Hindsight Markets Recaps Small-cap stocks on September 2, 2026
PPBT, September 2: a 7:30 headline, a $3.00 spike, and a slow fade
PPBT opened up 44% after news, then faded below its open by the close.
News via Stock News API
What happened
Draft for review. Not published.
A patent headline
PPBT barely traded before 7:30 a.m. Then a patent headline hit. The first minute closed at $2.20, up 33% from the $1.66 close.
The early jump did not hold. It hit $2.46 at 7:38, then slid to $1.86 by 8:12.
A slow climb
At 8:42 it began a slow climb from $2.04.
Stop It's 8:49. PPBT is at $2.26 after a slow climb from $2.04 in the last seven minutes. It is still pre-market. Would you buy here?
Press play: the real Level 2, tape and chart run from 8:46 a.m. and stop at 8:49 a.m. ET for your call.
It ripped. The 8:49 minute traded 2M shares and ran to $2.88. The high of the day, $3.00, came the next minute.
Within five minutes it was back at $2.37.
Lower highs, then a fade
The open never got near the top. It opened at $2.39 and peaked at $2.59 at 9:33. The next minute it dropped to $2.22.
Around noon, six bids of about 130K shares each sat between $2.21 and $2.27. Each was pulled within minutes. The price stayed near $2.20 to $2.30.
Late in the day it broke down to $1.90 and closed at $1.97. The day traded 33M shares, more than 20 times the float.
What to take from it: The best prices came before the open, and every later push stopped lower.
Replay PPBT's day
It starts at 8:32 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 8:35 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 and fade. It gapped up 44.0% to $2.39 at the open and traded below the open by 4:00 p.m., at $1.97.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 7:30 a.m. | News (GlobeNewsWire): New U.S. Patent Allowance Strengthens Protection for CAPTN-3 Modular Platform for Next-Generation Multispecific Antibodies | |
| 7:30 a.m. | First trade 20% above the previous close of $1.66 | |
| 7:37 a.m. | Volume since 4:00 a.m. passes the whole float, 1.60 million shares | |
| 8:50 a.m. | Pre-market high, $3.00 | |
| 8:50 a.m. | High of the day to the close, $3.00 | |
| 9:30 a.m. | The open: $2.39, up 44.0% from the previous close | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, $1.97, 34.3% 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
- $1.66
- Open, 9:30 a.m.
- $2.39
- Gap at the open
- +44.0%
- Pre-market high
- $3.00 at 8:50 a.m.
- High, 4 a.m. to 4 p.m.
- $3.00 at 8:50 a.m.
- Low, 4 a.m. to 4 p.m.
- $1.66
- Close, 4 p.m.
- $1.97
- Change at 4 p.m.
- +18.7%
- After-hours high, 4 p.m. to 8 p.m.
- $2.12 at 4:31 p.m.
- Volume, 4 a.m. to 4 p.m.
- 32.73 million
- Volume after hours, 4 p.m. to 8 p.m.
- 499,042
- Relative volume by 8 p.m.
- 897.5×
- Float
- 1.60 million shares, from filings as of September 2, 2026
- Shares outstanding
- 1.63 million
- From news to the move: the first trade 20% above the previous close came less than a minute after the latest news item before it (GlobeNewsWire, 7:30 a.m.).
- Volume, from the one-minute bars: 20.41 million shares before the 9:30 a.m. open (61%), 5.15 million in the first 30 minutes (15%), and 7.67 million in the rest of the day to 8 p.m. (23%).
- Float rotation, the volume since 4 a.m. against the float of 1.60 million shares: past it once at 7:37 a.m., twice at 7:40 a.m., three times at 7:47 a.m.
- In our recaps, this is the only day PPBT met the small-cap rule.
On the day's lists: the pre-market gappers, 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 PPBT 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 PPBT on September 2, 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.