Editor’s notes

The quarter ended with a mid-stage clinical readout, an interim earnings filing and a registered direct offering among the gappers. Three of the top 10 (VBIO, WETO, BIYA) closed below the prior day's close, giving back the whole gap.

Market context: The Nasdaq rose to end the third quarter after PCE inflation came in below expectations (TheStreet session recap).

By the numbers: Under FennEdge's default filters, 7 stocks opened at least 20% above their prior close.

The list is ranked by opening gap, not by market cap. NCI closed exactly at its prior close of $1.26, so under the definitions below it counts as a partial fade.

Notable tickers

CNTB — Connect Biopharma Holdings

• Catalyst: Connect reported topline Phase 2 results for rademikibart as an add-on treatment for acute COPD exacerbations with type 2 inflammation, in a 159-participant study (8-K, Sep 30, Items 7.01, 8.01).
  • The company reported an 81% reduction in treatment failure through Week 4 versus placebo (p=0.0122).
  • The 70 mL FEV1 difference at Week 4 was not statistically significant (p=0.1607).
• SEC filings: The 8-K above. Two Form 4s followed on Oct 1.
• Price action:
  • Gap from $0.992 to $1.89.
  • Extended-session high of $2.08 at 08:06 ET, in premarket.
  • Closed at $1.10, about 42% below the open but +10.9% on the day.
• Shares: 62,974,309 outstanding as of Jul 31, 2026 (10-Q).
• Links: CNTB stock page

TGE — The Generation Essentials Group

• Catalyst: On Sep 30 the company furnished a 6-K with unaudited interim results for the six months ended June 30, 2026. We could not confirm whether the results were released before the open.
• Price action:
  • Opened at $1.045, a +25.9% gap.
  • Extended-session high of $1.90 at 09:49 ET.
  • Closed at $1.55, +86.7% on the day. This was the day's only top-five gapper to close above its open.
• Shares: No cover-page share count is tagged in the company's structured SEC data, so none is shown.
• Links: TGE stock page

VBIO — Valion Bio

• Catalyst: On Sep 30, Valion said it had completed formulation work on an oral mucosal formulation of Entolimod using Shear Kershman Laboratories' BioViscid platform (8-K filed Oct 1, Item 8.01).
• SEC filings: The 8-K above. Earlier in September there were an 8-K on Sep 23 (Items 5.02, 7.01) and an 8-K on Sep 1 (Items 1.01, 3.02, 5.02, 7.01).
• Price action:
  • Extended-session high of $4.39 at 09:31 ET.
  • Closed at $2.80, below the $2.83 prior close (gave back the gap).
• Shares:
  • 22,189,739 outstanding as of Aug 13, 2026 (10-Q).
  • The prior quarter's cover showed 3,200,824 as of May 10, 2026.
• Links: VBIO stock page

NCI — Neo-Concept International Group

• Catalyst: We found no public catalyst for the gap.
• SEC filings: A 424B5 filed Oct 1 describes a registered direct offering under a Sep 30 purchase agreement:
  • 250,000 Class A shares plus 1,750,000 pre-funded warrants, at $1.00 per share.
  • The cover cites a $14.65 last sale on Sep 25 and a public float of about $35.77 million at that price.
• Price action:
  • NCI closed at $14.65 on Sep 25 (the last price cited in the 424B5) and at $1.26 on Sep 29 after an ~84% drop on Sep 28; the Sep 30 offering was priced at $1.00.
  • On Sep 30 the stock opened at $1.78 after an extended-session high of $2.56 at 04:00 ET, then closed at $1.26.
• Shares: We are not citing a share count. The latest tagged SEC cover figure is from the 2024 annual report.
• Links: NCI stock page

Terms used in these notes

• High-of-day times are the first 1-minute bar at the 04:00–20:00 ET high.
• Close vs open:
  • Held = close ≥ open.
  • Partial fade = previous close ≤ close < open.
  • Gave back gap = close < previous close.
• Shares outstanding come from SEC cover pages on the date stated and may have changed since.