The stock market edged lower on Thursday, erasing gains from the previous trading day that was buoyed by the Federal Reserve’s decision to keep rates unchanged.

The tech-heavy Nasdaq decreased by 0.33 percent, the S&P 500 declined by 0.22 percent, and the Dow Jones dipped by 0.03 percent.

On Thursday, investors immediately booked profits following the lack of fresh catalysts to further boost buying appetite.

However, 10 companies under the micro- to small-cap sectors noticeably defied market pessimism, having surged by double to triple digits. In this article, we have identified Thursday’s 10 best performers and detailed the reasons behind their gains.

We classify micro-cap companies as those between $50 million and $300 million in market capitalization, while small-cap firms are those with $300 million and $2 billion in market capitalization.

10. Aeva Technologies Inc. Common Stock (NASDAQ:AEVA)

Aeva Technologies grew its share prices by 34.73 percent on Thursday to finish at $4.19 each as investors took heart from a flurry of positive developments surrounding the company.

On Thursday, Morgan Stanley raised its stock price target for AEVA to $5.22 apiece, representing a 24.5-percent upside from its latest closing price. It also maintained its equal weight rating on the stock.

Morgan Stanley’s rating followed the release of AEVA’s earnings performance in the fourth quarter, where it achieved a 69-percent jump in fourth-quarter revenues to $2.7 million from the $1.6 million registered in the same period a year earlier.

Meanwhile, full-year revenues more than doubled to $9.1 million from $4.3 million in 2023.

Looking ahead, the impressive revenue performance bolstered the company’s outlook for the year, with the firm expecting revenues to settle between the $15 million and $18 million level for the full year, or growth of approximately 70 percent to 100 percent of the actual figures year-on-year.

9. Rent the Runway Inc. (NASDAQ:RENT)

Rent the Runway saw its share prices jump by 35.61 percent on Thursday to close at $6.55 apiece as investors resorted to bargain hunting to take advantage of its cheap valuation.

According to analysts, RENT already entered the oversold territory, having hovered the $3 to $4 level over the past two weeks to hit its lowest price of $3.70 on March 7, 2025. The sell-offs were attributed to concerns about the evolving retail landscape and consumer habits, leading to a stark reassessment of its market position and growth prospects.

Based on its historical earnings release, RENT is expected to announce its fourth quarter and full-year performance in the second week of April 2025, where investors will also be looking out for cues about its outlook for the remainder of the year.

Founded in 2009 by Jennifer Hyman, RENT is an e-commerce platform that allows users to rent, subscribe, or buy designer and apparel accessories.

8. Outset Medical Inc. (NASDAQ:OM)

Outset Medical rallied by 36.28 percent on Thursday to finish at $11.28 each following the announcement of a reverse stock split initiative.

On Thursday, OM implemented a one-for-fifteen-shares reverse stock split of its common shares after securing the approval of its stockholders on March 5, 2025.

Companies usually conduct a reverse stock split activity to reduce the number of outstanding shares available on the market, and ultimately, to boost its share value and make the firm more attractive to investors.

Ownership of existing investors, however, will remain the same.

Meanwhile, OM shareholders with a fractional share will expect to receive a cash compensation equivalent to the price on the last trading day before the initiative came into effect.

OM is a medical technology company that engages in the development of a hemodialysis system for hemodialysis in the United States.

7. Nanovibronix Inc. (NASDAQ:NAOV)

Nanovibronix rose for a second day on Thursday, jumping 36.5 percent to close at $4.45 each as investor confidence was fueled by the efficacy of its UroShield device in preventing catheter-associated urinary tract infections (UTI).

According to NAOV, the study found that UroShield reduced UTI by 86 percent, catheter blockages by 70 percent, and bladder irrigations by 82.8 percent.

Clinicians have also reported lower intervention needs and nursing time.

NAOV is a medical device company headquartered in Tyler, Texas, with research and development in Nesher, Israel, focused on developing medical devices utilizing its patented low-intensity surface acoustic wave (SAW) technology.

The proprietary technology allows for the creation of low-frequency ultrasound waves that can be utilized for a variety of medical applications, including for disruption of biofilms and bacterial colonization, as well as for pain relief. The devices can be administered at home without the continuous assistance of medical professionals.

6. Regencell Bioscience Holdings Ltd. (NASDAQ:RGC)

Regencell Bioscience soared to a new high on Friday, adding 46.25 percent to its valuation to end at $45 each following a share buyback program initiative.

Earlier this week, RGC announced that its chief executive officer, Yat-Gai Au, supported a share repurchase program and personally financed funds to finance the acquisition.

The initial transaction involved the buyback of 652,000 RGC shares from investment company Digital Mobile Venture at an average price of $9.5 apiece for a total of $6.19 million. Following the acquisition, Au owned a little over 11 million shares, representing 86 percent of the firm.

