Stocks in companies related to nanotechnology have rebounded this spring, as investors grow a little less risk-averse.

The Lux Research Nanotechnology index, which covers a global cross-section of companies that supply nanotechnology products, build nanotech tools or rely heavily on the use of the technology, has grown by more than 9% over the past two months. And the biggest factor at work, says Peter Hebert, president of the New York-based consultancy, is investors' renewed willingness to put their money into small, technology-based companies.

But strong individual performances by some of the 25 companies in the index also played a role. Strongest of all was French company Flamel Technologies, of Lyon, a specialist in nanoparticle-based drug-delivery systems, whose stock rose from $13 to $20 on news of a management shake-up.

Credit: SOURCE: LUX RESEARCH

Another big winner was Canadian company Westaim, whose Massachusetts-based subsidiary Nucryst makes silver nanoparticles for wound dressings. Nucryst stock rose from $2.40 to more than $3 on strong sales reports.

And stock in Symyx Technologies, a specialist in nanoscale catalysts based in Santa Clara, California, went from $22 to $27 on news of deals with Exxon and Dow, who will use its products in petroleum processing and plastics production, respectively.

Hebert predicts that nanotech stocks — whose performance pipped that of the Nasdaq technology index for the two-month period — could do better yet. “The summer is looking very strong,” he says, noting that nanotech companies could be exempt from adverse factors, such as weak demand for semiconductors, that could hold back the technology sector as a whole.