For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Has AbCellera Biologics Inc. (ABCL) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Medical sector should help us answer this question.
AbCellera Biologics Inc. is one of 971 companies in the Medical group. The Medical group currently sits at #2 within the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. AbCellera Biologics Inc. is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for ABCL's full-year earnings has moved 8.3% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
According to our latest data, ABCL has moved about 66.2% on a year-to-date basis. At the same time, Medical stocks have lost an average of 2.7%. This means that AbCellera Biologics Inc. is performing better than its sector in terms of year-to-date returns.
Another Medical stock, which has outperformed the sector so far this year, is Astrazeneca (AZN). The stock has returned 13.1% year-to-date.
Over the past three months, Astrazeneca's consensus EPS estimate for the current year has increased 2.1%. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, AbCellera Biologics Inc. belongs to the Medical - Biomedical and Genetics industry, which includes 482 individual stocks and currently sits at #78 in the Zacks Industry Rank. On average, stocks in this group have gained 3.2% this year, meaning that ABCL is performing better in terms of year-to-date returns. Astrazeneca is also part of the same industry.
Going forward, investors interested in Medical stocks should continue to pay close attention to AbCellera Biologics Inc. and Astrazeneca as they could maintain their solid performance.
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AbCellera Biologics Inc. (ABCL): Free Stock Analysis Report AstraZeneca PLC (AZN): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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