National CineMedia (NCMI) had the highest return in April 2023 by a small-cap US stock, returning 122.6%.

ASSET	MONTH	% RETURN
National CineMedia (NCMI)	April 2023	122.64%
Eyepoint Pharmaceuticals (EYPT)	April 2023	114.33%
Pulse Biosciences (PLSE)	April 2023	87.76%
Mereo BioPharma Group PLC ADR (MREO)	April 2023	84.51%
Trevi Therapeutics (TRVI)	April 2023	83.96%
Sana Biotechnology (SANA)	April 2023	64.29%
Akebia Ther (AKBA)	April 2023	58.22%
Tourmaline Bio (TRML)	April 2023	54.01%
Phathom Pharmaceuticals (PHAT)	April 2023	52.2%
Collective Mining (CNL)	April 2023	51.67%
American Coastal Insurance (ACIC)	April 2023	49.64%
Oculis Holding AG Ordinary shares (OCS)	April 2023	48.6%
Brookdale Senior Living (BKD)	April 2023	43.96%
Bright Minds Biosciences (DRUG)	April 2023	42.95%
Annexon (ANNX)	April 2023	38.51%
Xeris Pharmaceuticals (XERS)	April 2023	37.8%
Olema Pharmaceuticals (OLMA)	April 2023	36.47%
Magnera Corp placeholder (MAGN)	April 2023	36.14%
Beazer Homes USA (BZH)	April 2023	34.96%
IperionX Limited American Depositary Share (IPX)	April 2023	34.92%
Edgewise Therapeutics (EWTX)	April 2023	30.7%
LENZ Therapeutics (LENZ)	April 2023	30.2%
Neurogene (NGNE)	April 2023	29.62%
Idaho Strategic Resources (IDR)	April 2023	29.07%
Community Health Systems (CYH)	April 2023	28.6%

Small-cap stocks are treated as having a market cap between $300M and $2B.