Hindsight Markets Small-cap stocks on September 22, 2026
DCOY on September 22, 2026: why it ran
On September 22, 2026, DCOY opened up 102.8% from the previous close of 2.54 and reached 7.61 at 9:41 a.m. ET. The exchange halted it once.
- Previous close
- 2.54
- Open, 9:30 a.m.
- 5.16
- Gap at the open
- up 102.8%
- Pre-market high
- 5.76 at 8:28 a.m.
- High, 4 a.m. to 4 p.m.
- 7.61 at 9:41 a.m.
- Low, 4 a.m. to 4 p.m.
- 2.54
- After-hours high, 4 p.m. to 8 p.m.
- 4.10 at 5:11 p.m.
- Last trade before 4:00 p.m.
- 3.09
- Volume
- 46.67 million
- Relative volume
- 2266.4x
- Float
- 597,047 shares, from filings as of September 22, 2026
- Shares outstanding
- 655,185
Replay DCOY's day
It starts at 7:40 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 7:43 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
- Round-number break
- Halted once
- Float traded 44x
Pre-market: the float traded by 7:33 a.m.
DCOY closed the day before at $2.55. At 7:30 a.m. PRNewsWire ran: “Decoy Therapeutics Exploring Pan-Filovirus Program via FDA Animal Rule Pathway and Non-Dilutive Funding”.
The first trades were around $2.56. By 7:33 a.m., more shares had traded than exist in the whole float (597,047). From $2.81 at 7:32 it ran to $5.28 at 7:34, up 88%.
Then it gave a lot back: $3.12 at 7:43, down 41% from the top. It ran again from $3.28 at 7:44 to $4.77 at 7:50, up 45%, then dropped to $3.77 at 7:51. By 7:54 the volume was ten times the float.
The pre-market high came later, $5.76 at 8:28 a.m. 18.75 million shares traded before the bell. Then it slid to $4.49 at 9:15, down 22% from the high.
The wall at $6.00
The open was $5.16, up 103% from the previous close. At 9:31 it traded above the $5.76 pre-market high.
From 8:21 a.m. on, there was an ask wall at exactly $6.00. The wall peaked at 72,024 shares at 9:23, about 12% of the float.
Stop It's 9:33. DCOY is at $5.83. Just above, an ask wall sits at $6.00. It peaked at 72,024 shares at 9:23. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 9:33 a.m. ET for your call, then show what happened. The clip starts at 9:32 a.m. ET.
From 9:33:32, shares traded at exactly $6.00 again. In 2.5 seconds 27,576 shares traded at $6.00 and the wall was gone. Buyers ate it. At 9:33:34 one buy order swept 37,946 shares from $5.99 to $6.06 across 8 price levels. The 9:33 candle topped at $6.25, up 7% from its $5.83 open.
It pulled back to $5.51 at 9:35. Then it climbed. At 9:36:15 one buy order took 29,294 shares from $5.70 to $5.77. At 9:36:44 two more big buys went through, up to $6.62. By 9:37 it hit $7.08, up 28% from the $5.51 low.
Stop It's 9:41. DCOY is at $6.74. The high so far is $7.08 from 9:37, and $7.07 printed in the minute before. 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 9:39 a.m. ET.
At 9:41:16 a buy order swept 30,461 shares from $6.98 to $7.07. One second later another took 40,995 shares from $7.05 to $7.25 across 21 levels. It printed $7.61, the high so far, in the 9:41 minute. By 9:46 it was back at $6.34.
A lower high, then the slide
It tried once more. At 9:52 it pushed to $7.08, a lower high under $7.61. At 9:56 an ask wall appeared at $7.00. It peaked at 49,187 shares at 10:10.
The price chopped around $6 through the morning, then slid. It was $5.30 at 10:43 and $4.75 at 12:01. By 12:50 it was $4.28.
The 12:50 headline
At 12:50 p.m. PRNewsWire ran: “Decoy Therapeutics, Inc. Announces a Warrant Inducement Transaction for $3.85 Million in Gross Proceeds Priced At-The-Market under Nasdaq Rules”.
