Published: December 10, 2025 — U.S. pre‑market session
All data and news current as of early U.S. trading hours on Dec. 10, 2025.
Fed Day Starts Quiet for Indexes, Wild for Individual Stocks
Wall Street is waking up to a classic “calm on the surface, chaos underneath” kind of Fed day.
S&P 500, Nasdaq 100, Dow Jones and Russell 2000 futures are only fractionally lower or higher in pre‑market trading, with moves generally within a few tenths of a percent as investors wait for the Federal Reserve’s final rate decision of 2025. [1]
Markets widely expect another 25‑basis‑point cut, but the real focus is on the Fed’s new projections for 2026 and beyond, with several outlets warning of a potential “hawkish cut” — a rate reduction paired with a tougher path for future easing. [2]
Underneath those sleepy index moves, however, pre‑market trading in individual U.S. stocks is anything but quiet.
Top Pre‑Market Stock Gainers in the U.S. Today
According to StockAnalysis.com’s live Premarket Gainers screen, updated shortly before the U.S. open, the biggest percentage gainers on U.S. exchanges this morning are overwhelmingly tiny SPACs and micro‑cap biotechs, plus a handful of better‑known tech and energy names. [3]
As of the latest pre‑market snapshot (Dec. 10, 2025):
- A SPAC III Acquisition (ASPC) – roughly +140–200%, trading around $25–31 pre‑market
- Enveric Biosciences (ENVB) – roughly +130–145%, around $13–14.50
- Biodexa Pharmaceuticals (BDRX) – about +50–57%, near $6–6.40
- Horizon Space Acquisition I (HSPO) – about +37–38%, near $24
- Equillium (EQ) – high‑teens gain, around +18–20%
- SU Group Holdings (SUGP) – mid‑teens gain in the low‑to‑mid $7s
- Velo3D (VELO) – mid‑teens gain around $7.60
- Braze (BRZE) – up roughly 15–17%, around $35–36
- Ashford Hospitality Trust (AHT) – mid‑teens gain around $3.60–3.70
- Palisade Bio (PALI) – up about 13%, near $2.15
Earlier in the European morning, a TechStock² pre‑market roundup captured a similar list — with ASPC, ENVB and BDRX showing even more extreme triple‑digit and high double‑digit gains at that time — underscoring just how violently these thinly traded names can move in the hours before the opening bell. TechStock²+1
The broad pattern is clear: speculative corners of the market are on fire, even as big‑cap benchmarks sit in a holding pattern ahead of the Fed.
SPACs Steal the Show: ASPC, HSPO and SUGP
A SPAC III Acquisition (ASPC): Tiny Float, Huge Squeeze
Move: ASPC is today’s standout, with the stock up well over 100% pre‑market after already ripping higher in Tuesday’s after‑hours trade. Depending on the snapshot, quotes show the stock between the mid‑$20s and low‑$30s — multiple times its typical ~$10 SPAC trust value. StockAnalysis+3TechStock²+3StockAnalysis+3
What’s the story?
- ASPC is a blank‑check company incorporated in the British Virgin Islands, created to merge with one or more operating businesses. TechStock²
- It already has a business combination agreement in place with Bioserica International Limited. A recent SEC filing details the merger structure. TechStock²
- On October 27, 2025, shareholders approved an amendment extending the deadline to close a deal from Nov. 12, 2025 to Nov. 12, 2026, with heavy redemptions shrinking the public float dramatically. TechStock²+2Reddit+2
There is no new company‑specific press release this morning; the move appears to be an extension of yesterday’s after‑hours squeeze, turbocharged by the tiny float and overflowing speculative interest. TechStock²+1
Why it matters:
- With a market cap still in the few‑tens‑of‑millions range and no analyst coverage, ASPC’s wild move says more about risk appetite and SPAC mechanics than about fundamental value. [4]
- Traders are effectively betting on a low‑float squeeze plus potential upside from the eventual Bioserica deal. Long‑term investors, by contrast, will be asking whether the future combined company can justify anything like today’s pre‑market valuation.
