Hindsight Markets Small-cap stocks on September 23, 2026
DCOY on September 23, 2026: why it ran
On September 23, 2026, DCOY opened up 41.3% from the previous close of 3.10 and reached 5.22 at 7:07 a.m. ET. The exchange did not halt it.
- Previous close
- 3.10
- Open, 9:30 a.m.
- 4.38
- Gap at the open
- up 41.3%
- Pre-market high
- 5.22 at 7:07 a.m.
- High, 4 a.m. to 4 p.m.
- 5.22 at 7:07 a.m.
- Low, 4 a.m. to 4 p.m.
- 3.63
- After-hours high, 4 p.m. to 8 p.m.
- 4.00 at 4:59 p.m.
- Last trade before 4:00 p.m.
- 3.81
- Volume
- 12.44 million
- Relative volume
- 5.3x
- Float
- 597,047 shares, from filings as of September 23, 2026
- Shares outstanding
- 655,185
- Halts
- none in the halt feed
Replay DCOY's day
It starts at 7:11 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 7:14 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 (day 2)
- Ask walls
- Float traded 20x
- Lower high
- Gap and fade
The day before
On September 22, DCOY ran from $2.56 to $7.61. It gave most of it back and closed at $3.10. 46.7 million shares traded that day.
Three press releases went out through PRNewsWire. At 7:30 a.m.: Decoy Therapeutics Exploring Pan-Filovirus Program via FDA Animal Rule Pathway and Non-Dilutive Funding. At 12:50 p.m.: Decoy Therapeutics, Inc. Announces a Warrant Inducement Transaction for $3.85 Million in Gross Proceeds Priced At-The-Market under Nasdaq Rules.
The third came after the close. At 6:14 p.m.: Decoy Therapeutics, Inc. Issues Correction to Warrant Inducement Transaction Press Release. After hours the stock was back up to $3.73.
Pre-market: the float traded by 5:01 a.m.
The first bar on the 23rd opened at $3.72, already above the $3.10 close. For the next hour it sat between about $3.63 and $4.03 on small volume.
At 4:59 a.m. it woke up. In two minutes it went from $3.92 to $4.38. By 5:01 a.m., more shares had traded than exist in the whole float (597,047).
The spike didn't hold. It fell to $3.63 at 5:06 a.m., down 18% from the $4.40 high at 5:01. A second push at 5:46 took it to $4.36 at 5:50, then it settled.
At 6:45 a.m. it closed at $4.02. From there it crept along between about $4.02 and $4.10, trading very little.
7 a.m.: a quiet stretch
Stop It's 7:00. DCOY is at $4.09 and has held between about $4.05 and $4.10 for the last ten minutes, on under 8,000 shares a minute. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 7:00 a.m. ET for your call, then show what happened. The clip starts at 6:57 a.m. ET.
Here's what happened. The 7:00 minute went from $4.09 to $4.44 on 102,119 shares. The next minute traded 380,880 shares. At 7:01:41 one buy order swept 24,588 shares from $4.75 to $4.90, across 14 price levels. It ran from $4.02 at 6:46 to $5.20 at 7:03, up 29%.
At 7:01:42, the second after that sweep, an ask wall first appeared at $6.00. At 7:05:13 another appeared at $5.50.
At 7:04:33 a sell order swept 35,053 shares from $4.90 down to $4.80, and the minute closed at $4.62. It bounced from $4.61 at 7:05. At 7:07 it hit $5.22, the high so far. Within a minute it was back at $4.83. 8.14 million shares traded before the bell.
Walls above, a lower high
After the top it fell to $4.20 at 7:14 a.m., down 20% from $5.22. A wall at $5.20 appeared at 7:13:30. By 7:37 a.m. the volume was ten times the float.
At 7:28:25 an ask wall appeared at $5.00. It grew to 87,505 shares at 8:50:32, 14.7% of the float. Five seconds later a wall showed up at $4.80, peaking at 41,530 at 8:53:09.
