Midcap stocks are up about 12% YTD in 2024. The top mid cap stock of 2024, GeneDx, has returned more than 2,600%. SoundHound AI has returned nearly 800% YTD. These high-fliers are on the leading edge of innovation. While large caps and small caps get more attention, mid cap stocks have quietly been the best performers over the long term.
Over the last 25 years dating back to 1999, mid caps have beaten both large and small cap stocks, although large caps have slightly better performance in the 20-year and 10-year windows. Mid cap stocks have also been the best over the past 30 years. This year, large caps have dominated as the S&P 500 has returned nearly 24%, but mid caps as measured by the S&P 400 have been solid, up 12% as of December 18. Mid cap stocks, which generally range in market cap from $2 billion to $10 billion, are typically more volatile than large caps, with a wider range of performance. You can certainly see that at the top, as the top 5 mid cap stocks of 2024 posted some huge returns. GeneDx, up 2,650% GeneDx (NASDAQ: WGS) is a biopharma stock that specializes in genome and exome testing, diagnostics, and sequencing. It started the year trading at just under $3 per share and right now it is up to around $75 per share, a ridiculous 2,650% increase year-to-date. GeneDx used to be called Sema4, which acquired GeneDX in 2022. It took the GeneDX name, as the company specialized in the growing field of genome and exome sequencing and diagnostics. GeneDx soon became one of the leaders in the field, particularly in exome sequencing, which helps doctors understand what is causing symptoms or disease in a patient. GeneDx has sequenced more than 500,000 clinical exomes and has an 80% market share among ordering clinicians. In the most recent quarter, it grew revenue by 77%, reported adjusted gross margins of 64%, and reached profitability for the first time, with adjusted net income of $1.2 million. It also raised its fiscal 2024 revenue guidanc