Zomedica is ready to initiate a new diagnostic platform that has backed its share price in recent times. But, what’s with this recent drop in ZOM?
Zomedica Corp. (ZOM) has been updating regarding the highly anticipated launch of TRUFORMA. The company has completed its launch team and is set to commercialize its first product for dogs and cats.
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Investors are excited about this new launch as the demand for pet products is at its peak. ZOM shares price has almost doubled this year and with the launch of TRUFORMA, things can turn out to be way bigger for the company. However, the recent dip in ZOM’s price has made investors skeptical. Is it the time right to buy the stock when it’s down?
Weeks ago, Tiger King star Carole Baskin promoted Zomedica in a video on YouTube. Following that, the price of ZOM stock skyrocketed. Recently, news broke out that Baskin was paid for the video clip to promote the company. Reportedly, Baskin was paid around $300 to endorse the company through an online service called Cameo.
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After the revelation of Baskin’s endorsement for Zomedica, day traders seem to have taken their profits and head out of the market. So, that’s the main reason behind the dip in ZOM’s shares price.
About a month ago, the company reported that it had completed its launch team for its first-ever product. Zomedica hired Debra Rock to lead the Marketing Department of the company. Debra’scommercial leadership team is complete and ready to rock.
Ms. Rock along with its team members including Vice President of Sales, Mike Schilk will be working on the launch of TRUFORMA. Rock has experience of almost 25 years working at Pfizer and Abbott Laboratories, playing a vital role in the sales growth of both firms. It is expected that Zomedica will launch its innovative diagnostic tool—TRUFORMA—on March 31, 2021.
Moreover, the company has just appointed a new CEO, Robert Cohen, who has previously served Zomedica as its interim CEO. So, the company is making changes to ensure that its first launch goes successfully in the market.
People have adopted more pets in the period of COVID-19 and the demand for veterinary services has accelerated during the meantime. The total spending on pets is estimated to touch a record $99 billion in 2021 across the U.S., as per the American Pet Products Association.
Whereas, the sliver of the pet care market that is part of diagnostic services is forecasted to cross $2.8 billion by 2024. Zomedica is focusing to expand its marketplace and become a leading veterinary provider in that space.
The recent dip in Zomedica Corp.’s (ZOM) stock is a big opportunity for investors to jump in and buy the stock at a relatively lower price. If the launch of TRUFORMA goes well enough—which is expected to—the company will make a big fortune in the longer run.