10 Best Mid Cap Stocks to Buy with Highest Upside Potential

8. Praxis Precision Medicines Inc. (NASDAQ:PRAX)

Average Upside Potential: 61.25%

Praxis Precision Medicines Inc. (NASDAQ:PRAX) is one of the best mid cap stocks to buy with highest upside potential. On May 7, Praxis Precision Medicines reported progress in its clinical pipeline and regulatory milestones during Q1 2026. The FDA has accepted NDAs for two of its lead candidates: ulixacaltamide for essential tremor, with a target action date of January 29, 2027, and relutrigine for SCN2A and SCN8A developmental and epileptic encephalopathies/DEEs, with a priority review target date of September 27.

Clinical developments remain a key driver, highlighted by the EMBRAVE Part A study results for elsunersen, which showed a 77% placebo-adjusted reduction in monthly seizures and broad improvements in patients with early-seizure onset SCN2A-DEE. Looking ahead, the company anticipates topline results from the POWER1 study of vormatrigine in focal onset seizures during Q2 2026, followed by the EMERALD study readout for relutrigine in Q4.

Financially, Praxis Precision Medicines Inc. (NASDAQ:PRAX) is well-capitalized to support these upcoming milestones. As of March 31, the company held approximately $1.4 billion in cash and investments, an increase driven by a follow-on public offering in January. This balance provides a cash runway extending into 2028, even as the company ramps up R&D expenditures and scales its commercial infrastructure to prepare for potential product launches later this year and into 2027.

Praxis Precision Medicines Inc. (NASDAQ:PRAX) is a clinical-stage biopharmaceutical company engaging in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance.