Zomedica Corp. ticker symbol ZOM was trending lower since their early launch of the Truforma product. The stock once went all-time high of $2.91 and quickly sold off after the news of their first TruForma sales. This was one of the Pump and dump stock at that time, which the traders quickly took out their profits once the news was out.
Zomedica was not making any revenue at that time and $2.91 per share was overvalued comparing that with the number of sales they made per year. After the massive dump of their stock, ZOM went all the way down to (-80%) about $0.40 per share. All the hype was gone day after day, and long-term investors were in fear if ZOM will ever make it again.
Zomedica (ZOM) is trading around $0.56 per share which is up about 25% from the low of $0.40 per share. Recently the stock is bringing some volume and the rally is getting interesting for traders.
Zomedica announced, “Sean Whelan Appointed to Bd of Directors”. Robert Cohen, Zomedica’s Chief Executive Officer, commented that: “We all are very pleased to be joined by an executive with Sean’s sterling background. His broad and deep experience and expertise in financial matters, as well as his previous service with publicly listed companies, will be an excellent addition to our Board. I look forward to Sean assuming the Chairmanship of our Audit Committee, and to working with him on a wide variety of issues as Zomedica progresses. I also would like to thank Chris Wolfenberg for his service on the Board and for his valuable counsel during the time that we worked together.”
Zomedica continues to invest in their business and make the fundamentals very stronger. During their Q2 Earnings call, Cohen stated “To support TRUFORMA®, our sales organization now has grown to include 10 Regional Diagnostic Specialists and Territory Diagnostic Specialists, 3 Professional Services Veterinarians, and 2 Inside Sales Representatives, all supported by a Customer Service Department and managed by our Chief Commercial Officer, Vice President of Sales, and two Area Sales Directors. We continue to recruit additional members of the sales organization and expect to have our sales and support teams at full planned strength by the end of the Fall. We believe that this team is capable of supporting not only TRUFORMA®, but also any additional products that are added to Zomedica.”
FUTURE GROWTH OPPORTUNITY
The growth around the business looks massive comparing to the pets business globally. The increase in Pets care would definitely reward Zomedica over the long term. The cash in hand gives the perfect opportunity to hire more professionals and invest back in their business. If Zomedica continues to execute properly, ZOM can be the high-risk high reward stock. Looking at the technical chart, the stock sentiment is bullish and could be rallying up higher.