Investors interested in Medical stocks should always be looking to find the best-performing companies in the group. Has Alkermes (ALKS) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Medical peers, we might be able to answer that question.
Alkermes is one of 925 individual stocks in the Medical sector. Collectively, these companies sit at #9 in 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 is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Alkermes is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for ALKS' full-year earnings has moved 21.1% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that ALKS has returned about 17.6% since the start of the calendar year. In comparison, Medical companies have returned an average of 2.1%. This shows that Alkermes is outperforming its peers so far this year.
American Well Corporation (AMWL) is another Medical stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 12.6%.
In American Well Corporation's case, the consensus EPS estimate for the current year increased 36.6% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Alkermes belongs to the Medical - Biomedical and Genetics industry, which includes 447 individual stocks and currently sits at #87 in the Zacks Industry Rank. Stocks in this group have gained about 8.8% so far this year, so ALKS is performing better this group in terms of year-to-date returns.
On the other hand, American Well Corporation belongs to the Medical Info Systems industry. This 42-stock industry is currently ranked #134. The industry has moved -22.5% year to date.
Going forward, investors interested in Medical stocks should continue to pay close attention to Alkermes and American Well Corporation as they could maintain their solid performance.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Alkermes plc (ALKS): Free Stock Analysis Report American Well Corporation (AMWL): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
