In this piece, we discuss the 7 Mid-Cap Stocks With the Highest Gains in April.
Investors are increasingly turning to mid-cap stocks in a market shaped by geopolitical risk, sticky inflation, and rising energy costs.
On April 28, 2026, Reuters reported that Americans are extremely dissatisfied with the rising cost of living and the ongoing war with Iran. This has resulted in a decline in President Trump’s approval rating to 34%, the lowest of his current term. Gasoline prices in the U.S have risen more than 40% since the February 28 attack.
Amid that backdrop, small and mid-cap U.S. equities (SMIDs) remain the top choice for Matt Stucky, chief portfolio manager for equities at Northwestern Mutual Wealth Management Company.
On April 8, 2026, Reuters reported that Stucky sees opportunity rather than risk, driven by SMIDs’ continuously improving earnings estimates, cyclical nature, and attractive valuation discount to large-cap stocks. With the 10-year Treasury yield climbing from roughly 3.90% to 4.40%, he argued these conditions strengthen rather than undermine the case for selective positioning.
With that background in mind, let’s now jump to our list of the mid-cap stocks with the highest gains in April.
Photo by Adam Nowakowski on Unsplash
Our Methodology
To curate our list for this article, we identified stocks that recorded the strongest gains in April. We then ranked these stocks in ascending order by their share price performance for the month as of April 28, 2026.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
7. Soleno Therapeutics, Inc. (NASDAQ:SLNO)
After surging 57.56% so far in April, Soleno Therapeutics, Inc. (NASDAQ:SLNO) secures a spot on our list of the mid-cap stocks with the highest gains in April.
Neurocrine, an American biopharmaceutical company, announced the acquisition of Soleno Therapeutics, Inc. (NASDAQ:SLNO). After the announcement, Soleno shares surged nearly 33% in early trading. Neurocrine cited the commercial potential of Soleno’s newly launched rare-disease therapy, Vykat XR.
Following that deal, however, Wells Fargo downgraded Soleno Therapeutics, Inc. (NASDAQ:SLNO) from “Overweight” to “Equal Weight.”
At the same time, other investment firms like Cantor Fitzgerald and RBC Capital viewed the move positively. Cantor projected Vykat XR to surpass $1 billion in annual revenue by 2029, with the therapy already generating about $190 million in 2025 sales within nine months of its March 2025 approval. Meanwhile, RBC Capital said the acquisition serves as the addition of a “third leg to the story that plays into Neurocrine’s current capabilities.”
However, analysts at Wells Fargo believe the transaction, which is expected to close in Q3 2026, leaves limited room for further upside. Accordingly, the firm trimmed its price target on Soleno Therapeutics, Inc. (NASDAQ:SLNO) from $110 to $53.
Soleno Therapeutics, Inc. (NASDAQ:SLNO) is a clinical-stage biopharmaceutical company developing novel therapies for rare diseases, including Prader-Willi Syndrome.
6. Dave Inc. (NASDAQ:DAVE)
With a 60.54% gain in April, Dave Inc. (NASDAQ:DAVE) has secured a spot on our list of the mid-cap stocks with the highest gains in April.
On April 10, 2026, as part of a larger Q1 results preview across its fintech coverage, Citizens increased its price target on Dave Inc. (NASDAQ:DAVE) to $335 from $310 while maintaining an “Outperform” rating. The firm agreed that managing sector-wide volatility remains the biggest obstacle, with conditions in some areas of the capital markets stronger than in the broader markets.
Since Dave Inc. (NASDAQ:DAVE) is a consumer fintech with an AI-driven credit model rather than a capital markets-exposed business, it is essentially shielded from the institutional trading dynamics that Citizens pointed out. This framing actually works to Dave’s advantage.
Joseph Vafi of Canaccord boosted his target to $328 from $274 in March, citing outsized growth and margin performance that notably exceeded both Dave Inc. (NASDAQ:DAVE)’s own projection and the fintech industry as a whole. Those numbers may have laid the foundation for April’s surge.
Revenue for the entire year of 2025 increased by 60% to $554 million, while adjusted EBITDA increased by 162% to $227 million at a 41% margin, almost double the initial forecast. With record adjusted EBITDA of $72.3 million at a 45% margin, Q4 alone generated revenue of $163.7 million, up 62% year over year. While CashAI v5.5 significantly reduced delinquency rates, monthly transacting member growth increased for a third straight quarter.
Keefe Bruyette also raised Dave Inc. (NASDAQ:DAVE)’s target from $250 to $295, indicating above-consensus 2026 forecasts of $690–$710 million in revenue and $290–$305 million in adjusted EBITDA.
Dave Inc. (NASDAQ:DAVE) is a fintech company offering banking, budgeting, and small cash advance services through its mobile app to help users manage finances and avoid overdraft fees.
While we acknowledge the potential of DAVE to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than DAVE and that has 100x upside potential, check out our report about the cheapest AI stock.
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