Some of the best performing small cap stocks on the day included:

Outlook Therapeutics (OTLK)

Shares of Outlook Therapeutics (OTLK) were up 37.3%, or 57 cents to $2.10 on Friday after Oppenheimer initiated coverage of the stock with a price target of $12 a share. That’s a big show of confidence for the company, which is investigating a formulation of bevacizumab it calls ONS-5010, meant to treat wet age-related macular degeneration. The stock saw a volume spike to 76.6 million, as compared to daily average volume of 2.6 million shares.

Cray Inc. (CRAY)

Shares of CRAY were up 22.5%, or $6.71 a share on volume of 9.5 million shares after being bought out by Hewlett Packard for $1.3 billion.

Ironwood Pharmaceuticals Inc. (IRWD)

Shares of IRWD were up 13.7%, or $1.36 a share on volume of 5.66 million, as compared to daily average volume of 1.52 million shares after the filing of a 13D from Sarissa Capital Management, which bought up 6.1% of IRWD outstanding shares.