Hindsight Markets Recaps Small-cap stocks on September 23, 2026
BFRG, September 23: ask walls at three prices, a 9:31 headline, and $1.05
BFRG opened up 30%, ran to $1.05, then gave back some of the run by the close.
What happened
Draft for review. Not published.
A big gap, no early news
BFRG came in hot with no headline behind it. It closed at $0.60 the day before, then ran to $0.97 before the bell and slid back to $0.67. It opened at $0.78. A headline came only at 9:31.
Two walls, two endings
By late morning, big sell walls sat at $0.80 and $0.90 above a stock stuck near $0.72.
Stop It's 12:11. BFRG is at $0.72 and has sat there for several minutes. Big ask walls have been on the book at $0.80 and $0.90 since mid-morning. Would you buy here?
Press play: the real Level 2, tape and chart run from 12:08 p.m. and stop at 12:11 p.m. ET for your call.
At 12:14:08 the $0.80 wall was pulled, with only 13K shares traded there. At 12:21:24 buyers ate the $0.90 wall, 56K shares in under a second.
It peaked at $0.94, then fell to $0.77 by 12:36.
The $1.00 wall
After a $1.05 high at 2:32, a sell wall built at $1.00, with 154K shares by 3:07.
Stop It's 3:08. BFRG is at $0.99, climbing since 3:04. Over 150,000 shares are offered at $1.00, just above. Would you buy here?
Press play: the real Level 2, tape and chart run from 3:05 p.m. and stop at 3:08 p.m. ET for your call.
From 3:09:24, buyers ate 100K shares at $1.00 in 12 seconds. The next minute it tagged $1.05 again. It closed at $0.93.
What to take from it: On this day, an eaten wall did not mean the move held: both breaks gave back within minutes.
Replay BFRG's day
It starts at 7:59 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 8:02 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, gave some back. It gapped up 30.3% to $0.7816 at the open, ran from the open to the high of $1.05 in 302 minutes, then gave back 45% of that move by 4:00 p.m., trading at $0.9301, still above the open.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 4:00 a.m. | First trade 20% above the previous close of $0.60 | |
| 8:17 a.m. | Pre-market high, $0.9651 | |
| 9:30 a.m. | The open: $0.7816, up 30.3% from the previous close | |
| 9:54 a.m. | Volume since 4:00 a.m. passes the whole float, 16.14 million shares | |
| 2:32 p.m. | High of the day to the close, $1.05 | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, $0.9301, 11.4% 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
- $0.60
- Open, 9:30 a.m.
- $0.7816
- Gap at the open
- +30.3%
- Pre-market high
- $0.9651 at 8:17 a.m.
- High, 4 a.m. to 4 p.m.
- $1.05 at 2:32 p.m.
- Low, 4 a.m. to 4 p.m.
- $0.64
- Close, 4 p.m.
- $0.9301
- Change at 4 p.m.
- +55.0%
- After-hours high, 4 p.m. to 8 p.m.
- $0.9776 at 4:00 p.m.
- Volume, 4 a.m. to 4 p.m.
- 46.61 million
- Volume after hours, 4 p.m. to 8 p.m.
- 1.95 million
- Relative volume by 8 p.m.
- 40.1×
- Float
- 16.14 million shares, from filings as of September 23, 2026
- Shares outstanding
- 18.54 million
- Volume, from the one-minute bars: 15.13 million shares before the 9:30 a.m. open (31%), 1.07 million in the first 30 minutes (2%), and 32.36 million in the rest of the day to 8 p.m. (67%).
- Float rotation, the volume since 4 a.m. against the float of 16.14 million shares: past it once at 9:54 a.m., twice at 1:17 p.m., three times at 6:56 p.m.
- In our recaps, this is the only day BFRG met the small-cap rule.
On the day's lists: the intraday runners. It is here because it was in play on the intraday runners: up 30% or more on $3 million or more really traded, outside the small-cap rule's price, relative volume or float, 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 BFRG 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 BFRG on September 23, 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.