MRNA
Moderna, Inc. Common Stock
stock NASDAQ

**Biggest Winners by Market Cap Category – YTD as of April 3, 2026**
2026 has been a **broadening market** year so far. Large-cap tech (especially the “Magnificent 7”) has lagged or turned negative, while smaller companies have rotated into leadership.
**Index-level YTD performance (price returns, approx. through late March/early April):**
* **Small-caps** (Russell 2000 / S&P SmallCap 600) → **+0.7% to +4.8%** (value subset even stronger)
* **Mid-caps** (Russell Midcap / S&P MidCap 400) → **+1.2% to +3.6%**
* **Large-caps** (S&P 500 / Russell 1000) → **-4.2% to -5.1%** (mega-caps down \~7–8%)
**Small-caps have the biggest overall YTD gains** (both on an index basis and in raw percentage moves for individual stocks). Micro-caps have been even stronger in many cases. This is the clearest “small-cap outperformance” stretch in years.
# Why Small-Caps Are Winning the Most
* **Rotation away from mega-cap tech** — High valuations + AI hype fatigue hit the Mag 7 hard; money flowed into cheaper, domestically focused small/mid-caps.
* **Energy/oil tailwind** — Geopolitical tension (Iran conflict) pushed oil >$110, boosting small-cap explorers and refiners.
* **Biotech & speculative catalysts** — Binary clinical or partnership news creates 200–400%+ moves in low-float names.
* **Valuation & earnings edge** — Small-caps trade at big discounts and have higher projected 2026 earnings growth vs. large-caps.
* **Broader market theme** — Value > growth, small > large, international > U.S. in early 2026.
# Top Individual Winners by Category (YTD % Gains)
# Small-Cap Winners (typically <$2–10B market cap; many micro-caps dominate raw %
|Rank|Ticker & Company|YTD Gain (approx.)|Market Cap|Sector / Catalyst|
|:-|:-|:-|:-|:-|
|1|LIFE (Ethos Technologies)|\+267%|\~$340M|Financials/tech momentum|
|2|SATL (Satellogic)|\+205%|\~$756M|Industrials/space/satellite demand|
|3|KOS (Kosmos Energy)|\+196–227%|\~$1.6B|Energy/oil price surge (biggest small-cap story overall)|
|4|ANL (Adlai Nortye)|\~+459–476%|\~$300M|Biotech/clinical momentum|
|5|CYCN (Cyclerion Therapeutics)|\~+384%|\~$23M|Biotech catalyst|
Mid-Cap Winners (roughly $2–20B market cap)
Mid-cap gains are strong but generally less extreme than small-cap % movers.
|Rank|Ticker & Company|YTD Gain (approx.)|Market Cap|Sector / Catalyst|
|:-|:-|:-|:-|:-|
|1|TCGL (TechCreate Group)|\+3,223%|\~$2.6B|IT (extreme outlier)|
|2|ERAS (Erasca)|\+379%|\~$5.5B|Biotech/healthcare|
|3|IBRX (ImmunityBio)|\+269%|\~$7.7B|Biotech|
|4|ALMS (various smid names)|\+157%+|Mid-range|AI/thermal management|
Large-Cap Winners (>$20B market cap; S&P 500 leaders)
|Rank|Ticker & Company|YTD Gain (approx.)|Market Cap|Sector / Catalyst|
|:-|:-|:-|:-|:-|
|1|SNDK (Sandisk Corp.)|\+172–195%|\~$103B|Tech/semiconductors (NAND/AI demand)|
|2|LITE (Lumentum Holdings)|\+124%|\~$58B|Tech/optics|
|3|VG (Venture Global)|\+115%|\~$36B|Energy|
|Others|CIEN, WDC, TPL, MRNA, GNRC|\+60–90% range|Large|Tech/energy/healthcare|

**Biggest Winners by Market Cap Category – YTD as of April 3, 2026**
2026 has been a **broadening market** year so far. Large-cap tech (especially the “Magnificent 7”) has lagged or turned negative, while smaller companies have rotated into leadership.
**Index-level YTD performance (price returns, approx. through late March/early April):**
* **Small-caps** (Russell 2000 / S&P SmallCap 600) → **+0.7% to +4.8%** (value subset even stronger)
* **Mid-caps** (Russell Midcap / S&P MidCap 400) → **+1.2% to +3.6%**
* **Large-caps** (S&P 500 / Russell 1000) → **-4.2% to -5.1%** (mega-caps down \~7–8%)
**Small-caps have the biggest overall YTD gains** (both on an index basis and in raw percentage moves for individual stocks). Micro-caps have been even stronger in many cases. This is the clearest “small-cap outperformance” stretch in years.
# Why Small-Caps Are Winning the Most
* **Rotation away from mega-cap tech** — High valuations + AI hype fatigue hit the Mag 7 hard; money flowed into cheaper, domestically focused small/mid-caps.
* **Energy/oil tailwind** — Geopolitical tension (Iran conflict) pushed oil >$110, boosting small-cap explorers and refiners.
* **Biotech & speculative catalysts** — Binary clinical or partnership news creates 200–400%+ moves in low-float names.
* **Valuation & earnings edge** — Small-caps trade at big discounts and have higher projected 2026 earnings growth vs. large-caps.
* **Broader market theme** — Value > growth, small > large, international > U.S. in early 2026.
# Top Individual Winners by Category (YTD % Gains)
# Small-Cap Winners (typically <$2–10B market cap; many micro-caps dominate raw %
|Rank|Ticker & Company|YTD Gain (approx.)|Market Cap|Sector / Catalyst|
|:-|:-|:-|:-|:-|
|1|LIFE (Ethos Technologies)|\+267%|\~$340M|Financials/tech momentum|
|2|SATL (Satellogic)|\+205%|\~$756M|Industrials/space/satellite demand|
|3|KOS (Kosmos Energy)|\+196–227%|\~$1.6B|Energy/oil price surge (biggest small-cap story overall)|
|4|ANL (Adlai Nortye)|\~+459–476%|\~$300M|Biotech/clinical momentum|
|5|CYCN (Cyclerion Therapeutics)|\~+384%|\~$23M|Biotech catalyst|
Mid-Cap Winners (roughly $2–20B market cap)
Mid-cap gains are strong but generally less extreme than small-cap % movers.
|Rank|Ticker & Company|YTD Gain (approx.)|Market Cap|Sector / Catalyst|
|:-|:-|:-|:-|:-|
|1|TCGL (TechCreate Group)|\+3,223%|\~$2.6B|IT (extreme outlier)|
|2|ERAS (Erasca)|\+379%|\~$5.5B|Biotech/healthcare|
|3|IBRX (ImmunityBio)|\+269%|\~$7.7B|Biotech|
|4|ALMS (various smid names)|\+157%+|Mid-range|AI/thermal management|
Large-Cap Winners (>$20B market cap; S&P 500 leaders)
|Rank|Ticker & Company|YTD Gain (approx.)|Market Cap|Sector / Catalyst|
|:-|:-|:-|:-|:-|
|1|SNDK (Sandisk Corp.)|\+172–195%|\~$103B|Tech/semiconductors (NAND/AI demand)|
|2|LITE (Lumentum Holdings)|\+124%|\~$58B|Tech/optics|
|3|VG (Venture Global)|\+115%|\~$36B|Energy|
|Others|CIEN, WDC, TPL, MRNA, GNRC|\+60–90% range|Large|Tech/energy/healthcare|

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