Stop It's 12:51. DCOY is at $4.27. A warrant inducement headline came out a minute ago. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 12:51 p.m. ET for your call, then show what happened. The clip starts at 12:48 p.m. ET.
At 12:51:09 one sell order swept 108,488 shares from $4.25 down to $3.83 across 42 levels. The 12:51 minute went to $3.41. At 12:51:40 it was halted (a volatility pause) with the last trade at $3.41. At 12:51:26 an ask wall had shown up at $3.41. It peaked at 96,790 shares and was pulled at 12:54:28.
It reopened at 12:56:40 at $3.50, 3% above where it stopped. The first print was 99,158 shares at $3.50. The 12:56 minute went up to $3.88.
The close and after hours
It kept fading: $3.00 at 2:41 p.m., the low after the open, and $3.09 at the close.
By the close, 26.24 million shares had traded in the regular session: the float changed hands about 44 times. Another 18.75 million traded pre-market.
After hours it ran from $3.06 at 4:05 p.m. to $4.10 at 5:11 p.m., up 34%. At 6:14 p.m. PRNewsWire ran: “Decoy Therapeutics, Inc. Issues Correction to Warrant Inducement Transaction Press Release”.
What to take from it
- Here the big ask wall at $6.00 was a level, not a ceiling. The $6.00 wall was gone in 2.5 seconds, and the stock hit $7.08 by 9:37.
- Chasing right after a wall breaks, or after a halt reopens, costs more than the screen says. Here it cost $206 at the wall and $273 at the reopen on 5,000 shares.
- After the top, the next push stopped lower. $7.61 at 9:41 a.m., then $7.08 at 9:52 a.m. By the close it was at $3.09, 59% below the high.
Why it ran
News and SEC filings for DCOY published between the previous session's close and the first minute DCOY traded 20% above it, at 7:32 a.m. ET, newest first, from the same feeds the replay shows.
-
Decoy Therapeutics Exploring Pan-Filovirus Program via FDA Animal Rule Pathway and Non-Dilutive Funding
News via Stock News API
How it traded
Gap, run and fade. It gapped up 102.8% to 5.16 at the open, ran from the open to the high of 7.61 in 11 minutes, then gave back 184% of that move by 4:00 p.m., trading at 3.09.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 7:30 a.m. | News (PRNewsWire): Decoy Therapeutics Exploring Pan-Filovirus Program via FDA Animal Rule Pathway and Non-Dilutive Funding | |
| 7:32 a.m. | First trade 20% above the previous close of 2.54 | |
| 7:33 a.m. | Volume since 4:00 a.m. passes the whole float, 597,047 shares | |
| 8:28 a.m. | Pre-market high, 5.76 | |
| 9:30 a.m. | The open: 5.16, up 102.8% from the previous close | |
| 9:41 a.m. | High of the day to the close, 7.61 | |
| 12:51 p.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 12:56 p.m. | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, 3.09, 59.4% 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 (PRNewsWire, 7:30 a.m.).
- Volume, from the one-minute bars: 18.75 million shares before the 9:30 a.m. open (40%), 12.41 million in the first 30 minutes (27%), and 15.52 million in the rest of the day to 8 p.m. (33%).
- Float rotation, the volume since 4 a.m. against the float of 597,047 shares: past it once at 7:33 a.m., twice at 7:34 a.m., three times at 7:36 a.m.
- The halt at 12:51 p.m.: down 19.8% in the 5 minutes into it, reopened at 3.50, up 2.6% from the last trade before it, then up 1.3% over the next 5 minutes.
- Other days DCOY met the small-cap rule in our recaps: 1, the latest on September 23, 2026.
- The next session, September 23, 2026, it was up 22.9% from its previous close at the 4:00 p.m. close.
Halts
| Halted | Resumed | Length | Reason in the feed |
|---|---|---|---|
| 12:51 p.m. | 12:56 p.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 DCOY on September 22, 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.