Is 89BIO (ETNB) Outperforming Other Medical Stocks This Year?
The Medical group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has 89BIO (ETNB) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
89BIO is one of 1151 individual stocks in the Medical sector. Collectively, these companies sit at #4 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. 89BIO is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for ETNB's full-year earnings has moved 8.5% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
According to our latest data, ETNB has moved about 11.2% on a year-to-date basis. In comparison, Medical companies have returned an average of -1.2%. This means that 89BIO is outperforming the sector as a whole this year.
Another Medical stock, which has outperformed the sector so far this year, is Henry Schein (HSIC). The stock has returned 2.9% year-to-date.
The consensus estimate for Henry Schein's current year EPS has increased 7.2% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, 89BIO belongs to the Medical - Biomedical and Genetics industry, which includes 555 individual stocks and currently sits at #73 in the Zacks Industry Rank. On average, this group has lost an average of 4.6% so far this year, meaning that ETNB is performing better in terms of year-to-date returns.
On the other hand, Henry Schein belongs to the Medical - Dental Supplies industry. This 18-stock industry is currently ranked #45. The industry has moved +7.7% year to date.
Going forward, investors interested in Medical stocks should continue to pay close attention to 89BIO and Henry Schein as they could maintain their solid performance.
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