In this article, we will look at the 10 Best Performing Small Cap Stocks So Far in 2026.
On April 28, Kate Moore, CIO of Citi Wealth, appeared on CNBC’s ‘Money Movers’ to talk about market themes as earnings season gets underway, the impacts on artificial intelligence, and more.
Talking about the hiccup in tech, she was of the view that we are going to go through this over and over again, which includes worries about whether or not spending can keep up. Every time a company speaks now, it is about raising its capex spending. She sees these moments in the market, like today, as opportunities for people to re-up their exposure if they have been skeptical. Her view is that AI capex spending will be a “massive” driver of earnings and of the market going forward, but it is going to be volatile.
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Moore further stated that calling something cheap or expensive right now is a little fraught, and so she would suggest that the market is appropriately valued for some of the growth opportunities in AI. People who get themselves anxious about headline multiples forget that analysts are quite slow to revise up their earnings expectations. Therefore, forward P/Es may not actually reflect the Buy side or what the investor community actually expects.
With these broader market trends in view, let’s narrow down and look at the best-performing small-cap stocks so far in 2026.
Our Methodology
We used the Finviz stock screener to identify the best small-cap stocks that have exhibited strong share price performance YTD, and limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment. These stocks are also popular among analysts and elite hedge funds, as of Q4 2025. The stocks are arranged in ascending order of hedge fund sentiment, which we sourced from Insider Monkey’s database.
Note: All data was recorded on April 28.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
10 Best Performing Small Cap Stocks So Far in 2026
10. Blue Moon Metals Inc. (NASDAQ:BMM)
Blue Moon Metals Inc. (NASDAQ:BMM) is one of the best performing small cap stocks so far in 2026. Blue Moon Metals Inc. (NASDAQ:BMM) announced on April 27 its entry into an agreement to acquire certain claims adjacent to the company’s Springer Mine, located in Pershing County, Nevada, USA, from GoldPlay LLC and Robert Schafer for consideration of 188,199 common shares of Blue Moon, US$1 million cash, and a sliding scale gross revenue royalty on the concessions.
Christian Kargl-Simard, CEO of Blue Moon Metals Inc., stated that after the acquisition of the Springer Mine and Processing Plant, which closed on February 10, 2026, the present acquisition strengthens the company’s land position while also strategically consolidating claims around the mine. Kargl-Simard added that the company controls the district of the historical claims around the Springer Tungsten deposit.
Management further reported that the claims comprise nine unpatented mineral claims and cover a portion of some historically identified veins, including the Stank deposit, the O’Byrne deposits, and a portion of the Sutton deposit.
Blue Moon Metals Inc. is involved in the acquisition and exploration of mineral resource properties, with a focus on Blue Moon zinc and Yava properties.
9. Adlai Nortye Ltd. (NASDAQ:ANL)
Adlai Nortye Ltd. (NASDAQ:ANL) is one of the best performing small cap stocks so far in 2026. On April 20, H.C. Wainwright lifted the price target on Adlai Nortye Ltd. (NASDAQ:ANL) to $20 from $16 while maintaining a Buy rating on the shares. The firm told investors in a research note that the company’s lead asset, AN9025, demonstrates “potential best-in-class potency”, positioning it as a differentiated next-generation small molecule pan-RAS(ON) inhibitor.
In a separate development, Adlai Nortye Ltd. announced on April 16 that it has entered into a securities purchase agreement for a private investment in public equity financing that is anticipated to result in gross proceeds of approximately $150.0 million. This is before deducting placement agent fees and other private placement expenses.
Management reported that the oversubscribed transaction includes participation from both new and existing institutional investors, with new investors including Soleus Capital, Perceptive Advisors, ADAR1 Capital Management, MPM BioImpact, Octagon Capital, Eventide Asset Management, Kalehua Capital, and DAFNA Capital Management, and more. Adlai Nortye Ltd. also reported additional participation from existing investors, including Cormorant Asset Management, Columbia Threadneedle Investments, Balyasny Asset Management, Casdin Capital, Squadron Capital Management, and Superstring Capital Management, etc.
Adlai Nortye Ltd. is a clinical-stage biopharmaceutical company involved in the development of cancer therapies for patients with various stages of tumors. The company offers AN0025, which is a clinical-stage, potential EP4 antagonist designed to modulate the tumor microenvironment.
8. Spire Global, Inc. (NYSE:SPIR)
Spire Global, Inc. (NYSE:SPIR) is one of the best performing small cap stocks so far in 2026. On April 27, Stifel lifted the price target on Spire Global, Inc. (NYSE:SPIR) to $19 from $16, reaffirming a Buy rating on the shares. The rating update came after the company announced the official termination of its Canadian WildFireSat contract for convenience. The firm told investors that the resolution of the WildFireSat program loss clears the path for core growth as Spire Global, Inc. is increasingly focused on higher-value, long-duration government and defense opportunities across RF intelligence, weather, and space reconnaissance.