Horizon Space Acquisition I (HSPO): Delisting Drama
Move: HSPO, another SPAC, is up around 35–40% to roughly $24 pre‑market. [5]
Key catalyst:
- On December 3, 2025, Horizon Space announced it will voluntarily delist from the Nasdaq Capital Market, with a Form 25 expected to be filed around December 12 and trading set to continue on the OTC markets afterward. [6]
The company already has a business combination agreement with Squirrel Enlivened International, a brand marketing and strategy firm, layering deal speculation on top of listing uncertainty. [7]
Takeaway: SPACs trading far above their trust value while navigating delisting and merger complexity are classic event‑driven volatility stories. Liquidity can evaporate quickly once a stock leaves a major exchange, so short‑term momentum traders and long‑term holders are effectively playing very different games here.
SU Group Holdings (SUGP): Security Services With Listing Risk
Move: SU Group, a Hong Kong‑based integrated security‑services provider, is up in the mid‑teens pre‑market, hovering in the $7–8 area. [8]
Background:
- The company received a Nasdaq delisting notice in September for failing to meet minimum publicly held share requirements, and it has appealed that determination. [9]
- Earlier in 2025, SUGP also faced a minimum bid price deficiency, highlighting its ongoing compliance challenges. [10]
Today’s jump appears to be more about speculation around its listing status and ultra‑thin float than about fresh operational news.
Biotech Rockets: ENVB, BDRX, APVO and PALI
If SPACs dominate the scoreboard, biotechs dominate the narrative. Several micro‑cap drug developers are surging on trial updates and intellectual‑property wins.
Enveric Biosciences (ENVB): Mental‑Health Patent Win
Move: ENVB is one of the most explosive gainers, with the stock more than doubling in pre‑market trade after a massive after‑hours rally on Tuesday. [11]
Catalyst:
- Late on December 9, Enveric announced that it received a Notice of Allowance from the U.S. Patent and Trademark Office for a key patent application covering its EVM301 series of neuroplastogenic, non‑hallucinogenic small molecules. [12]
- The patent, titled along the lines of “N‑heterocycle substituted tryptamine derivatives and methods of use,” broadens IP protection for drug candidates aimed at treatment‑resistant mental‑health and addiction disorders. [13]
Analysts and quant‑driven services note that Enveric still has a tiny market cap, minimal revenue and remains years away from potential commercialization, even after this IP win. [14]
What it means:
- ENVB is a textbook “catalyst momentum” biotech: real news, but huge clinical, financing and dilution risks remain.
- Today’s surge mostly changes the starting share price for any future capital raises; it doesn’t eliminate the underlying scientific or regulatory uncertainty.
Biodexa Pharmaceuticals (BDRX): FAP Trial Steps Forward
Move: BDRX is up around 50–60% pre‑market, rebounding sharply after several sessions of extreme volatility. [15]
Fundamental backdrop:
- Biodexa is running Serenta, a pivotal Phase 3 trial of eRapa for familial adenomatous polyposis (FAP), a rare inherited condition that significantly increases colorectal cancer risk. [16]
- On December 1, 2025, the company announced enrolment of the first European patients into Serenta, following earlier news that the first European site had been activated and regulatory approvals were in hand. [17]
In recent days, BDRX has seen enormous intraday swings — including a plunge of more than 50% in one session followed by large after‑hours and pre‑market rebounds — as traders react to headlines and the stock’s extremely small float. Stock Titan+3TechStock²+3Timothy Sykes+3
Takeaway:
- Serenta is a high‑stakes, binary trial: success could unlock a meaningful niche market; failure would be devastating.
- Today’s gain is part of a broader high‑volatility regime rather than a simple linear reaction to one press release.
