ZOM - Why Shares of Zomedica Were Zooming Monday
2023-03-20 11:44:38 ET
Shares of Zomedica (NYSEMKT: ZOM) were up by 10% Monday morning after being up as much as 21.1% right after the opening bell. The company's move up was more of a reactionary one, as the stock hit its lowest point since Jan. 5 on Friday, falling to $0.19 a share. The stock has a 52-week low of $0.15 and a 52-week high of $0.41 and is up more than 23% so far this year.
Zomedica, a veterinary health company that sells products for horses, dogs, and cats to clinical veterinarians, has been frustrating growth investors for a while, but some may have overreacted to the bad news in its fourth-quarter and full-year earnings report, which it released March 15.
The good news in the report is the company is boosting revenue at an impressive rate, rising 51% year over year, to $6.2 million in the quarter and by 361% to $18.9 million for the year.
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Why Shares of Zomedica Were Zooming Monday