Is AbCellera Biologics (ABCL) Outperforming Other Medical Stocks This Year?
Investors interested in Medical stocks should always be looking to find the best-performing companies in the group. Has AbCellera Biologics Inc. (ABCL) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
AbCellera Biologics Inc. is one of 1077 individual stocks in the Medical sector. Collectively, these companies sit at #6 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 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. AbCellera Biologics Inc. is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for ABCL's full-year earnings has moved 4.4% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that ABCL has returned about 0.4% since the start of the calendar year. Meanwhile, stocks in the Medical group have lost about 1.1% on average. This shows that AbCellera Biologics Inc. is outperforming its peers so far this year.
Another stock in the Medical sector, Bionano Genomics, Inc. (BNGO), has outperformed the sector so far this year. The stock's year-to-date return is 5.8%.
The consensus estimate for Bionano Genomics, Inc.'s current year EPS has increased 22.3% over the past three months. 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 523 individual stocks and currently sits at #78 in the Zacks Industry Rank. On average, this group has lost an average of 11.6% so far this year, meaning that ABCL is performing better in terms of year-to-date returns. Bionano Genomics, Inc. 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 Bionano Genomics, Inc. as they could maintain their solid performance.
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