For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. ABIOMED (ABMD) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? One simple way to answer this question is to take a look at the year-to-date performance of ABMD and the rest of the Medical group's stocks.
ABIOMED is one of 761 companies in the Medical group. The Medical group currently sits at #7 within the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. ABMD is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for ABMD's full-year earnings has moved 8.43% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
According to our latest data, ABMD has moved about 96.98% on a year-to-date basis. Meanwhile, the Medical sector has returned an average of 3.02% on a year-to-date basis. This means that ABIOMED is outperforming the sector as a whole this year.
Breaking things down more, ABMD is a member of the Medical - Instruments industry, which includes 88 individual companies and currently sits at #89 in the Zacks Industry Rank. Stocks in this group have lost about 10.74% so far this year, so ABMD is performing better this group in terms of year-to-date returns.
Investors with an interest in Medical stocks should continue to track ABMD. The stock will be looking to continue its solid performance.
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