Hindsight Markets Recaps Small-cap stocks on August 28, 2026
QNRX, August 28: two 6:00 headlines, $10.80, and a bid eaten at $6.95
QNRX opened up 51% after news, ran to $8.25, then fell below its open by the close.
News via Stock News API
What happened
Two headlines at 6:00
Two 6:00 a.m. headlines, a placement of up to $50 million and positive trial data, woke up a quiet stock with a 2M-share float.
It ran to $10.80 at 6:13 a.m., up 125% from the $4.81 close. A second push stopped at $8.30, lower than the first.
A bid wall pulled
The open at $7.25 sat between two walls. A 26K-share bid waited at $6.46, and a 37K-share ask sat at $8.00.
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, tape and chart run from 10:05 a.m. and stop at 10:08 a.m. ET for your call.
Here's what happened. At 10:08:33 a 32K-share sell order hit the book, and the candle reached $6.55. At 10:08:40 the $6.46 bid was pulled.
The bid at $6.95
At 10:17:45 a new bid wall appeared at $6.95. The price stayed near it for 14 minutes.
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, tape and chart run from 10:28 a.m. and stop at 10:31 a.m. ET for your call.
Here's what happened. In under 4 seconds, 14.5K shares traded at $6.95 and the wall was gone. The low after the open was $5.95 at 10:59. It closed at $6.15, 43% below the high.
What to take from it: A big bid wall here was a level, not a floor: it held for 14 minutes, then broke in seconds.
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 details
How it traded, step by step
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, below the open.
| 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's name comes from a fixed rule, not a judgement (how shapes are named). Halts are in the halt table below.
The day in numbers
- Previous close
- $4.81
- Open, 9:30 a.m.
- $7.25
- Gap at the open
- +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
- Close, 4 p.m.
- $6.15
- Change at 4 p.m.
- +27.9%
- After-hours high, 4 p.m. to 8 p.m.
- $6.32 at 6:00 p.m.
- Volume, 4 a.m. to 4 p.m.
- 15.63 million
- Volume after hours, 4 p.m. to 8 p.m.
- 136,699
- Relative volume by 8 p.m.
- 1214.6×
- Float
- 2.01 million shares, from filings as of August 28, 2026
- Shares outstanding
- 2.01 million
- 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.
On the day's lists: the pre-market gappers, gainers, intraday runners. It is here because it met the small-cap rule on the pre-market gappers: price $2 to $20, up 10% or more, relative volume 5× or more, float under 20 million shares, its high reached $1 or more and it started the day at $20 or under (the rule every page uses).
Halts (none)
The exchange's halt feed shows no halts for QNRX that day.
Halt bands that day: the LULD plan's Amendment 18 rules (what that means, LULD calculator).
How we read the data, name a day's shape and pick the stocks: methodology.
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.