Spire Global, Inc. also received a rating update from Canaccord on April 10. The firm lifted the price target on the stock to $22 from $14, and maintained a Buy rating on the shares. Canaccord updated its model after the announcement that it completed a $70M private placement offering, selling 5M shares at $14 per share. From a balance sheet perspective, Spire Global, Inc. remains in a strong position.
Spire Global, Inc. is involved in the collection of space-based data using a proprietary constellation of low-earth multi-use receiver nanosatellites. Through a subscription model, the company’s software analytics generate proprietary data, insights, and predictive analytics for its customers.
7. Opus Genetics, Inc. (NASDAQ:IRD)
Opus Genetics, Inc. (NASDAQ:IRD) is one of the best performing small cap stocks so far in 2026. On April 28, Citizens initiated coverage of Opus Genetics, Inc. (NASDAQ:IRD) with an Outperform rating, setting a price target of $12. The firm told investors in a research note that the company is in the process of developing a portfolio of AAV-based gene therapies for inherited retinal diseases, aimed at preserving and/or restoring vision in patients who lack any treatments today. Citizens believes that Opus Genetics, Inc.’s inherited retinal disease focus provides several benefits for a large commercial opportunity.
In a separate development, Opus Genetics, Inc. announced on April 6 a strategic financing agreement with Oberland Capital Management LLC to accelerate the clinical development, manufacturing, and potential commercialization of its broad gene therapy pipeline to maximize shareholder value. Management reported that the new note facility provides the company with access to future non-dilutive funding of up to $155 million to support its future strategic initiatives and growth. It added that an initial tranche of $35 million would be funded at the initial closing, and a second $35 million tranche would be available at the company’s option within the next twelve months. Additional tranches up to $35 million would also be available to Opus Genetics, Inc. upon the occurrence of certain milestones.
Opus Genetics, Inc. is involved in the research and development of ophthalmic biopharmaceutical products, with a focus on the development and commercialization of therapies for the treatment of several eye disorders.
6. Gran Tierra Energy Inc. (NYSEAMERICAN:GTE)
Gran Tierra Energy Inc. (NYSEAMERICAN:GTE) is one of the best performing small cap stocks so far in 2026. On April 14, Canaccord upgraded Gran Tierra Energy Inc. (NYSEAMERICAN:GTE) to Buy from Hold, bringing the price target on the stock up to $14 from $10. For additional reference, in its fiscal Q4 and full year 2025 results, Gran Tierra Energy Inc. reported that it attained an average working interest in fiscal Q4 production of 46,344 BOEPD, and realised 2025 adjusted EBITDA of $284 million. Management further reported that the company delivered net cash provided by operating activities of $313 million, up 31% from the prior year. It also generated 2025 funds flow from operations of $178 million.
Gran Tierra Energy Inc. also announced that 2025 marked the seventh consecutive year of South American reserves growth, with over 100% reserve replacement PDP & 2P. The company also attained its best safety performance on record in the year.
Gran Tierra Energy Inc. is involved in the exploration and production of oil and natural gas in Colombia and Ecuador. It holds interests in the assets located in the Middle Magdalena Valley and Putumayo Basins.
5. Century Therapeutics, Inc. (NASDAQ:IPSC)
Century Therapeutics, Inc. (NASDAQ:IPSC) is one of the best performing small cap stocks so far in 2026. H.C. Wainwright lifted the price target on Century Therapeutics, Inc. (NASDAQ:IPSC) to $5 from $2 on April 21, maintaining a Buy rating on the shares. The firm told investors in a research note that Vertex has shown stem-cell islets can work and Sana has shown hypoimmune-edited islets can survive, adding that Century Therapeutics, Inc. is attempting to combine these two proof points in CNTY-813. It added CNTY-813 into its model, with a 20% probability of approval and peak sales of $3.4 billion across the globe.
For additional reference, in its full year 2025 results, Century Therapeutics, Inc. reported that its cash, cash equivalents, and marketable securities are $117.1 million as of December 31, 2025, as compared to $220.1 million as of December 31, 2024. In addition, collaboration revenue generated by the company’s collaboration, option, and license agreement with Bristol-Myers Squibb was $109.2 million for the year ended December 31, 2025, compared to $6.6 million for the prior year period.
Century Therapeutics, Inc. develops off-the-shelf cell therapies to advance the course of cancer care, with a focus on harnessing the power of adult stem cells to develop curative allogeneic cell therapies for cancer.
4. Shattuck Labs, Inc. (NASDAQ:STTK)
Shattuck Labs, Inc. (NASDAQ:STTK) is one of the best performing small cap stocks so far in 2026. Cantor Fitzgerald initiated coverage of Shattuck Labs, Inc. (NASDAQ:STTK) with an Overweight rating on April 27, telling investors in a research note that the stock’s more than 800% rise over the last 12 months points towards enthusiasm for its DR3 and TL1A programs. It added that investors are betting on differentiated efficacy and upcoming early-phase data that could de-risk key drug attributes, and that continued clinical readouts across several autoimmune indications and interest in combination or bispecific approaches could further support upside.
