- NYSEAMERICAN: ZOM drops 3.38% on Friday amid a broader market rally to the end of the week.
- Zomedica and its investors are preparing for the March 30 release of their diagnostic software platform Truforma.
- Zomedica is preparing its quarterly earnings call, which is expected to take place on February 24th.
NYSEAMERICAN: ZOM has been a hot topic among social media platforms like FinTwit and Reddit recently, as earbuds have been the target for day traders. Zomedica is not the only eardrum that has caught fire, but as the euphoric market has left only a handful save priced under $ 1.00. On Friday, Zomedica closed a turbulent trading week as the stock lost 3.38% on a day when the major indices showed positive gains. The stock closed in 2020 with a price of $ 0.23, but has since risen to its closing price on Friday of $ 2.57, representing gains of over 1,000% in 2021 alone.
Much of the interest in Zomedica has been around the pending release of its Truforma diagnostic software used for the adrenal glands and thyroid gland in cats and dogs. The platform really started to take steam when it was announced that Miller Veterinary Supply, the oldest wholesale veterinary distributor in America, would distribute Truforma to veterinary offices. Does this mean that Truforma will be used by veterinarians around the country? Not necessarily. There are still some major players in the space, including IDEXX Laboratories (NASDAQ: IDXX), a veterinary industry giant that has a market value of $ 46 billion.
ZOM stock forecast
Zomedica is expected to have its quarterly earnings call on February 24, at which time the company will no doubt highlight the upcoming release of Truforma. Is Zomedica a legitimate player in pet diagnostic software? Or is it just another earful that was traded aggressively by retail investors? It’s hard to know, but Truforma’s success or perhaps lack thereof will be an early indication of how Zomedica’s stock will fare.
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