Hindsight Markets Small-cap stocks on September 23, 2026
BFRG on September 23, 2026: why it ran
On September 23, 2026, BFRG opened up 30.3% from the previous close of 0.6000 and reached 1.05 at 2:32 p.m. ET. The exchange did not halt it.
- Previous close
- 0.6000
- Open, 9:30 a.m.
- 0.7816
- Gap at the open
- up 30.3%
- Pre-market high
- 0.9651 at 8:17 a.m.
- High, 4 a.m. to 4 p.m.
- 1.05 at 2:32 p.m.
- Low, 4 a.m. to 4 p.m.
- 0.6400
- After-hours high, 4 p.m. to 8 p.m.
- 0.9776 at 4:00 p.m.
- Last trade before 4:00 p.m.
- 0.9301
- Volume
- 48.57 million
- Relative volume
- 40.1x
- Float
- 16.14 million shares, from filings as of September 23, 2026
- Shares outstanding
- 18.54 million
- Halts
- none in the halt feed
Replay BFRG's day
It starts at 7:59 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 8:02 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 up 30%
- Main move: midday and afternoon
- Headline at 9:31
- Ask walls
- No halts
- Faded into the close
The day before
On September 22, BFRG ran from $0.50 to a high of $0.96. It gave a lot of that back and closed at $0.60.
After hours it was back up to $0.75. So it came into the 23rd already well above the close.
Pre-market: a spike to $0.97, then back down
The first trades on the 23rd were at $0.71, already above the $0.60 close. The low so far, $0.64, came at 4:18 a.m. Then it drifted between about $0.66 and $0.74 for hours.
At 6:01 a.m. it touched $0.79 and was back at $0.67 two minutes later. At 7:06 a.m. it touched $0.80. Neither one held.
The real move started at 7:41 a.m. at $0.70. By 8:12 a.m. it hit $0.95, up 36%. More than a million shares traded in the 8:11 minute alone. It pulled back, then made the pre-market high, $0.97 at 8:17 a.m.
It did not hold. By 8:43 a.m. it was at $0.67, down 31% from the high. It bounced from $0.68 at 8:52 a.m. to above $0.82 by 9:14 a.m. In all, 15.13 million shares traded before the bell.
The open and the 9:31 headline
It opened at $0.78, up 30% from the previous close. A 92,184-share print at $0.7838 came at 9:30:01.
At 9:31 Benzinga ran the headline “BullFrog AI Stock Surges Wednesday: What's Happening?” In that minute the stock traded between $0.75 and $0.78.
Counting pre-market, by 9:54 a.m. more shares had traded than exist in the whole float (16.14 million). The price was $0.74 by then.
At 10:11 it reached $0.81 on a 56,951-share buy sweep that ran from $0.7981 to $0.80. It slid from there. At 10:28 it hit $0.705, the low since the open, as a 42,766-share sell swept down through five levels.
Midday: two walls and a quiet stock
At 10:20 an ask wall showed up at $0.80, peaking at 173,031 shares. At 10:23 another appeared at $0.90. Together they sat above a stock trading around $0.72.
From 10:30 until noon the stock stayed between about $0.71 and $0.76. By 12:04 it was pinned at $0.72.
Stop It's 12:11. BFRG is at $0.72 and has sat there for several minutes. Big ask walls have been on the book at $0.80 and $0.90 since mid-morning. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 12:11 p.m. ET for your call, then show what happened. The clip starts at 12:08 p.m. ET.
Here's what happened. In the 12:11 minute, a 62,712-share buy sweep went through $0.749 to $0.755. At 12:12:00 another buy sweep took 60,064 shares up to $0.77. At 12:14:08 the $0.80 wall was gone. Only 13,032 shares had traded at $0.80 in the ten seconds before. It was mostly pulled, not eaten.
The $0.90 wall was different. At 12:21:24, 55,531 shares traded at exactly $0.90 in under a second, and the wall was gone. Buyers ate it.