Shattuck Labs, Inc. also received a rating update from H.C. Wainwright on April 20. The firm lifted the price target on the stock to $18 from $6, reiterating a Buy rating on the shares. The firm raised its projected SL-325 probability of success to 15% from 10% based on projections for a broad positive upcoming dataset.
Shattuck Labs, Inc. is a biotechnology company involved in the research and development of potential treatments for inflammatory and immune-mediated diseases. The company’s focus is on the development of a potential first-in-class antibody to treat inflammatory bowel disease (IBD) and other inflammatory and immune-mediated diseases.
3. Climb Bio Inc (NASDAQ:CLYM)
Climb Bio Inc (NASDAQ:CLYM) is one of the best performing small cap stocks so far in 2026. Oppenheimer lifted the price target on Climb Bio Inc (NASDAQ:CLYM) to $18 from $10 on April 12, maintaining an Outperform rating on the shares. The rating update came ahead of the upcoming clinical reveals, which will reveal how subcutaneous budoprutug, as well as CLYM116, perform in healthy volunteers. Oppenheimer’s model had not previously included any value for ‘116, in development for IgA nephropathy, and yet the firm views it as exciting as budoprutug, perhaps more so.
Climb Bio Inc also received a rating update from Mizuho on April 15. The firm initiated coverage of the stock with an Outperform rating and set an $18 price target. It told investors in a research note that the company’s lead assets, budoprutug and CLYM116, are positioned to establish a “compelling B-cell targeting pipeline with best-in-indication profiles in autoimmune nephropathies”. Mizuho believes that Climb Bio Inc’s updates for budoprutug in primary membranous nephropathy in H2 2026, along with initial data for CLYM116 in healthy volunteers in mid-2026, can offer data points that will “validate potential to drive the deepest reductions in proteinuria within their competitive landscapes”.
Climb Bio Inc is a clinical-stage biotechnology company that develops therapeutics for patients with immune-mediated diseases. The company’s lead product candidate, budoprutug, is an anti-CD19 antibody designed for a broad range of B-cell mediated diseases.
2. Sutro Biopharma, Inc. (NASDAQ:STRO)
Sutro Biopharma, Inc. (NASDAQ:STRO) is one of the best performing small cap stocks so far in 2026. Citizens lifted the price target on Sutro Biopharma, Inc. (NASDAQ:STRO) to $41 from $35 on April 23, reaffirming an Outperform rating on the shares. The firm told investors in a research note that the recent AACR presentations highlighted strong preclinical results across Sutro’s pipeline, including data suggesting that its lead program, STRO-004, may outperform existing therapies and promising durability from a partnered candidate. Citizens added that with advancing clinical progress, potential best-in-class data by mid-2026, and solid cash reserves, Sutro Biopharma, Inc. is viewed as undervalued despite a sharp year-to-date rally.
Previously, Citizens lifted the price target on Sutro Biopharma, Inc. to $35 from $23 on April 17 and maintained an Outperform rating on the shares. It told investors in a research note that it continues to believe that the company’s shares are undervalued amid the rapid progress in the clinic, a growing pipeline of clinical candidates across novel targets, the potential for STRO-004 to report best-in-class efficacy and safety by mid-2026, and a solid cash position of $212 million.
Sutro Biopharma, Inc. is involved in the drug discovery, development, and manufacturing of pharmaceutical products, with a focus on the next-generation cancer and autoimmune therapeutics.
1. Tronox Holdings plc (NYSE:TROX)
Tronox Holdings plc (NYSE:TROX) is one of the best performing small cap stocks so far in 2026. Tronox Holdings plc (NYSE:TROX) received a rating update from Truist on April 28. The firm downgraded the stock to Sell from Hold, bringing the price target down to $8 from $9. It told investors that it still anticipates the company’s earnings to sequentially improve throughout 2026. However, Truist also sees potential for fiscal Q2 guidance to disappoint. The firm added that even when valuing shares on a “mid-cycle / normalized” basis, it believes implied upside is “relatively limited”.
Previously, Truist provided a rating update for Tronox Holdings plc (NYSE:TROX) on April 9. The firm downgraded the stock to Hold from Buy, but lifted the price target to $9 from $8. It told investors that the shares of covered TiO2 producers have seen considerable momentum year-to-date, adding that it sees increased risk that factors such as cost pressure and less favorable geographic mix could impact Tronox Holdings plc’s (NYSE:TROX) earnings and cash flows in the near term.
Tronox Holdings plc (NYSE:TROX) is involved in the mining and inorganic chemical business, with its products including Titanium Dioxide Mineral Sands. The company is involved in mining and processing zircon, titanium ore, and other minerals, along with manufacturing titanium dioxide pigments.
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