95
The $6.66 bid peaked at 25,357 shares at 10:14 and was pulled at 10:17. Right after, at 10:17:45, a new bid wall appeared at exactly $6.95. It grew to 30,798 shares at 10:29, about 1.5% of the float. For 14 minutes the price stayed near it.
Stop It's 10:31. QNRX is at $6.98. A bid wall has sat at $6.95 since 10:17 and peaked at 30,798 shares. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 10:31 a.m. ET for your call, then show what happened. The clip starts at 10:28 a.m. ET.
Here's what happened. Trades at exactly $6.95 ran from 10:31:31 to 10:31:35. In 3.6 seconds, 14,520 shares traded at $6.95 and the wall was gone. A 17,729-share sell sweep ran from $6.95 to $6.84 at 10:31:35, one second before the wall was marked eaten. The 10:31 candle dropped to $6.59 on 106,406 shares.
The company filed an 8-K in that same minute, 10:31. The filing and the wall breaking landed together, and nothing in the data tells us whether they are connected.
The rest of the day
It kept fading. At 10:55 a candle dropped to $6.15 on 76,575 shares, and $5.95 at 10:59 was the low after the open. After that volume was much lighter. From noon on it held between $6.03 and $7.04, reached $7.04 at 2:05 p.m., and closed the regular session at $6.15.
By the close, 6.69 million shares had traded in the regular session, on top of the 8.94 million before the bell. For the whole day, 15.77 million shares traded: the float changed hands about 8 times, at over 1,000 times its normal volume. The day before, the stock traded 12,938 shares.
After hours
After the close the price fell to $5.67 at 4:28 p.m., recovered to $6.32 at 6:00 p.m., and was at $5.74 by 7:58 p.m. Volume was thin, 136,699 shares in total. Two Form 4s were filed at 6:39 and 6:40 p.m.
What to take from it
- After the top, the next push stopped lower. $10.80 at 6:13 a.m., then $8.30 at 6:41 a.m.
- A big bid wall is a level, not a floor. The $6.95 bid held for 14 minutes and was gone in 3.6 seconds once sellers hit it.
- Most of the move was gone by the close. It closed at $6.15, 43% below the $10.80 high, and the float had traded before the open.
Why it ran
News and SEC filings for QNRX published between the previous session's close and the first minute QNRX traded 20% above it, at 6:01 a.m. ET, newest first, from the same feeds the replay shows.
-
Quoin Pharmaceuticals Announces Private Placement Financing of Up to $50.0 Million
-
Quoin Pharmaceuticals Reports Positive Interim Data from Ongoing Phase 2/3 Study of QRX003 in Netherton Syndrome
News via Stock News API
How it traded
Gap, run and fade. It gapped up 50.7% to 7.25 at the open, ran from the open to the high of 8.25 in 6 minutes, then gave back 210% of that move by 4:00 p.m., trading at 6.15.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 6:00 a.m. | News (GlobeNewsWire): Quoin Pharmaceuticals Announces Private Placement Financing of Up to $50.0 Million | |
| 6:00 a.m. | News (GlobeNewsWire): Quoin Pharmaceuticals Reports Positive Interim Data from Ongoing Phase 2/3 Study of QRX003 in Netherton Syndrome | |
| 6:01 a.m. | First trade 20% above the previous close of 4.81 | |
| 6:13 a.m. | Pre-market high, 10.80 | |
| 6:13 a.m. | High of the day to the close, 10.80 | |
| 6:24 a.m. | Volume since 4:00 a.m. passes the whole float, 2.01 million shares | |
| 9:30 a.m. | The open: 7.25, up 50.7% from the previous close | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, 6.15, 43.1% 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 1 minute after the latest news item before it (GlobeNewsWire, 6:00 a.m.).
- Volume, from the one-minute bars: 8.94 million shares before the 9:30 a.m. open (57%), 3.62 million in the first 30 minutes (23%), and 3.21 million in the rest of the day to 8 p.m. (20%).
- Float rotation, the volume since 4 a.m. against the float of 2.01 million shares: past it once at 6:24 a.m., twice at 7:07 a.m., three times at 7:46 a.m.
- In our recaps, this is the only day QNRX met the small-cap rule.
Halts
The exchange's halt feed shows no halts for QNRX that day.
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 QNRX on August 28, 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.