8 Best-Performing Small Caps In July: Find Out Which Stock Jumped 803%

The United States’ macroeconomic environment was favorable to large-cap companies and unfriendly to small-caps through the first half of 2024. That changed in July.

Best Performers: These were the 10 best-performing small caps (defined as a market cap between $500 million and $10 billion) in July, according to data from Benzinga Pro:

• Serve Robotics Inc SERV shares surged an astonishing 803%.

Serve Robotics, the top performer of any publicly traded company, received attention from investors after NVIDIA Corp disclosed a 10% stake in the company. The Uber-backed company developed an advanced, AI-robotics mobility platform, with last-mile delivery in cities such as Los Angeles. The company’s rise reflected investors’ enthusiasm for NVIDIA’s investment.

• CommScope Holding Company Inc‘s COMM stock rose by 121%.

CommScope, a network infrastructure provider, enthused investors with its strong preliminary financial results. Shares jumped earlier in the month when fiber optic cable producer Amphenol announced plans to acquire mobile networks businesses from CommScope.

• Hawaiian Electric Industries, Inc. HE saw a 102% share appreciation.

Hawaiian Electric, the largest utility provider in Hawaii, had a newsworthy month. Shares of the company surged after a report suggested the company reached a settlement to resolve lawsuits related to the 2023 Maui wildfires.

• Q32 Bio Inc QTTB shares ballooned by 101%.

Q32 Bio had a great month after analysts covering the stock issued Buy ratings.

• Meta Data Ltd‘s AIU stock saw an impressive 92% increase.

AIU shares catapulted more than 100% in a day after the company announced a 1 for 5 reverse stock split, according to Benzinga Pro.

• Cassava Sciences Inc SAVA shares appreciated by 83%.

Cassava shares jumped on the last day of the month after the company announced an extension of its open-label trials for its Alzheimer’s treatment, simufilam. The company announced the beginning of Phase 3 trials for the drug on July 22.

• Emergent Biosolutions Inc‘s EBS stock rose by 80%.

Healthcare company Emergent Biosolutions saw sustained gains throughout the month before reversing slightly. On July 9, the company reached a settlement with Johnson & Johnson to resolve disputes related to J&J’s COVID-19 vaccine.

• Humacyte Inc HUMA, whose shares rose by 76%.

Humacyte, a biotech company, saw its share price soar after the company entered a license agreement with Pluristyx and received Regenerative Medicine Advanced Therapy (RMAT) designation by the FDA for its Acellular Tissue Engineered Vessel.

Index Performance: The small-cap iShares Russell 2000 ETF IWM rose by over 11% in July, while the large-cap iShares Russell 1000 ETF IWB appreciated by just 1%.

The small-cap outperformance indicated a rebalancing from large caps to small caps. Cooling inflation data increased the perceived likelihood of interest rate cuts by the Federal Reserve by the end of the year.

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Image created using artificial intelligence via Midjourney.