U.S. stock futures are edging higher early Wednesday as traders brace for the Federal Reserve’s final policy decision of 2025, with markets pricing in a high probability of another 25‑basis‑point rate cut. Futures on the Nasdaq 100, S&P 500 and Dow are modestly green, while the 10‑year U.S. Treasury yield hovers near 4.18% and commodities like silver trade at record highs above $61 an ounce. [1]
Beneath the calm surface of the indexes, however, the real fireworks are in pre‑market trading. A handful of thinly traded SPACs and micro‑cap biotechs are posting triple‑digit gains, joined by a distressed hotel REIT and a Hong Kong security‑services operator.
Using early data from StockAnalysis.com’s U.S. pre‑market screener, these are the ten biggest gainers as of the latest update on December 10, 2025. [2]
Top 10 U.S. Pre‑Market Gainers – December 10, 2025
According to StockAnalysis, these are today’s pre‑market leaders, based on percentage gains in U.S. stocks trading before the opening bell: [3]
- ASPC – A SPAC III Acquisition Corp.
+219.75%, trading around $33.51 pre‑market - ENVB – Enveric Biosciences, Inc.
+77.03%, around $10.48 - BDRX – Biodexa Pharmaceuticals Plc
+66.83%, around $6.79 - HSPO – Horizon Space Acquisition I Corp.
+41.71%, around $24.80 - GWAV – Greenwave Technology Solutions, Inc.
+26.23%, around $9.00 - RDAC – Rising Dragon Acquisition Corp.
+24.35%, around $14.30 - SUGP – SU Group Holdings Limited
+22.14%, around $8.11 - APVO – Aptevo Therapeutics Inc.
+20.97%, around $1.50 - AHT – Ashford Hospitality Trust, Inc.
+16.14%, around $3.67 - EQ – Equillium, Inc.
+15.56%, around $1.04
Note: Pre‑market prices and percentage changes are indicative only and can change rapidly once regular trading begins.
What’s driving these outsized moves? Let’s break down the main themes and the news, forecasts and analysis behind today’s early‑morning action.
Theme 1 – SPACs Dominate the Leaderboard (ASPC, HSPO, RDAC)
A SPAC III Acquisition Corp. (ASPC): From Trust Value to Momentum Rocket
Move:
- After soaring 94.66% in Tuesday’s after‑hours session to about $20.40, A SPAC III is now up another ~220% pre‑market to roughly $33.51, pushing its implied market cap far above the roughly $24.5 million level shown in last night’s data. [4]
What the company is:
A SPAC III is a blank‑check company incorporated in the British Virgin Islands, formed to complete a business combination with one or more businesses. [5]
It already has a merger agreement in place with Bioserica International Limited, and a recent Form 8‑K filing details that merger structure. [6]
On October 27, 2025, shareholders approved an amendment extending the deadline to complete a deal from November 12, 2025 to November 12, 2026, with about 5.7 million shares redeemed, significantly shrinking the public float. [7]
Why the stock is exploding:
- There is no fresh, company‑specific press release this morning tied to the jump.
- The move appears to be an extension of yesterday’s after‑hours surge, amplified by a very thin float after heavy redemptions — a recipe for violent price swings in SPACs. [8]
On the forecast side, Benzinga’s quote page for ASPC notes no formal analyst price target or consensus rating, underscoring that this is a trader‑driven story, not an analyst‑covered one. [9]
Takeaway:
ASPC’s move looks largely speculative: a small SPAC with a pending deal, a reduced float, and a wave of momentum buying. For long‑term investors, the real question isn’t today’s share price but whether the eventual combined company can justify any valuation near these levels.
Horizon Space Acquisition I Corp. (HSPO): SPAC With Delisting Twist
Move:
- HSPO is up about 41.7% to $24.80 in pre‑market trading. [10]
Business & latest developments:
- Horizon Space Acquisition I is a SPAC headquartered in New York, formed to pursue a merger, share exchange or similar transaction. [11]
- A recent Nasdaq press release disclosed the company’s plan for a voluntary delisting from the Nasdaq Capital Market, adding complexity and uncertainty for investors. [12]
Interpretation:
A SPAC trading well above the typical ~$10 trust value while contemplating delisting is a textbook case of event‑driven volatility. Traders may be betting on corporate actions around the delisting or potential deal news, but the risk of liquidity shocks, wide spreads and abrupt policy changes is high.