Aptevo Therapeutics (APVO): ASH 2025 AML Data Re‑Rated
Move: APVO isn’t in the very top percent‑gainer slots by the latest StockAnalysis snapshot, but it did feature in earlier top‑10 lists with a ~20% pre‑market jump as traders digested new leukemia data. StockAnalysis+3TechStock²+3TechStock²+3
The news:
- On December 10, Aptevo released a detailed update highlighting “compelling safety and strong remission rates” for its bispecific antibody mipletamig (APVO436) in frontline acute myeloid leukemia (AML) from the ongoing Phase 1b/2 RAINIER trial, following a presentation at the ASH 2025 meeting on Dec. 8. [18]
- Headlines emphasize high overall response rates, strong complete remission figures and, notably, an absence of cytokine release syndrome (CRS) in early cohorts — a key safety concern for T‑cell engaging therapies. [19]
Curiously, the stock initially sold off around the time of the ASH presentation, with some commentary suggesting profit‑taking or skepticism about durability of responses. Today’s pre‑market bounce looks more like a second read‑through on the data as investors absorb the details. TechStock²+2StreetInsider.com+2
Investors’ dilemma:
- Early‑stage AML data with strong remission rates in high‑risk patients is promising, but
- Aptevo still faces financing needs, dilution risk and long timelines before any potential approval.
Palisade Bio (PALI): Quiet but Climbing
Move: PALI sits toward the bottom of the top‑10 list, up about 13% in pre‑market trading around $2.15. [20]
Fundamental context:
- Palisade is a clinical‑stage biotech developing once‑daily oral PDE4 inhibitor prodrugs targeting inflammatory and fibrotic diseases. [21]
- Recent headlines highlight the first patients dosed in a Phase 1b study of its candidate PALI‑2108, a “first‑in‑class” oral PDE4 inhibitor prodrug for fibrostenotic conditions. [22]
- Quantitative forecast tools, such as StockInvest, show a modestly positive short‑term price bias but emphasize the stock’s high volatility. [23]
There’s no fresh press release this morning; today’s move likely reflects spillover enthusiasm from the broader micro‑cap biotech rally plus ongoing interest in its pipeline.
A Hotel REIT and a SaaS Darling Join the Gainer List: AHT, BRZE, GEV
Ashford Hospitality Trust (AHT): Strategic Alternatives + Rate‑Cut Hopes
Move: AHT is up in the mid‑teens pre‑market, trading in the mid‑$3 range after a burst of volume. [24]
What changed:
- The hotel REIT announced that its board has formed a Special Committee to explore strategic alternatives, including potential transactions aimed at maximizing shareholder value. [25]
- Prior quarters showed pressure on RevPAR and ongoing net losses, underscoring how rate‑sensitive and balance‑sheet‑constrained the business has become. [26]
- With a Fed rate cut expected later today, heavily indebted real‑estate names like AHT are natural beneficiaries of any sign that funding costs may ease. [27]
Big picture: AHT’s rally reflects a mix of Fed optimism and deal speculation. Whether the gains stick will depend on what this strategic review actually produces — asset sales, a full buyout, or just incremental balance‑sheet moves.
Braze (BRZE): Beating the Street and Raising the Bar
Move: Customer‑engagement software company Braze is one of the few large‑cap tech names on the percentage‑gainer list, up about 15–17% to the mid‑$30s in pre‑market trade. [28]
Earnings and guidance:
- Braze reported fiscal Q3 2026 results (quarter ended Oct. 31, 2025) with revenue up roughly 25.5% year over year to about $190.8 million, beating consensus estimates. [29]
- The company highlighted strong customer growth, particularly among large enterprise clients, and positive free cash flow. [30]
- Management raised its fiscal 2026 revenue and adjusted EPS outlook, pointing to robust demand for AI‑driven personalization tools and expanding adoption across channels. [31]
- An analyst at Citizens reiterated a “Market Outperform” rating early this morning, reinforcing the bullish tone. [32]
Why investors care:
- In a market worried about software multiples, a company that is growing >25% with improving profitability and upbeat guidance is exactly what growth investors want to see.
- Braze’s presence alongside tiny SPACs and biotechs on the top‑gainers list is a reminder that not all of today’s action is purely speculative.
GE Vernova (GEV): Powering Up on Outlook and Buybacks
Move: Energy and grid‑focused GE Vernova, which was spun out of General Electric earlier this year, appears slightly lower down the pre‑market gainer ranking but is still up roughly 9% around $680+ per share. [33]
Headline driver:
- A Reuters report notes that GE Vernova shares are rallying after the company laid out a bullish 2026 revenue outlook, announced a dividend hike and expanded share buybacks, pleasing income and value investors. [34]
For a large, established industrial name to be moving this much on a day dominated by micro‑caps is notable — and underscores how capital‑return announcements and long‑term growth guidance can still move mega‑cap names even on Fed day.
