If anyone has owned a pet before, you will understand how much time and care it can take to look after your pet. Zomedica is an animal health company that focuses on the needs of clinical veterinarians. The company delivers beneficial diagnostic products and services as a veterinary health company.
The company was founded in 2013 by Gerald L. Solensky Jr., and its low share price qualifies the company as a penny stock. The goal for Zomedica is in the discovery, development and commercialization of pharmaceuticals for your pets and the gains that can be made towards veterinary medicine.
How to Buy Zomedica Corp. (NYSEAMERICAN: ZOM) Stock
Not all brokers carry Zomedica Corp. (NYSEAMERICAN: ZOM) because it is a penny stock, but if your current broker does, all you need to do is search for Zomedica on the platform, open a trade ticket, fill in the details and click submit or buy to acquire shares in Zomedica.
If your broker does not allow you to buy Zomedica shares, or you don’t yet have a brokerage account, then here’s how to buy it and other stocks right now.
Step 1: Pick a brokerage.
A broker is essentially the intermediary between you and the stock exchange. It provides you with the ability to buy and sell shares. You place an order via a broker to buy or sell a stock, and the broker carries out those instructions. If you decide to purchase 50 shares of ZOM, the broker will be instructed to carry out the steps you have requested, probably via an online order, to acquire the shares.
In return, it charges a fee for its services. The fee varies, so you’ll want to research costs and other aspects before setting up an account.
Step 2: Decide how many shares you want.
Once you have chosen a broker, you need to fund your account and then decide how many shares to buy. It's important to consider the amount of risk you want to take and the percentage of your account you will attribute to Zomedica.
Starting with a small investment and adding consistently over time is a strategy used by many investors. However, before you make your purchase, consider how you will enter the market.
Step 3: Choose your order type.
This stage requires you to decide on how your position is executed. Different order types exist, but the primary two are market orders and limit orders.
Market orders mean you acquire the shares at a price dictated by the market, so your order usually fills right away if not at the best price.
Limit orders mean that you determine what price you buy the shares at, but the chances of the order being filled increase as you are relying on the market.
Step 4: Execute your trade.
After you have completed all the necessary steps to put you in a position to buy the shares, all that is left to do is just that — buy the shares. Once completed, you can monitor the stock and your other positions by navigating to the correct tab on your brokerage platform.
Where to Buy Zomedica
Different brokers can vary in terms of the benefits they provide. It is up to you to find the one that best suits your online stock trading style.
ZOM Stock History & Value
Zomedica has been a publicly traded company since 2016 and has helped practitioners diagnose diseases and treat the conditions that can affect pets. Numerous households currently own pets, with dogs being the most popular choice for owners.
About 68% of U.S. households own a pet, according to Simply Insurance, which makes Zomedica’s service crucial for the majority of consumers. The company's TRUFORMA product offers technology that delivers accurate and reliable results testing healthy and diseased patients. It is one of the standout products for Zomedica.
In October, the company announced Larry Heaton as president following the retirement of Robert Cohen.
As for the company’s share price and value over the years, the stock has been relatively unpredictable. As a result, significant gains made by the stock have been erased over time.
During 2017 and early 2018, the company gained over 188%, representing an excellent few years. However, its impressive rise was quickly wiped out, and it fell substantially in the second half of 2018.
In 2021, the share price for Zomedica reached highs of $2.91 in February. However, just over a year later, the stock is down tremendously compared to the highs it achieved in 2021.
Zomedica: What Analysts Are Saying
The stock’s history suggests uncertainty amongst investors. However, the history of its share price does not dictate its future outcome. Several analysts weigh in on the future of Zomedica stock and its performance.
Macroaxis Bear Case
Analysts at Macroaxis have presented a bear case on Zomedica stock. The firm, which provides wealth optimization analytics, has a “Strong Sell” recommendation on the stock.
In addition, Zomedica’s third-quarter earnings for 2021 posted a net loss of $6.3 million, an increase from a loss of $5 million in the same quarter a year ago.
Chris MacDonald Bull Case
An article from Nasdaq writer Chris MacDonald suggests that the stock is a potential buy because of increased pet adoption throughout the pandemic. With pet adoptions being a multi-year experience, it means revenue for veterinary businesses could potentially increase over the coming years.
Furthermore, MacDonald also states that the “TRUFORMA in-clinic biosensor diagnostics platform, is the key driver that investors in ZOM look to for growth.”
Pros and Cons of Zomedica
Increase of pets: The pandemic caused a spark in the adoption of pets, with numerous households now owning a pet. This will only increase the need for veterinary products and services over the coming years.
Technology: The technology used in its product TRUFORMA is pitched as an incredible tool that provides the best test accuracy in a short period. This technology will be hugely significant in their plans to provide excellent services.
Limited options: The company has a limited number of products to offer, and if TRUFORMA is unable to succeed, this failure could impact the stock. Therefore, the future of the stock is dependent on the product's success.
Is Zomedica a Buy, Sell or Hold?
Zomedica does provide a great service that is a necessity for pet owners. Despite its minimal number of products, it offers an alternative tool that can improve efficiency and save costs for consumers.
On the other hand, despite impressive prospects for the company, having any kind of impact on the market will be a difficult task for Zomedica. The company is competing with much larger competitors such as IDEXX Laboratories, meaning it faces an uphill battle.
Skepticism surrounds its share price and earnings. Therefore, it is probably best to sit on the sidelines when it comes to this stock.
Frequently Asked Questions
Where is Zomedica located?
The veterinary health company is based in Ann Arbor, Michigan, and is part of the pharmaceutical and medicine manufacturing industry.
What is Zomedica’s stock forecast?
Only one analyst has a 12-month forecast for Zomedica, with a price target of $1.20.