Hindsight Markets Recaps Small-cap stocks on September 30, 2026
CNTB, September 30: an 8-K and a gap that faded
CNTB opened up 90% after an 8-K, then faded below its open by the close.
News via Stock News API
What happened
Before the open
The news came first: an 8-K at 7:05 a.m. Before the bell it reached $2.08, on 45M shares.
The open
It opened up 90%, at $1.88.
The close
It closed at $1.09, 47% under its high.
What to take from it: A big gap is not a trend. This one traded below its open by the close.
The details
How it traded, step by step
Gap and fade. It gapped up 89.5% to $1.88 at the open and traded below the open by 4:00 p.m., at $1.09.
| Time (ET) | What happened |
|---|---|
| 7:00 a.m. | News (GlobeNewsWire): Connect Biopharma Announces Positive Preliminary Topline Data from its Global Phase 2 Study of Rademikibart as an Add-on Treatment for Acute Exacerbations in Adults with COPD and Type 2 Inflammation |
| 7:05 a.m. | SEC filing 8-K: 8-K |
| 7:13 a.m. | First trade 20% above the previous close of $0.992 |
| 8:06 a.m. | Pre-market high, $2.08 |
| 8:06 a.m. | High of the day to the close, $2.08 |
| 9:30 a.m. | The open: $1.88, up 89.5% from the previous close |
| 9:30 a.m. | Volume since 4:00 a.m. passes the whole float, 45.72 million shares |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, $1.09, 47.4% 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
- $0.992
- Open, 9:30 a.m.
- $1.88
- Gap at the open
- +89.5%
- Pre-market high
- $2.08 at 8:06 a.m.
- High, 4 a.m. to 4 p.m.
- $2.08 at 8:06 a.m.
- Low, 4 a.m. to 4 p.m.
- $0.97
- Close, 4 p.m.
- $1.09
- Change at 4 p.m.
- +10.4%
- After-hours high, 4 p.m. to 8 p.m.
- $1.21 at 4:39 p.m.
- Volume, 4 a.m. to 4 p.m.
- 69.37 million
- Volume after hours, 4 p.m. to 8 p.m.
- 961,794
- Relative volume by 8 p.m.
- 80.2×
- Float
- 45.72 million shares, from filings as of September 30, 2026
- Shares outstanding
- 62.97 million
- From news to the move: the first trade 20% above the previous close came 7 minutes after the latest SEC filing before it (8-K, 7:05 a.m.).
- Volume, from the one-minute bars: 44.50 million shares before the 9:30 a.m. open (63%), 11.67 million in the first 30 minutes (17%), and 14.16 million in the rest of the day to 8 p.m. (20%).
- Float rotation, the volume since 4 a.m. against the float of 45.72 million shares: past it once at 9:30 a.m.
- In our recaps, this is the only day CNTB 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 CNTB 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 CNTB on September 30, 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.