For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Allogene Therapeutics (ALLO) 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 ALLO and the rest of the Medical group's stocks.
Allogene Therapeutics is one of 888 companies in the Medical group. The Medical group currently sits at #1 within 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 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. ALLO is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for ALLO's full-year earnings has moved 10.55% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, ALLO has gained about 65.70% so far this year. Meanwhile, the Medical sector has returned an average of 0.21% on a year-to-date basis. This means that Allogene Therapeutics is performing better than its sector in terms of year-to-date returns.
Breaking things down more, ALLO is a member of the Medical - Biomedical and Genetics industry, which includes 382 individual companies and currently sits at #34 in the Zacks Industry Rank. On average, this group has gained an average of 8.10% so far this year, meaning that ALLO is performing better in terms of year-to-date returns.
Going forward, investors interested in Medical stocks should continue to pay close attention to ALLO as it looks to continue its solid performance.
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