Will Zomedica (ZOM) Stock Find The Bottom in May After The Recent Sell-off?

The Zomedica (NYSEAMERICAN:ZOM) stock enjoyed one of the more remarkable rallies in the market since last November when it went from 10 cents a share to as much as $3 a share in a few months.

It was being speculated that investors seemed to have confused Zomedica with the video conferencing company Zoom, which had also gained in popularity due to the pandemic. However, in April, the Zomedica stock corrected sharply, and currently, it is struggling to hold on to the $1 level.

In this situation, it might be easy to dismiss the rally in the Zomedica stock as a passing trend detached from the fundamentals. In the 2020 financial year, the company had reported losses of $16.9 million. However, it was a significant improvement on the $19.8 million in losses recorded by Zomedica in 2019.

This implies that Zomedica is working towards reducing its losses by controlling its operational costs. Moreover, its diagnostic platform for cats and dogs, Truforma is also live now and that is another factor that should not be ignored by investors.

Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.

Want Hot Stocks?    Yes. I Love Them No thanks