Growth stocks are expensive right now. When you look at the mega-caps trading at nose-bleed valuations, it’s hard to find anything that doesn’t feel like you’re buying at the top.
But if you go down the market cap ladder into mid-cap territory—companies valued between $2 billion and $10 billion—there are still some interesting opportunities. These stocks come with more risk than established large-caps, but the upside can be substantial if the growth thesis plays out.
We found three mid-cap stocks with market caps around $4-5 billion that could potentially double or triple over the next few years. Each one has a major catalyst on the horizon, and each one is facing headwinds that are keeping the valuation compressed.
Here’s what makes them interesting.
CRISPR Therapeutics (CRSP) – $5.2 Billion Market Cap
Current price: ~$49 | 52-week range: $30-$78
CRISPR Therapeutics has something most biotech companies don’t: an approved gene therapy treatment already generating revenue. Casgevy is approved for sickle cell disease and transfusion-dependent beta thalassemia, and it’s priced at over $2 million per treatment.
At that price point, you’d think the company would be printing money. But the rollout has been slower than expected. Around 300 patients have been referred to treatment centers so far, and the company has posted net losses of $451 million over the past nine months.
The stock has been stuck because investors are impatient. Casgevy was approved for sickle cell disease nearly two years ago, and the adoption curve has been gradual. Gene therapies are complex—they require specialized treatment centers, extensive patient screening, and significant coordination between healthcare providers.
But here’s the thing: experts believe a $2 million one-time treatment is actually cost-effective compared to the lifetime costs of managing these diseases. If CRISPR can work through the operational challenges and scale the rollout, the revenue potential is enormous.
The stock traded as high as $78 earlier this year before pulling back. At $49, you’re getting a company with an approved, high-value therapy at a discount because the market wants faster results. If you can be patient, this could be significantly undervalued.
Viking Therapeutics (VKTX) – $4.3 Billion Market Cap
Current price: ~$34 | 52-week range: $19-$56
Viking is the riskiest name on this list because they don’t have an approved product yet. But the potential payoff is also the highest.
They’re developing VK2735, a GLP-1 weight loss drug that helped patients lose up to 14.7% of their body weight in just 13 weeks during earlier trials. The company just initiated Phase 3 trials, which means we’re still a ways away from approval, but the early data looks promising.
The GLP-1 market is absolutely massive. Goldman Sachs estimates it could be worth $95 billion by 2030, and every major pharmaceutical company wants a piece of it. If VK2735 proves to be competitive with existing options, Viking becomes an acquisition target overnight.
Viking generated zero revenue over the past 12 months and posted losses of $237 million. This is a clinical-stage biotech burning cash while they run trials. If the Phase 3 data disappoints, the stock gets crushed. If it works, Viking could easily double or get bought out.
They’re also working on an oral version of the drug, but that’s even earlier in development. The near-term catalyst is the Phase 3 results for the injectable version.
This one is not for risk-averse investors. But if you believe in the GLP-1 market and think Viking has a shot at developing a competitive drug, the risk-reward at a $4.3 billion market cap is compelling.
e.l.f. Beauty (ELF) – $4 Billion Market Cap
Current price: ~$69 | 52-week range: $49-$151
e.l.f. Beauty is down over 40% this year despite posting strong revenue and earnings growth. The company is projecting around $1.6 billion in revenue this year with adjusted net income of at least $165 million.
So why is the stock down? Tariffs. Around 80% of e.l.f.’s products are manufactured in China, and tariff exposure has investors spooked. The stock peaked at $151 earlier this year before the selloff accelerated.
But here’s what the market might be missing: e.l.f. just raised prices on many products by $1 and is still offering some of the cheapest cosmetics in the market. Their target demographic—teens and young consumers—still sees e.l.f. as affordable even after the price increases.
In Piper Sandler’s most recent teen survey, e.l.f. ranked as the top cosmetics brand with 36% mindshare. The next closest brand was at only 8%. That’s dominance in a demographic that tends to stick with brands as they age.
The company also just spent $1 billion to acquire Rhode, Hailey Bieber’s skincare brand, which is hugely popular with the same demographic. They’re doubling down on their positioning with young consumers and expanding into skincare.
If tariffs get resolved or even just stabilize at predictable levels, this stock could rip higher in a hurry. The fundamentals are strong, the brand positioning is excellent, and the valuation has been cut in half because of tariff fear.
At $69, down from $151, e.l.f. looks like it’s pricing in worst-case tariff scenarios. If you think the China-U.S. situation improves or that e.l.f. can navigate the tariffs through pricing and diversification, this is a significant discount to where the stock was trading earlier this year.
The Risk-Reward Setup
All three of these stocks come with legitimate risks. CRISPR’s rollout could continue to disappoint. Viking’s Phase 3 trials could fail. e.l.f. could get hammered if tariffs escalate further.
But that’s exactly why they’re trading at $4-5 billion market caps instead of $20 billion. The market is pricing in the risk. If any of these catalysts go right—Casgevy adoption accelerates, VK2735 gets approved, or tariffs stabilize—the upside could be substantial.
CRISPR has an approved therapy that just needs better execution. Viking has early-stage data that could lead to a massive market or an acquisition. e.l.f. has brand dominance with teens and a temporary headwind that could resolve.
These aren’t safe blue-chip stocks. But if you’re looking for mid-cap growth names with real potential to double or triple, and you can handle the volatility, these three are worth serious consideration.