Rising Dragon Acquisition Corp. (RDAC): Emerging‑Market Deal Vehicle
Move:
- RDAC is up about 24.4% to $14.30 in pre‑market trading. [13]
Business profile:
- Rising Dragon is a Cayman‑incorporated SPAC targeting small‑cap businesses in emerging markets with strong growth potential and innovative models. [14]
There is no major, new RDAC‑specific headline this morning, suggesting the move is sympathetic to the broader SPAC squeeze theme led by ASPC and HSPO.
Theme takeaway:
SPACs make up three of the top six pre‑market gainers — a sign that, on Fed day, risk appetite is flowing into the thinnest, most speculative corners of the market.
Theme 2 – Micro‑Cap Biotech Rockets on Trial Data & Patents (ENVB, BDRX, APVO, EQ)
Enveric Biosciences (ENVB): Mental‑Health Patent Win Ignites the Stock
Move:
- Economic Times’ live market update cites Enveric Biosciences up about 110% to $12.45 in early U.S. pre‑market trading. [15]
- StockAnalysis shows ENVB up 77% to about $10.48, illustrating how quotes can vary by feed and timestamp during thin pre‑market trade. [16]
Catalyst – Patent allowance from the USPTO:
- A Benzinga report explains that ENVB surged roughly 74% after hours on Tuesday, closing near $10.29, after the company received a Notice of Allowance from the U.S. Patent and Trademark Office. [17]
- The allowed patent covers N‑heterocycle substituted tryptamine derivatives and methods of use related to its EVM301 Series of neuroplastogenic, non‑hallucinogenic molecules aimed at mental‑health and addiction disorders. [18]
- CEO Joseph Tucker highlighted that this strengthening of Enveric’s patent estate around lead asset EB‑003 is central to shareholder value creation. [19]
Forecasts and valuation context:
- StockScan.io lists an average 30‑day analyst/algorithmic price target near $115.53, implying eyewatering upside from last week’s ~$5–6 price, but this is based on extremely thin coverage and should be treated with caution. [20]
- CoinCodex, using a different quantitative model, projects ENVB trading in a much more modest band around $6 for 2025, underscoring the huge dispersion in model‑driven forecasts for microcaps. [21]
Analysis:
ENVB’s rally is news‑driven, but the company remains a tiny, high‑risk biotech with a market cap in the low single‑digit millions even after the move. [22] The patent improves its intellectual‑property moat, yet investors still face:
- Clinical‑development risk
- Financing/dilution risk
- Liquidity and volatility risk
For traders, ENVB is a classic “catalyst momentum” play. For long‑term holders, today’s spike mainly changes the starting point of any valuation discussion, not the fundamental risk profile.
Biodexa Pharmaceuticals (BDRX): FAP Trial Momentum Fuels Volatility
Move:
- BDRX is up roughly 66.8% pre‑market to $6.79, making it the third‑largest gainer on the U.S. leaderboard. [23]
Recent fundamental news:
Biodexa is a clinical‑stage biopharma whose lead program, eRapa, targets familial adenomatous polyposis (FAP), a rare inherited condition that can lead to colorectal cancer. [24]
Recent company updates include:
- Approval of a clinical trial application (CTA) in Europe for the pivotal Phase 3 Serenta trial in FAP. [25]
- Activation of the first European site for the Phase 3 trial and enrolment of the first European patients, announced on December 1, 2025. [26]
These steps advance eRapa toward potential registration in a niche but high‑value indication.
Extreme price swings:
- A recent analysis notes that BDRX fell 53.75% on December 9, from $7.57 to $4.07, with intraday swings of about 90%. [27]
- Stock to Trade flagged BDRX as trending up almost 39% on December 8, highlighting just how violently the stock has been whipsawed ahead of today’s bounce. [28]
Today’s pre‑market spike is thus part of an ongoing high‑volatility regime rather than a standalone event.
Forecasts:
- Long‑term projections from StockScan envision BDRX trading in the double‑digit range in the 2030s, implying several hundred percent upside from recent prices — but again, these are model‑based scenario paths, not traditional analyst consensus. [29]
Analysis:
BDRX’s move reflects a mix of:
- Fundamental progress (Phase 3 activation and enrolment)
- A tiny float and speculative trading
- Carry‑over momentum from recent dramatic swings
Investors should understand that trial outcomes, not today’s pre‑market quote, will ultimately determine whether Biodexa creates lasting value.