It reached $0.94 at 12:27. Then it fell, to $0.77 at 12:36, down 19% from $0.94.
$1.05 at 2:32 and the wall at $1.00
From $0.77 at 12:40 it climbed to $0.97 at 1:18 p.m. A 108,660-share sell sweep at 1:12 and a 69,974-share buy sweep at 1:15 were part of that chop. By 1:49 it had drifted back to $0.83 and sat around $0.85 to $0.88 for the next half hour.
At 2:17 p.m. it started climbing again. It reached $0.98 by 2:20 and $0.97 at 2:30. Then in the 2:31 minute, 523,501 shares traded and it hit $1.04. At 2:32 p.m. it reached $1.05, the high so far. By 2:35 it was down to $0.88.
At 2:38 p.m. an ask wall appeared at exactly $1.00. It grew through the afternoon and showed 153,566 shares at 3:07 p.m.
Stop It's 3:08. BFRG is at $0.99, climbing since 3:04. Over 150,000 shares are offered at $1.00, just above. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 3:08 p.m. ET for your call, then show what happened. The clip starts at 3:05 p.m. ET.
Here's what happened. Starting at 3:09:24, 100,433 shares traded at exactly $1.00 in 11.9 seconds and the wall was gone. It wasn't pulled. Buyers ate it. One minute later, in the 3:10 minute, the stock touched $1.05 again, matching the high of the day.
It did not stay up there. By 3:13 it was down to $0.98, bounced to $1.02 at 3:15, then slid into the low $0.96s by 3:21.
The rest of the day
At 3:33 p.m. it pushed to $1.02 again, a lower high under the $1.05 top. By 3:37 it was at $0.91.
At 3:45 p.m. a second ask wall showed up at $1.00. It reached 199,753 shares at 3:59 p.m. The stock closed at $0.93.
After hours it fell to $0.81 at 4:27 p.m., bounced to $0.93 at 4:46 p.m., and traded around $0.83 to $0.86 by 8 p.m.
By the close, 31.48 million shares had traded, about two times the float. Counting pre-market and after hours, the day came to 48.57 million shares, about three times the float. Relative volume was about 40. There were no halts.
What to take from it
- An eaten wall did not mean the move held. The $0.90 wall broke at 12:21 and the stock was at $0.77 by 12:36. The $1.00 wall broke at 3:09 and the stock was back below $1.00 by 3:13.
- What a market buy costs depends on depth. Here, 5,000 shares cost $2 and $0 over the screen. The size shown at the screen price mattered as much as the price.
- The runs at 8:11 and from 12:11 came with no headline in the data. The only headline in the data came at 9:31, a minute after the open.
Why it ran
News and SEC filings for BFRG published between the previous session's close and the first minute BFRG 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 30.3% to 0.7816 at the open, ran from the open to the high of 1.05 in 302 minutes, then gave back 45% of that move by 4:00 p.m., trading at 0.9301.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 4:00 a.m. | First trade 20% above the previous close of 0.6000 | |
| 8:17 a.m. | Pre-market high, 0.9651 | |
| 9:30 a.m. | The open: 0.7816, up 30.3% from the previous close | |
| 9:54 a.m. | Volume since 4:00 a.m. passes the whole float, 16.14 million shares | |
| 2:32 p.m. | High of the day to the close, 1.05 | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, 0.9301, 11.4% 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
- Volume, from the one-minute bars: 15.13 million shares before the 9:30 a.m. open (31%), 1.07 million in the first 30 minutes (2%), and 32.36 million in the rest of the day to 8 p.m. (67%).
- Float rotation, the volume since 4 a.m. against the float of 16.14 million shares: past it once at 9:54 a.m., twice at 1:17 p.m., three times at 6:56 p.m.
Halts
The exchange's halt feed shows no halts for BFRG 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 BFRG on September 23, 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.