Is Zomedica Corp (ZOM) Stock Ready To Bounce back After The Consolidation?

Zomedica Corp (NYSEAMERICAN:ZOM), which is currently best known for its animal diagnostic platform Truforma, has garnered considerable attention from investors at different points this year. The stock has been quite volatile as well, however, there are experts who believe that the stock could be worth considering at the current prices at which it has been trading.

Back in May it had been suggested by experts that the stock could breach the $1 mark if the company could continued to grow the sales of its platform Truforma. In this regard, it is also necessary for investors to remember that profits from the sale of Truforma are not vital at this point in time.

Currently the company needs to work towards growing the sales of Truforma and prove that the platform is regarded as an effective tool by veterinarians across the United States.

If the company is able to prove that through rising sales then in the long term the profits are going to come. In addition to that, it is also important to remember that the animal diagnostics business is growing at a pretty fast clip and is expected to be worth as much as $2.8 billion by 2024. Hence, investors could do well to keep an eye on those Truforma sales figures from Zomedica. 

Market Reaction:

On Friday, ZOM stock went down 3.80% at $0.78 with more than 32.74 million shares, compared to its average volume of 47.08 million shares. The stock had moved within a range of $0.7700 – 0.8130 after opening the trade at $0.8121. Over the past 52-week, the stock has been trading within a range of $0.0630 – 2.9100.