Aptevo Therapeutics (APVO): ASH 2025 Data Gets a Second Look
Move:
- APVO is up roughly 21% pre‑market to $1.50, on heavy volume of more than 1.2 million shares. [30]
Catalyst – ASH 2025 AML data:
A detailed StockTitan summary notes that Aptevo presented preliminary Phase 1b/2 “RAINIER” data at the American Society of Hematology (ASH) meeting on December 8, 2025 for its bispecific antibody mipletamig (CD123 x CD3) in combination with azacitidine and venetoclax for newly diagnosed AML patients who are unfit for intensive chemotherapy. [31]
Key highlights:
- 93% overall response rate (ORR) among evaluable patients
- 87% complete remission/CR with incomplete count recovery (CR/CRi)
- 73% complete remission (CR)
- 100% of patients in early cohorts remained free of cytokine release syndrome (CRS), an important safety signal
- A substantial fraction of responders had TP53 mutations, often associated with poor prognosis. [32]
Interestingly, APVO fell about 7.5% on the day of the news, but traders now appear to be re‑rating the data, contributing to today’s bounce. [33]
Forecasts:
- CoinCodex projects APVO around $1.34 over the coming days, implying mid‑single‑digit upside from recent levels before today’s spike. [34]
- Longer‑term projections from StockScan model multi‑bagger potential by 2035 and beyond, but those scenarios hinge entirely on future clinical and financing outcomes. [35]
Analysis:
APVO’s story is pure biotech optionality: very promising early data in a tough indication, balanced against financing risk and past dilution. Today’s pre‑market gains may simply reflect traders taking a “second pass” at ASH data that the market initially sold.
Equillium (EQ): Quiet Immunology Player Joins the Party
Move:
- EQ is up about 15.6% to $1.04 in pre‑market trade. [36]
Company backdrop:
Equillium is a clinical‑stage immunobiology company focused on therapies for severe autoimmune and inflammatory diseases. [37]
Recent corporate updates include:
- A $50 million financing announcement earlier this year to advance EQ504, a colon‑targeted aryl hydrocarbon receptor modulator for ulcerative colitis and related indications. [38]
- A third‑quarter 2025 update stating that the company aims to begin Phase 1 clinical trials in mid‑2026, subject to ongoing preclinical work. [39]
Forecasts & coverage:
- CoinCodex projects EQ trading between roughly $0.84 and $0.90 in 2025, with limited expected appreciation from current levels. [40]
- StockScan cites an average short‑term price target around $1.49, implying roughly 70% upside from a recent price near $0.88. [41]
- Public.com notes that just one analyst actively covers the name, with a Hold rating and a $1 target for 2025. [42]
Analysis:
EQ’s pre‑market move appears less tied to a specific headline and more to sympathy buying in small‑cap biotech. With limited coverage and a long runway before pivotal data, price action in names like Equillium can swing sharply on sentiment alone.
Theme 3 – Security & Hospitality Names Catch a Bid (GWAV, SUGP, AHT)
Greenwave Technology Solutions (GWAV): Compliance Win and Trader Favorite
Move:
- GWAV is up about 26.2% to $9.00 in pre‑market trading. [43]
Recent developments:
- In an auto‑generated article from TipRanks, Greenwave disclosed that on September 9, 2025 it received a formal notice from Nasdaq confirming that it had regained compliance with the minimum bid‑price requirement, resolving a prior listing issue. [44]
- RTTNews previously highlighted GWAV among pre‑market leaders in October, with the stock up more than 100% intraday — evidence that it is already a favorite among high‑volatility day traders. [45]
Analysis:
GWAV’s fundamental story — scrap‑metal recycling and steel — often takes a back seat to its trading profile: low float, history of reverse splits, and repeated compliance scares. Today’s move likely reflects speculative flows rather than fresh corporate news.
