ViaDerma Inc (VDRM)

[nsomniyak]

In general, the size of the spread is inversely proportional to the level of interest in the stock. If there were more interest, either buying or selling, another MM would jump over the bid or under the ask seen on L2 and the spread would narrow.

Another way of saying this which resonated with me when I heard it (not my original line) is that "liquidity is the probability that the next trade will be at the same price as the last trade". VDRM is an illiquid stock. The last trade price is in no way predictive of the next trade price.