ZOM Stock Price: Zomedica Corp extends rally following year end 2020 results

NYSEAMERICAN:ZOM gained a further 2.91% on Tuesday despite the border market retreat.
Zomedica reported its Q4 and year end 2020 earnings results on Friday after the closing bell.
Investors continue to believe that the impending Truforma release will launch Zomedica to a huge windfall.

NYSEAMERICAN:ZOM continued its stellar year ever since the calendar flipped to 2021, as the pet diagnostic company is still up over 500% year to date. Tuesday saw Zomedica continue its momentum from Monday as the stock gained 2.91% to close the trading session at $2.12. It has been less than a year since Zomedica was trading as a penny stock as is evident by its 52-week low price of $0.06. In the meantime, Zomedica briefly rode the wave of being a target of the Reddit sugroup r/WallStreetBets which accounted for much of the rise in the stock’s price.

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On Friday, Zomedica released its Q4 and year end 2020 financial results, and the news was somewhat optimistic for a company that has zero revenues to date. Losses were lower year-over-year from 2019, as ZOM announced losses of $16.9 million in 2020 compared to $19.8 million in 2019. This equates to roughly losses of $0.05 per share compared to $0.19 per share in 2019. Zomedic also reported it had nearly $280 million in the bank after several rounds of stock offerings to raise cash and take advantage of its current stock price.

ZOM stock forecast

Of course, the main focus for Zomedica investors continues to be the upcoming release of its Truforma pet diagnostic platform at the end of March. While a nationwide rollout does not seem to be in the cards, Zomedica is taking its time with a staggered, regional rollout, which should help keep costs lower, but at the same time, limit the rate of sales growth.

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