In the past four trading days alone, RGC’s shares were already up by 256 percent from the $12.62 closing price on Friday.

RGC is a biotech company that’s on a mission to commercialize traditional Chinese medicine for ADHD treatment, a subject that hits close to home for Au.

5. ProAssurance Corp. (NYSE:PRA)

ProAssurance saw its share prices spike by 48.13 percent to end at $23.02 apiece as investors cheered news that it is set to be acquired by The Doctors Company for $1.3 billion.

In a statement, The Doctors Company said that it entered into a definitive agreement to acquire PRA.

Shareholders of PRA will expect to receive $25 per share representing an approximately 60 percent upside from its closing price on March 18. The transaction will be paid in cash.

Upon completion, the two entities will boast assets of roughly $12 billion.

“We are excited to further our mission to advance, protect, and reward the practice of good medicine to an even greater number of healthcare providers across the nation,” said The Doctors Company Chairman and CEO Richard Anderson. “The addition of ProAssurance to The Doctors Company significantly enhances our ability to serve healthcare professionals now and well into the future.”

For his part, PRA President and CEO Ned Rand said: “This transaction will deliver significant value to our shareholders. Both ProAssurance and The Doctors Company were founded by physicians in response to the medical liability crisis of the 1970s. Both companies have grown over the years by bringing together other physician-founded companies.”

4. OptiNose Inc. (NASDAQ:OPTN)

OptiNose grew its share prices by 52.50 percent on Thursday to finish at $9.15 apiece as investors took heart from news that it is set to be acquired by Paratek Pharmaceuticals for $330 million.

In a statement on Thursday, Paratek announced that it entered into a definitive merger agreement with OPTN, under which, Paratek will acquire OPTN, including its approved product XHANCE (fluticasone propionate).

After the transaction, OPTN shareholders will expect to receive $14 for each share, including the payment of contingent value rights (CVRs) tied to future commercial milestones.

According to Paratek, the acquisition plan would boost its commercial portfolio beyond the flagship antibiotic NUZYRA.

“We have long recognized the potential of XHANCE to transform how CRS is treated. We have been exploring opportunities to make more patients and doctors aware of XHANCE and the benefits it can offer to patients suffering from this common condition. Paratek, with its robust commercial and medical capabilities, has the potential to rapidly extend awareness of XHANCE to primary care providers who treat the majority of patients with CRS,” said OPTN CEO Ramy Mahmoud.

3. SAG Holdings Ltd. (NASDAQ:SAG)

SAG Holdings grew its share prices by 73.33 percent to finish at $1.17 apiece, as investors snapped up shares in the company, successfully pushing its stock price back above the $1 minimum bid price requirement to remain listed on the Nasdaq stock exchange.

While it has yet to receive any formal notification from Nasdaq, the company’s stock price noticeably has been trading below the $1 minimum bid price requirement for 13 consecutive days since March 3, the first trading day of the month.

Companies under the Nasdaq are required to maintain their minimum bid price above the $1 price for 30 consecutive days, otherwise, they could face a potential delisting.

SAG Holdings, through its subsidiaries, distributes and sells automotive and industrial spare parts globally.

At present, it operates in the Asia Pacific, the Middle East, Europe, Africa, and the Americas.

2. Plus Therapeutics Inc. (NASDAQ:PSTV)

Plus Therapeutics surged by 170.06 percent on Thursday to close at $1.38 apiece as investors cheered news that it received the conditional approval of the Food and Drug Administration (FDA) for its proposed brand name for its potential nervous system cancer treatment.

In a statement, PSTV said the potential treatment would be called REYOBIQ for the treatment of nervous system cancers Leptomeningeal Metastases (LM) and Recurrent Glioblastoma (GBM).

REYOBIQ is a novel injectable radiotherapy specifically formulated to deliver direct targeted high-dose radiation in CNS tumors in a safe, effective, and convenient manner to optimize patient outcomes.

It is said to have the potential to reduce off-target risks and improve outcomes for CNS cancer patients, versus currently approved therapies, with a more targeted and potent radiation dose.

Following the news, the company’s stock price was propelled back to the $1 level, which is the minimum bid price requirement to remain listed on the stock exchange.

Companies are required to maintain their minimum bid price above the $1 price for 30 consecutive days, otherwise, they could face a potential delisting.

1. Impact Biomedical Inc. (NYSEAMERICAN:IBO)

Impact Biomedical soared by 292 percent on Thursday to end at $2.08 each following the appointment of Chan Heng Fai Ambrose as a director for the company.

With over 45 years in the financial and equity investment industry, Chan specializes in financial restructuring and focuses on investing in distressed companies that need corporate transformation.

His extensive background in restructuring firms and leadership roles in publicly listed firms is expected to enhance the strategic direction and governance of IBO.

Chan is the founder of Alset Inc., a Nasdaq-listed firm that specializes in land development, home building, sales and rental, and property management.

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