Hindsight Markets Recaps Small-cap stocks on September 23, 2026
DCOY, September 23: a 7 a.m. spike to $5.22, then a slow fade to $3.81
DCOY opened up 41% after news, then faded below its open by the close.
News via Stock News API
What happened
Draft for review. Not published.
Before 7 a.m.
DCOY came off a wild day. It ran to $7.61, then closed at $3.10 after a $3.85M warrant deal. By 5:01 a.m. on the 23rd, more shares had traded than the whole float. Then it went quiet near $4.05.
Stop It's 7:00. DCOY is at $4.09 and has held between about $4.05 and $4.10 for the last ten minutes, on under 8,000 shares a minute. Would you buy here?
Press play: the real Level 2, tape and chart run from 6:57 a.m. and stop at 7:00 a.m. ET for your call.
Here's what happened. Buyers swept the asks, and it hit $5.22 at 7:07. Sell walls showed up above at $6.00 and $5.50.
The open
The next push stopped at $4.78 at 9:12, under a $5.00 wall. It opened at $4.38.
Stop It's 10:16. DCOY is at $4.13, below the $4.38 open. It has traded between about $4.06 and $4.37 since 9:44. Would you buy here?
Press play: the real Level 2, tape and chart run from 10:13 a.m. and stop at 10:16 a.m. ET for your call.
Here's what happened. Sell sweeps at 10:16:53 and 10:17:06 broke through $4.00. It hit $3.78 by 10:18 and closed at $3.81.
What to take from it: After the 7 a.m. top, each push stopped lower, and it faded into the close.
Replay DCOY's day
It starts at 7:11 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 7:14 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 41.3% to $4.38 at the open and traded below the open by 4:00 p.m., at $3.81.
| Time (ET) | What happened | Watch it |
|---|---|---|
| Sep 22, 6:14 p.m. | News (PRNewsWire): Decoy Therapeutics, Inc. Issues Correction to Warrant Inducement Transaction Press Release | |
| 4:00 a.m. | First trade 20% above the previous close of $3.10 | |
| 5:01 a.m. | Volume since 4:00 a.m. passes the whole float, 597,047 shares | |
| 7:07 a.m. | Pre-market high, $5.22 | |
| 7:07 a.m. | High of the day to the close, $5.22 | |
| 9:30 a.m. | The open: $4.38, up 41.3% from the previous close | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, $3.81, 27.0% 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
- $3.10
- Open, 9:30 a.m.
- $4.38
- Gap at the open
- +41.3%
- Pre-market high
- $5.22 at 7:07 a.m.
- High, 4 a.m. to 4 p.m.
- $5.22 at 7:07 a.m.
- Low, 4 a.m. to 4 p.m.
- $3.63
- Close, 4 p.m.
- $3.81
- Change at 4 p.m.
- +22.9%
- After-hours high, 4 p.m. to 8 p.m.
- $4.00 at 4:59 p.m.
- Volume, 4 a.m. to 4 p.m.
- 12.20 million
- Volume after hours, 4 p.m. to 8 p.m.
- 243,031
- Relative volume by 8 p.m.
- 5.3×
- Float
- 597,047 shares, from filings as of September 23, 2026
- Shares outstanding
- 655,185
- From news to the move: the first trade 20% above the previous close came 9 hours 46 minutes after the latest news item before it (PRNewsWire, Sep 22, 6:14 p.m.).
- Volume, from the one-minute bars: 8.14 million shares before the 9:30 a.m. open (65%), 1.52 million in the first 30 minutes (12%), and 2.78 million in the rest of the day to 8 p.m. (22%).
- Float rotation, the volume since 4 a.m. against the float of 597,047 shares: past it once at 5:01 a.m., twice at 5:32 a.m., three times at 5:59 a.m.
- Other days DCOY met the small-cap rule in our recaps: 1, the latest on September 22, 2026.
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 DCOY 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 DCOY 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.