Healthcare and Tech Stocks Surge: Key Movers and Leveraged ETFs Drive Market Gains

Font: Financial Modeling Prep  • May 22, 2026

• Co-Diagnostics, Inc. (NASDAQ: CODX) surged due to a $3 million private placement, highlighting strong performance in the healthcare sector.
• CPS Technologies Corporation (NASDAQ: CPSH) saw significant gains, driven by demand for its advanced materials in the electric vehicle, aerospace, and defense industries.
• Leveraged ETFs, including Daily Target 2X Long RGTI ETF (NASDAQ: RGTX), posted substantial increases, with some influenced by strategic reverse stock splits.

Today's market highlights strong performance in the healthcare and technology sectors. Key stock market movers include Co-Diagnostics, Inc., which surged on financing news, and CPS Technologies Corporation, which saw gains for its advanced materials. Leveraged ETFs like Daily Target 2X Long RGTI ETF, NASDAQ:QCML, and NASDAQ:QCMU also posted significant increases, reflecting positive market sentiment for their underlying stocks.

Co-Diagnostics, Inc. saw its stock climb 36.66% to $5.07, with a trading volume of 9.5 million shares. This increase follows the company's announcement of a $3 million private placement. In this arrangement, Co-Diagnostics, Inc. sells shares and warrants directly to institutional investors at a set price, which was $1.82 per share.

CPS Technologies Corporation shares rose 28.48% to $6.00, with over 3.3 million shares traded. The company specializes in advanced material solutions, producing metal matrix composites. These materials are essential for applications in the electric vehicle (EV), aerospace, and defense industries, serving as components like motor controller baseplates and heatspreaders for electronics.

The Daily Target 2X Long RGTI ETF was a top performer, increasing 40.14% to $40.78 on a volume of over 12.6 million shares. This ETF aims to deliver twice the daily performance of Rigetti Computing, a quantum computing company. The gain coincides with an announcement from Defiance ETFs regarding reverse stock splits.

A reverse stock split reduces a fund's number of shares to increase the price per share, without changing the investment's total value. ETFs tracking Qualcomm also performed well, with QCML rising 23.34% and QCMU increasing 22.97%. These funds also aim to deliver twice the daily return of their underlying stock.

In summary, the day's market gains are driven by specific company events, such as private financing, and broader fund management activities like reverse stock splits. These actions show how corporate strategy and structural fund changes can directly impact market prices and investor interest.