Hindsight Markets Small-cap stocks on September 25, 2026
JAGX on September 25, 2026: why it ran
On September 25, 2026, JAGX opened up 28.8% from the previous close of 7.06 and reached 12.10 at 10:04 a.m. ET. The exchange halted it 4 times.
- Previous close
- 7.06
- Open, 9:30 a.m.
- 9.09
- Gap at the open
- up 28.8%
- Pre-market high
- 10.39 at 8:31 a.m.
- High, 4 a.m. to 4 p.m.
- 12.10 at 10:04 a.m.
- Low, 4 a.m. to 4 p.m.
- 6.75
- After-hours high, 4 p.m. to 8 p.m.
- 8.68 at 4:14 p.m.
- Last trade before 4:00 p.m.
- 7.74
- Volume
- 15.19 million
- Relative volume
- 14.1x
- Float
- 1.46 million shares, from filings as of September 25, 2026
- Shares outstanding
- 1.46 million
Replay JAGX's day
It starts at 8:05 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 8:08 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
- Round-number break
- Halted four times
- Float traded 10x
The day before
On September 24, JAGX opened at $7.94, hit $9.00, fell to $5.56, and closed at $7.06. Two headlines that day described a drop. At 10:23 a.m. 24/7 Wall Street wrote that Jaguar Health "tumbles 25%." At 3:33 p.m. Benzinga ran "Jaguar Health Stock Slides Thursday: What's Happening?"
Pre-market: the float traded by 8:24 a.m.
The float is 1.46 million shares. Pre-market, it moved in three waves: 4:23-4:45, 7:38-8:14, and 8:18-8:31.
The first started at $7.21 at 4:23 a.m. and reached $8.88 at 4:45 a.m., up 23%. The 4:45 minute alone traded 53,037 shares and ranged from $7.58 to $8.88. By 5:31 a.m. it had fallen to $6.75, the low so far and 24% under that high.
The second wave ran from $6.90 at 7:38 a.m. to $8.65 at 8:14 a.m. Then the volume came. By 8:24 a.m., more shares had traded than exist in the whole float.
The pre-market high was $10.39 at 8:31 a.m. 4.14 million shares traded before the bell.
The open and the first halt
It opened at $9.09, up 29% from the $7.06 close. The 9:30 minute dipped to $8.66. By 9:31 it was at $9.86. At 9:32:12 it was halted (a volatility pause).
It reopened at 9:37:12 with a 44,082-share print at $9.86. A 5,000-share market buy one second later would have averaged $9.70 against $9.69 on the screen, a small gap. Over the next 17 minutes it chopped between about $9 and $10.22.
The wall at $12.00
From 9:37 on, stock was offered at exactly $12.00, well above the price.
Stop It's 9:54. JAGX is at $9.77. The pre-market high of $10.39 is just above. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 9:54 a.m. ET for your call, then show what happened. The clip starts at 9:51 a.m. ET.
Buyers swept the ask again. At 9:54:22 one order bought 30,190 shares from $9.85 to $9.90. At 9:55 it cleared the pre-market high of $10.39 and reached $10.75 in that minute. It kept climbing: $10.99 at 9:56, $11.11 at 9:57. At 9:58 it reached $11.64.
At 9:58:44 it was halted again. It reopened at 10:03:44 with a 56,351-share print at $11.64. The wall at $12.00 was now just above, and at 10:03:52 it peaked at 39,711 shares, 2.7% of the float.
Stop It's 10:04. JAGX is at $11.16. Just above, close to 40,000 shares are waiting at $12.00. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 10:04 a.m. ET for your call, then show what happened. The clip starts at 10:01 a.m. ET.
Here's what happened. At 10:04:08 a buy order swept 19 price levels, from $11.60 to $11.82. At 10:04:09 the first trade printed at $12.00. In 6.9 seconds, 49,096 shares traded at exactly $12.00 and the wall was gone. It wasn't pulled. Buyers ate it. At 10:04:16 one more order bought 28,311 shares from $11.85 to $12.05.
The high of the day, $12.10, came in the 10:04 minute, which traded 483,692 shares. The same minute closed at $11.60.
Two more halts and the lower high
The top didn't last. The 10:06 minute fell to $10.42, and at 10:06:42 it was halted a third time. At 10:09, during that halt, Benzinga ran: "Jaguar Health Stock Surges Friday: What's Happening?"
