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Is Align Technology (ALGN) Outperforming Other Medical Stocks This Year?

Zacks Equity Research
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Investors focused on the Medical space have likely heard of Align Technology (ALGN), but is the stock performing well in comparison to the rest of its sector peers? 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.

Align Technology is one of 844 individual stocks in the Medical sector. Collectively, these companies sit at #3 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.

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. ALGN is currently sporting a Zacks Rank of #2 (Buy).

The Zacks Consensus Estimate for ALGN's full-year earnings has moved 6.34% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

According to our latest data, ALGN has moved about 57.99% on a year-to-date basis. Meanwhile, the Medical sector has returned an average of 3.15% on a year-to-date basis. This shows that Align Technology is outperforming its peers so far this year.

Looking more specifically, ALGN belongs to the Medical - Dental Supplies industry, a group that includes 21 individual stocks and currently sits at #73 in the Zacks Industry Rank. On average, stocks in this group have gained 13.86% this year, meaning that ALGN is performing better in terms of year-to-date returns.

ALGN will likely be looking to continue its solid performance, so investors interested in Medical stocks should continue to pay close attention to the company.


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