Small caps last week: Cathie Wood’s Scribe bet, deals to acquire Forte Bio and CBIZ

Last week, mid cap CBIZ agreed to be acquired by Grant Thornton Advisors in what was said to be the professional services industry’s largest deal in 25 years, while recently rebranded fintech PSQ Holdings, whose shareholders include Donald Trump Jr., is selling its EveryLife baby products brand. Elsewhere, Cathie Wood’s ARK Genomic Revolution ETF bought shares in Scribe Therapeutics, a newly public biotech developing treatments for cardiovascular disease. In addition, the immune-focused small cap Forte Biosciences is to be acquired by immunology giant Argenx. Oninvest recaps these and other stories from the small-cap space in the week of July 27-31. 

CBIZ, a mid-cap provider of accounting and consulting services, announced that it has agreed to be acquired at a premium by privately held consulting firm Grant Thornton Advisors. If completed, the transaction will be the largest in the industry in 25 years. CBIZ shares gained almost 18% on Wednesday, the day the deal was announced, to their highest level since early 2026.

Grant Thornton and its affiliates will pay $55 per share, representing a premium of approximately 54% to the stock’s 30-day volume-weighted average price, according to CBIZ. The parties plan to complete the transaction in the fourth quarter of 2026, subject to shareholder and regulatory approval. CBIZ will then become a private company, and its stock will cease trading on the New York Stock Exchange.

If the deal goes through, Grant Thornton will become the fifth-largest U.S. provider of professional, tax, and advisory services, with more than $5 billion in revenue. CBIZ shares have gained 9.5% year to date. Wall Street has three “buy” ratings on the stock. The average target price of $50 per share is approximately 9% above its current price.

Micro-cap fintech PSQ Holdings, whose shareholders include U.S. President Donald Trump’s son, Donald Trump Jr., announced the sale of part of its business. Its shares jumped 20% on Tuesday following the announcement.

PSQ Holdings said FreeHold Brands, which designs and manages third-party brands, would acquire its diaper and baby products brand EveryLife. The deal values EveryLife at $5.5 million before transaction fees, versus a market capitalization of almost $14 million for PSQ Holdings as a whole. PSQ Holdings is selling assets to focus on its fintech business.

The shares are now trading 73% below their mark at the start of 2026. The stock has one “buy” rating, the target price implying that it could roughly triple from current levels.

Cathie Wood’s ARK Genomic Revolution ETF has added shares in clinical-stage biotech startup Scribe Therapeutics. Scribe, whose backers include Nobel laureate Jennifer Doudna and pharmaceutical giants Eli Lilly and Sanofi, went public on the Nasdaq last Friday, July 24. Its shares advanced more than 44% on their first day of trading.

The fund acquired Scribe Therapeutics stock on that Friday, Investing.com reported. According to ARK Genomic’s data, the fund owns 352,970 Scribe shares worth $7.2 million.

Scribe is exploring gene-editing technologies for treating cardiovascular and metabolic diseases that affect millions of people. Its lead candidate, STX-1150, is designed to block the production of “bad” cholesterol. The drug is now in an early-stage clinical trial, with initial data expected in 2027, writes Bloomberg.

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Forte Biosciences, a small-cap developer of treatments for vitiligo and celiac disease, announced that Netherlands-based Argenx will acquire it at a premium. Forte shares soared almost 40% on Monday following the announcement. An Argenx subsidiary will launch a tender offer for all outstanding Forte shares at $77 per share, valuing the company’s equity at approximately $2.2 billion. Argenx must acquire a majority of Forte’s outstanding shares through the tender offer and secure regulatory clearance to close the deal.

Forte Biosciences is developing FB102, a laboratory-made protein that mimics natural antibodies and is designed to target a specific disease. The company is now testing it in patients with three conditions: alopecia, celiac disease, and vitiligo.

Forte shares have gained 182% year to date and 700% over the last 12 months. They have risen 275% since July 8, when the company announced that its drug had demonstrated benefits in patients with vitiligo in an early-stage clinical trial. The stock has four “hold” ratings versus one “buy” call, according to MarketWatch data. The average target price is 3.5% below its current market price.