It reopened at 10:11:42 with a 29,553-share print at $10.37. It then rebuilt: $11.41 at 10:14, $11.59 at 10:21.
At 10:23 it pushed to $11.69, a lower high under the $12.10 top. A 19,696-share buy swept 22 levels from $11.48 to $11.69 at 10:23:25. It couldn't get back to $12.
By 10:27 it was at $9.98, and at 10:28:13 it was halted a fourth time. It reopened at 10:33:13 with a 31,147-share print at $10.11. At 10:49 24/7 Wall Street ran: "Jaguar Health Soars 32% as Rare-Disease Pipeline News Meets Thin Post-Split Float." The stock was around $9.20 then, well under its earlier highs.
The rest of the day
From there it drifted lower: $8.69 at 11:04, $7.28 at 12:04. At 1:11 p.m. one minute traded 53,301 shares and dropped it from $7.25 to $6.80, the low after the open.
The afternoon was quiet, mostly between $6.90 and $7.80. It closed at $7.74, 36% under the $12.10 high and 68 cents above the $7.06 previous close.
After hours it spiked to $8.68 at 4:14 p.m., then settled back near $7.75 by 5 p.m.
10.53 million shares traded in the regular session, and 15.19 million across the whole day: the float changed hands about 10 times, at 14 times its normal volume. The stock was halted 4 times.
What to take from it
- A big ask wall at a round number is a level, not a ceiling. Buyers ate $12.00 in under seven seconds, and the high came in the same minute.
- Buying right after a halt reopen or a wall break costs more than the screen says. Here the same 5,000 shares cost $491 and $707 more than the screen showed.
- After the top, the next push stopped lower. $12.10 at 10:04, then $11.69 at 10:23. The move never got back to $12.
Why it ran
News and SEC filings for JAGX published between the previous session's close and the first minute JAGX traded 20% above it, at 4:44 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 28.8% to 9.09 at the open, ran from the open to the high of 12.10 in 34 minutes through two halts, then gave back 145% of that move by 4:00 p.m., trading at 7.74.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 4:44 a.m. | First trade 20% above the previous close of 7.06 | |
| 8:24 a.m. | Volume since 4:00 a.m. passes the whole float, 1.46 million shares | |
| 8:31 a.m. | Pre-market high, 10.39 | |
| 9:30 a.m. | The open: 9.09, up 28.8% from the previous close | |
| 9:32 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 9:37 a.m. | |
| 9:58 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:03 a.m. | |
| 10:04 a.m. | High of the day to the close, 12.10 | |
| 10:06 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:11 a.m. | |
| 10:28 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:33 a.m. | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, 7.74, 36.0% 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
- Volume, from the one-minute bars: 4.14 million shares before the 9:30 a.m. open (27%), 2.94 million in the first 30 minutes (19%), and 8.11 million in the rest of the day to 8 p.m. (53%).
- Float rotation, the volume since 4 a.m. against the float of 1.46 million shares: past it once at 8:24 a.m., twice at 8:40 a.m., three times at 9:37 a.m.
- The halt at 9:32 a.m.: up 9.0% in the 5 minutes into it, reopened at 9.86, unchanged from the last trade before it, then down 0.7% over the next 5 minutes.
- The halt at 9:58 a.m.: up 19.3% in the 5 minutes into it, reopened at 11.64, unchanged from the last trade before it, then down 10.5% over the next 5 minutes.
- The halt at 10:06 a.m.: down 10.5% in the 5 minutes into it, reopened at 10.37, down 0.5% from the last trade before it, then up 5.2% over the next 5 minutes.
- The halt at 10:28 a.m.: down 11.7% in the 5 minutes into it, reopened at 10.11, up 1.3% from the last trade before it, then up 2.5% over the next 5 minutes.
- Other days JAGX met the small-cap rule in our recaps: 3, the latest on October 6, 2026.
Halts
| Halted | Resumed | Length | Reason in the feed |
|---|---|---|---|
| 9:32 a.m. | 9:37 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 9:58 a.m. | 10:03 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 10:06 a.m. | 10:11 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 10:28 a.m. | 10:33 a.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 JAGX on September 25, 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.