Is Allogene Therapeutics (ALLO) Stock Outpacing Its Medical Peers This Year?
The Medical group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Allogene Therapeutics (ALLO) been one of those stocks this year? 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.
Allogene Therapeutics is one of 1145 individual stocks in the Medical sector. Collectively, these companies sit at #7 in 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. Allogene Therapeutics is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for ALLO's full-year earnings has moved 13.8% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, ALLO has returned 2.5% so far this year. Meanwhile, stocks in the Medical group have lost about 1.2% on average. This shows that Allogene Therapeutics is outperforming its peers so far this year.
Another stock in the Medical sector, 89BIO (ETNB), has outperformed the sector so far this year. The stock's year-to-date return is 26.9%.
In 89BIO's case, the consensus EPS estimate for the current year increased 11.6% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Allogene Therapeutics belongs to the Medical - Biomedical and Genetics industry, which includes 552 individual stocks and currently sits at #96 in the Zacks Industry Rank. On average, this group has lost an average of 5.9% so far this year, meaning that ALLO is performing better in terms of year-to-date returns. 89BIO is also part of the same industry.
Going forward, investors interested in Medical stocks should continue to pay close attention to Allogene Therapeutics and 89BIO as they could maintain their solid performance.
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Allogene Therapeutics, Inc. (ALLO) : Free Stock Analysis Report
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