U.S. equity markets witnessed sharp divergence on Friday, with several small-cap stocks posting triple-digit gains while multiple biotech names suffered steep declines. Trading activity remained heavy in benchmark ETFs and mega-cap technology stocks, reflecting heightened volatility and selective risk-taking by investors.
Among the top gainers, LVRO (Lavoro Limited) led the rally with a staggering 144% jump, followed by LEXXW (Lexaria Bioscience) up 135% and TBLAW (Taboola.com warrants) gaining over 110%. Sky Quarry Inc. and Gorilla Technology Group also posted strong gains of over 90%, driven largely by speculative buying and low-float momentum.
On the downside, biotech stocks dominated the decliners’ list. Outlook Therapeutics (OTLK) plunged more than 58%, while Protagonist Therapeutics-linked securities PTIXW and PTIX fell between 43% and 48%. P3 Health Partners and Bone Biologics also saw sharp sell-offs, highlighting continued pressure in the healthcare and biotech space.
In terms of trading activity, the most active stock by share volume was the semiconductor bearish ETF SOXS, with over 459 million shares traded, indicating aggressive positioning around chip stocks. Datavault AI (DVLT), Hyperscale Data (GPUS), and Nvidia (NVDA) also featured prominently in volume charts.
By dollar volume, SPDR S&P 500 ETF (SPY) topped the list, trading above $683, underscoring strong institutional participation. Nvidia remained a key focus for investors, while Tesla and Invesco QQQ saw moderate declines. Micron Technology (MU) stood out with a 10% gain, signaling renewed optimism in memory chip stocks.
Market participants noted that the session reflected risk-on behavior in select small-cap names, even as broader uncertainty persisted across sectors such as biotech. Analysts cautioned that extreme price movements in low-cap stocks often come with elevated risk and advised investors to remain selective.
