Why Zomedica Stock Soared Today and Then Plunged in After-Hours Trading

Shares of Zomedica ( NYSEMKT:ZOM ) surged 41% on Monday before pulling back after the market close.

Like many stocks that have caught the fancy of the increasingly popular WallStreetBets group on Reddit, Zomedica's share price has skyrocketed in recent weeks.

On Monday, Zomedica decided to take advantage of its torrid stock price to boost its cash reserves.

Zomedica is gearing up for the upcoming launch of its Truforma diagnostic platform for dogs and cats, which is slated for March 30.

Management is targeting a global pet diagnostics market that's projected to grow to $2.8 billion by 2024.

Zomedica said that it will use the cash from its stock offering to fund the development of Truforma, as well as make milestone payments to its technology partners.

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