Ever wake up at 5:00 AM, refresh your brokerage app, and see a random biotech stock up 140%? It’s a rush. You think, "If I buy now, I’ll double my money by lunch." But then the opening bell rings at 9:30 AM, and that "moon mission" turns into a crater. Honestly, chasing premarket gainers and losers is a lot like trying to catch a falling knife while wearing oven mitts. It’s possible, but you’re probably going to get hurt if you don't know the rhythm.
Premarket trading is the "Wild West" of the financial world. It runs from 4:00 AM to 9:30 AM ET, and it's where the most dramatic stories of the day begin. Today, January 13, 2026, is no different. We’ve seen everything from massive surges in Tryhard Holdings (THH) to a painful 42% slide in Evolution Metals & Technologies (EMAT).
But here’s the thing: most retail traders look at these numbers and see easy money. They don't see the lack of liquidity, the predatory algorithms, or the "gap and trap" plays that institutional desks use to lure in the sleepy-eyed masses. If you want to actually make sense of these early movers without losing your shirt, we need to talk about what’s happening behind the curtain.
The Reality of Premarket Gainers and Losers Today
Look at today's board. It’s a mess of extremes.
Tryhard Holdings Limited (THH) is sitting pretty with a 138% gain, trading around $55.04. On the flip side, Evolution Metals & Technologies Corp. (EMAT) is hemorrhaging, down over 42% at $9.51. In a normal trading session, these moves would be once-in-a-month events. In the premarket? It’s just Tuesday.
The reason these swings are so violent is simple: volume. Or rather, the lack of it. In the "lit" market (the regular 9:30 to 4:00 session), thousands of buyers and sellers keep prices relatively stable. In the premarket, you might only have a handful of participants. If one big fund decides to dump 50,000 shares of a low-float stock, the price doesn't just dip—it collapses.
Today's Biggest Movers (Jan 13, 2026)
- THH (Tryhard Holdings): Up 138.27%. This is likely a "low float" play or a massive news catalyst.
- ERAS (Erasca): Up 20.66%. Biotech is a premarket staple. One FDA nod or trial result and it’s off to the races.
- EMAT (Evolution Metals): Down 42.40%. This is a classic "loser" profile—likely an earnings miss or a dilutive share offering.
- WLTH (Wealthfront Corp): Down 17.14%. Even established fintech isn't safe from the early morning axe.
Why These Early Moves Often Lie to You
Most people think premarket gainers and losers are a crystal ball for the rest of the day. Kinda. But usually, they're more like a funhouse mirror.
There's a phenomenon called the "Morning Fade." A stock gaps up 20% on some "good" news at 7:30 AM. Retail traders see it, get FOMO, and buy in at the top. Meanwhile, the institutional traders who bought the stock weeks ago see this premarket spike as the perfect "exit liquidity." They sell their shares to the excited retail buyers. By 10:30 AM, the stock is back to where it started, and the retail traders are left holding the bag.
It's not just about the price; it's about the "spread." During the day, the difference between the Buy (Bid) and Sell (Ask) price might be a penny. In the premarket, that spread can be $0.50 or even $1.00. You might buy a gainer at $10.00, but the second you click "buy," the best price you can sell it for is $9.20. You’re down 8% before the trade even settles.
The Catalysts: What Actually Moves the Needle?
Why does a stock like Moderna (MRNA) jump 17% while Coursera (COUR) drops 10% before most people have had their coffee? It’s almost always one of three things.
1. The Earnings "Dump" or "Pump"
Most companies report their quarterly earnings either after the bell or before the open. Today, we're seeing the fallout of several mid-cap reports. When a company misses its revenue targets or—worse—lowers its future guidance, the "smart money" reacts instantly. They don't wait for 9:30 AM.
2. The Biotech Gamble
Biotech is the undisputed king of premarket volatility. Stocks like Dianthus Therapeutics (DNTH) or Structure Therapeutics (GPCR) can move 15% on a single paragraph of a press release regarding Phase 2 results. It’s basically gambling with better vocabulary.
3. Macro Shocks and "Fed Speak"
In 2026, we’re obsessed with the Federal Reserve. Any whisper from a Fed governor at an early morning breakfast meeting about "persistent inflation" or "rate normalization" sends futures into a tailspin. We saw this earlier this week when gold hit record highs due to concerns about Fed independence.
Strategies for the Sane Trader
If you're going to play in this sandbox, you've got to be disciplined. You can't just "market buy" a stock that's up 50%. You'll get destroyed on the fill price.
- Use Limit Orders Only: Never, ever use a market order in the premarket. You must specify the exact price you’re willing to pay.
- Watch the Volume: A stock that is up 20% on 1,000 shares of volume is a trap. A stock that is up 20% on 2 million shares of volume is a trend.
- The 15-Minute Rule: A lot of pros wait until 9:45 AM—fifteen minutes after the open—to see if the premarket move holds. If a gainer stays above its "Pre-Market High" after the first 15 minutes of regular trading, it might actually have legs.
- Check the News Source: Is the stock moving because of a Bloomberg report, or is it a "pump" from a random Discord group? In 2026, AI-generated fake news is a real threat to your brokerage account.
Is It Worth the Risk?
Honestly, for most people? No.
The premarket gainers and losers list is a tool, not a shopping list. It tells you where the eyes are. It tells you where the volatility is going to be. But it’s a dangerous place to live. Even big names like Intel (INTC) and NVIDIA (NVDA), which are seeing heavy active volume today, can be unpredictable when the full weight of the market hits them at 9:30 AM.
The market in 2026 is faster than ever. Between the "One Big Beautiful Bill Act" (OBBBA) influencing fiscal policy and the massive AI capex spending from hyperscalers like Microsoft and Oracle, the fundamentals are shifting constantly. If you're trading the premarket, you're not just trading stocks; you're trading against high-frequency algorithms that can read a press release and execute a trade in 10 milliseconds.
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Actionable Next Steps
- Audit Your Broker: Ensure your brokerage allows "Extended Hours" trading and check what their specific hours are. Some start at 4:00 AM, others not until 7:00 AM.
- Set Up a Scanner: Use a tool like Finviz or MarketChameleon to filter for "Pre-Market Movers" with a minimum volume of 500,000 shares. This filters out the "ghost" moves.
- Study the "Gap Fill": Look at the charts for today's losers, like Travere Therapeutics (TVTX). Watch if the "gap" created in the premarket gets "filled" (price returns to yesterday's close) during the first hour of regular trading.
- Paper Trade First: Before you put real capital into a 4:00 AM biotech runner, try "trading" it on paper for a week. You’ll quickly see how often the early gains evaporate by noon.
Trading the premarket is about information asymmetry. If you don't have the news faster than the bots, you're the product, not the trader. Stay cynical, use limit orders, and maybe sleep in occasionally. The market isn't going anywhere.