In between, it drifted down to $4.03 at 8:10 a.m., 15% below the $4.72 high at 7:29. It came back once more. At 9:12 a.m. it pushed to $4.78, a lower high under the $5.22 top, and it never reached the $5.00 wall.
The open
It opened at $4.38, up 41% from the previous close. At 9:30:01 a single print of 89,435 shares went through at $4.45. The 9:30 minute traded 318,645 shares.
At 9:44:03 a sell order swept 23,567 shares from $4.36 to $4.31, and the minute dipped to $4.08. At 9:48:33 a wall at $5.50 peaked at 79,778 shares (13.4% of the float).
Stop It's 10:16. DCOY is at $4.13, below the $4.38 open. It has traded between about $4.06 and $4.37 since 9:44. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 10:16 a.m. ET for your call, then show what happened. The clip starts at 10:13 a.m. ET.
Here's what happened. At 10:16:53 a sell order swept 23,033 shares from $4.01 down to $3.93. At 10:17:06 another took 20,859 shares from $3.97 to $3.79, across 19 levels. The low of that move was $3.78 at 10:18. At 10:20:24 a buy sweep of 21,519 shares ran $3.90 to $3.94.
After that it chopped between about $3.75 and $4.17. At 12:40 it touched $3.75, its low after the open. A bid wall appeared at $3.50 at 2:50 p.m. and peaked at 53,760 shares at 3:59 p.m. The stock closed at $3.81.
From 4 a.m. to the 4 p.m. close, 12.20 million shares traded: the float changed hands about 20 times, at about 5 times its normal volume.
After hours
After the bell it drifted up to $4.00 at 4:59 p.m. At 5:02 p.m. the company filed an 8-K (a current report). The stock traded around $3.99 then, and was at $3.93 by 5:04 p.m. 243,031 shares traded after hours.
What to take from it
- After the top, the next push stopped lower. $5.22 at 7:07 a.m., then $4.78 at 9:12 a.m., under walls at $5.00 and $5.50.
- It faded into the close. It closed at $3.81, 27% below the $5.22 high.
- The float traded over before the open. By 5:01 a.m. more shares had traded than the float holds.
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 4:00 a.m. ET, newest first, from the same feeds the replay shows.
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Decoy Therapeutics, Inc. Issues Correction to Warrant Inducement Transaction Press Release
News via Stock News API
How it traded
Gap and fade. It gapped up 41.3% to 4.38 at the open and traded below the open by 4:00 p.m., at 3.81.
| Time (ET) | What happened | Watch it |
|---|---|---|
| Sep 22, 6:14 p.m. | News (PRNewsWire): Decoy Therapeutics, Inc. Issues Correction to Warrant Inducement Transaction Press Release | |
| 4:00 a.m. | First trade 20% above the previous close of 3.10 | |
| 5:01 a.m. | Volume since 4:00 a.m. passes the whole float, 597,047 shares | |
| 7:07 a.m. | Pre-market high, 5.22 | |
| 7:07 a.m. | High of the day to the close, 5.22 | |
| 9:30 a.m. | The open: 4.38, up 41.3% from the previous close | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, 3.81, 27.0% 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 9 hours 46 minutes after the latest news item before it (PRNewsWire, Sep 22, 6:14 p.m.).
- Volume, from the one-minute bars: 8.14 million shares before the 9:30 a.m. open (65%), 1.52 million in the first 30 minutes (12%), and 2.78 million in the rest of the day to 8 p.m. (22%).
- Float rotation, the volume since 4 a.m. against the float of 597,047 shares: past it once at 5:01 a.m., twice at 5:32 a.m., three times at 5:59 a.m.
- Other days DCOY met the small-cap rule in our recaps: 1, the latest on September 22, 2026.
Halts
The exchange's halt feed shows no halts for DCOY 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 DCOY 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.