What Today’s Top Gainers Say About Market Sentiment
Across ASPC, ENVB, BDRX, HSPO, SUGP, PALI, EQ, AHT, BRZE, GEV and others, a few themes stand out:
- Risk‑On Behavior Is Concentrated in the Smallest Names
- Today’s leaderboard is packed with stocks under $300 million in market cap, with some in the single‑digit millions. [35]
- Low floats and SPAC structures (ASPC, HSPO) plus micro‑cap biotechs (ENVB, BDRX, APVO, PALI, EQ) are attracting traders looking for outsized moves on relatively small order flow. GlobeNewswire+3TechStock²+3TechStock²+3
- Catalyst‑Driven Biotech Volatility
- ENVB’s patent allowance, BDRX’s advancing Phase 3 program and APVO’s ASH data all represent real, news‑driven catalysts — but in companies still far from commercialization. [36]
- For many of these names, future trial results and financing terms, not today’s quotes, will determine whether shareholders ultimately win.
- Fed Day Amplifies Moves in Rate‑Sensitive and Story Stocks
- AHT’s rally shows how even modest changes in perceived rate trajectories can spark sharp moves in leveraged real‑estate plays. [37]
- With index futures pinned near flat, traders are hunting for action in pockets where news and structure allow big intraday swings.
- Large‑Cap Leaders Are Mostly Cautious, Not Euphoric
- AI chip names like Nvidia, AMD and Micron are seeing only modest moves or even slight declines pre‑market despite heavy news flow around export controls and China access, reflecting a more cautious mood in mega‑caps. TechStock²+2SWI swissinfo.ch+2
- That contrast — sleepy mega‑caps vs. manic micro‑caps — is characteristic of markets where speculation is active but not yet broad‑based euphoria.
How Traders and Investors Might Approach Today’s Gainers
Nothing here is financial advice, but if you’re watching or trading today’s biggest movers, a few practical considerations are worth keeping in mind:
- Start with the catalyst, not the percentage move.
Read the underlying press release, trial update or listing notice (patent allowance for ENVB, Serenta FAP trial news for BDRX, ASH data for APVO, strategic review for AHT) before making any decision. [38] - Respect liquidity and spreads.
Many of these stocks have low floats, wide bid‑ask spreads and thin pre‑market volume, which can make it hard to enter or exit without significant slippage. [39] - Assume volatility will continue after the open.
Moves seen at 7–8 a.m. ET often accelerate or reverse once regular trading begins and more participants hit the tape. - Separate trading from investing.
- Short‑term traders may focus on technicals and liquidity, aiming to ride momentum.
- Longer‑term investors in names like BRZE, GEV or even some of the biotechs should concentrate on business quality, balance sheets, and multi‑year outlooks, not just today’s spike. [40]
- Position sizing is everything.
Given the risk profiles here — particularly in SPACs and micro‑cap biotech — many professionals treat these names as small, satellite positions rather than portfolio cores.
References
1. stockanalysis.com, 2. www.swissinfo.ch, 3. stockanalysis.com, 4. www.stocktitan.net, 5. stockanalysis.com, 6. www.nasdaq.com, 7. stockanalysis.com, 8. stockanalysis.com, 9. www.nasdaq.com, 10. www.stocktitan.net, 11. stockanalysis.com, 12. www.enveric.com, 13. www.enveric.com, 14. www.investing.com, 15. stockanalysis.com, 16. biodexapharma.com, 17. www.biospace.com, 18. www.biospace.com, 19. www.biospace.com, 20. stockanalysis.com, 21. palisadebio.com, 22. www.otcmarkets.com, 23. stockinvest.us, 24. stockanalysis.com, 25. www.tipranks.com, 26. www.tipranks.com, 27. www.morningstar.com, 28. stockanalysis.com, 29. investors.braze.com, 30. investors.braze.com, 31. investors.braze.com, 32. www.investing.com, 33. stockanalysis.com, 34. www.reuters.com, 35. stockanalysis.com, 36. www.enveric.com, 37. www.tipranks.com, 38. www.enveric.com, 39. stockanalysis.com, 40. investors.braze.com
