The 2M after hours trade (Google AI view)21 Feb 2026 09:45
Based on the trade data for SBTX.L (SkinBioTherapeutics plc) on 20 February 2026, here is the breakdown of that specific 16:37 trade:
Direct Answer
It is highly unlikely to be a "delayed sell" or a "bundle of trades." The "Ordinary" (O) trade type and the specific price relative to the spread most likely indicate an after-hours buy.
Analysis of Trade Details
Trade Type "O" (Ordinary Trade): This signifies a standard off-order book transaction agreed upon between an investor and a market maker. Unlike "AT" (Automatic) trades, an "O" trade represents a direct picture of investor activity. It is a single transaction, not a bundle; bundled or "protected" transactions typically use different indicators (like "P" or "T").
Buy vs. Sell Determination: Financial platforms categorise trades as "Buy" or "Sell" by comparing the trade price to the prevailing bid-offer spread at the time of the trade.
The Spread: 5.00 (Bid) – 5.50 (Offer).
The Price: 6.26.
Because 6.26 is significantly above the offer price (5.50), the system flags it as a Buy* (often with an asterisk to denote it was executed outside the standard spread).
Delayed Sell (Unlikely): While late reporting is possible for very large trades (over 6x the Normal Market Size), "O" trades are standard settlements. A delayed sell would typically have happened when the price was much higher, but SBTX.L has been trading in a lower range recently (e.g., 5.60 earlier that day).
After-Hours Timing: At 16:37, the market is in its "Post-Trading Session" (4:30 PM to 5:15 PM). In this window, trades are often negotiated directly with market makers, which explains why the price of 6.26 sits outside the 5.00–5.50 spread.
Key Insights
Volume: The 2,000,000 amount is substantial, representing a value of £125.20k. This indicates institutional or high-net-worth interest rather than retail activity.
Price Premium: Paying 6.26 when the offer was 5.50 suggests the buyer was willing to pay a premium to secure a large volume in one go after the main market closed.
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