SU Group Holdings (SUGP): Hong Kong Security Services in Focus
Move:
- SUGP is up about 22.1% to $8.11. [46]
What the company does:
- SU Group operates as an integrated security‑services provider through subsidiaries in Hong Kong and abroad, offering:
- Security‑related engineering services (design, supply, installation and maintenance of security systems)
- Security guarding and screening services
- Vocational training for security professionals [47]
Regulatory backdrop:
- In September, SUGP disclosed receiving a Nasdaq notice of delisting risk due to minimum publicly held share deficiencies and said it would appeal the determination, a process that can heighten volatility as investors track listing outcomes. [48]
Analysis:
SUGP’s jump reflects the same pattern seen across today’s list: thinly traded, event‑driven microcaps reacting outsizedly to incremental changes in sentiment or positioning.
Ashford Hospitality Trust (AHT): Distressed Hotel REIT Rallies on Fed Day
Move:
- AHT is up 16.1% to $3.67 in StockAnalysis’ pre‑market feed, while Economic Times reports an even sharper move to $4.15 (+31%) at another snapshot in time. [49]
Business & macro context:
- Ashford is a U.S. hotel REIT focused on upscale and upper‑upscale properties, heavily exposed to interest‑rate and financing conditions. [50]
- Today’s Fed meeting, with markets expecting yet another rate cut, is a clear tailwind for heavily indebted real‑estate names that have struggled under higher borrowing costs. [51]
Strategic review and forecasts:
- A recent TipRanks company announcement notes that Ashford is exploring strategic alternatives, with the most recent analyst rating at Hold and a $3 price target, and AI‑based “Spark” classifying the stock as Underperform. [52]
- StockInvest and CoinCodex models suggest AHT will trade roughly in the $3.0–3.3 range in 2025, modestly above recent lows but well below its 52‑week high of around $10.35. [53]
Analysis:
AHT’s pre‑market rally looks like a relief bounce in a heavily beaten‑down REIT that’s extremely sensitive to rate expectations. Whether it sticks will depend less on today’s Fed headline and more on upcoming balance‑sheet and strategy decisions.
What Today’s Pre‑Market Leaders Signal About Market Sentiment
Across ASPC, HSPO, RDAC, ENVB, BDRX, APVO, GWAV, SUGP, AHT and EQ, three broad themes stand out:
- Risk‑On in the Smallest Names
- SPACs and micro‑cap biotechs dominate the leaderboard, even as index futures move only slightly. [54]
- This pattern often appears when traders are front‑running potential catalysts (like today’s Fed decision) by piling into names that can move the most on relatively small order flow.
- Catalyst‑Driven Biotech Volatility
- Patent wins (ENVB), Phase 3 progress (BDRX) and high‑quality early trial data (APVO) are all driving big percentage moves, but these companies remain years away from potential commercial revenues and rely on continued access to capital. [55]
- Rate‑Sensitive Assets Reacting to Fed Expectations
- AHT’s jump shows how rate‑cut optimism can spark sharp moves in distressed real‑estate and hospitality names, even before the Fed actually speaks. [56]
How Traders Might Approach Today’s Pre‑Market Gainers
For traders and investors watching today’s early action, a few practical considerations:
- Verify the Catalyst
- Before trading any of these names, read the underlying news (patent, trial data, strategic review, compliance notice) rather than relying on the percentage move alone.
- Respect Liquidity and Gaps
- Many of these stocks trade only tens of thousands of shares pre‑market. Wide spreads and sudden air pockets are common. Limit orders and careful position sizing are essential.
- Distinguish Trading from Investing
- The fact that quantitative models project huge upside in 2030–2040 for ENVB, BDRX or APVO doesn’t make them “safe long‑term holds” — it simply reflects scenario‑based math applied to tiny, risky companies. [57]
- Watch the Fed and Macro Tape
- With the Fed decision and press conference later today, broad risk sentiment could shift quickly, turning this morning’s speculative winners into afternoon laggards.
Final Word
Today’s pre‑market leaderboard tells a clear story: speculators are back in charge, targeting illiquid SPACs, biotech microcaps and leveraged hospitality plays while the broader market waits for the Fed.
For investors, the key is to treat these moves as data points, not destiny. The real drivers of long‑term returns will remain:
- Whether SPACs like ASPC and RDAC close value‑creating deals
- Whether biotechs like ENVB, BDRX, APVO and EQ convert early excitement into successful late‑stage trials
- Whether rate‑sensitive names like AHT can repair their balance sheets in a lower‑rate world
Until then, pre‑market spikes like today’s are best viewed with healthy skepticism and strict risk management.
References
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