What happened Shares of Zomedica (NYSEMKT: ZOM) surged 41% on Monday before pulling back after the market close. So what 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. At its closing price on Monday, the veterinary health company's stock was up a staggering 1,110% so far this year. Image source: Getty Images. On Monday, Zomedica decided to take advantage of its torrid stock price to boost its cash reserves. The company said after the market close that it planned to raise roughly $25 million via the sale of nearly 13.2 million shares in a stock offering. Zomedica priced its shares at $1.90, or about 30% below its closing price of $2.70 on Monday, and its stock price fell in kind. As of 5:55 p.m. EST today, Zomedica's shares were down more than 10% in after-hours trading. Now what 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. 10 stocks we like better than Zomedica Pharmaceuticals Corp.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Zomedica Pharmaceuticals Corp. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source