Is Cellectar Biosciences (CLRB) Outperforming Other Medical Stocks This Year?
The Medical group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Cellectar Biosciences, Inc. (CLRB) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
Cellectar Biosciences, Inc. is a member of our Medical group, which includes 1136 different companies and currently sits at #6 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. Cellectar Biosciences, Inc. is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for CLRB's full-year earnings has moved 19.9% 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, CLRB has returned 8.2% so far this year. Meanwhile, the Medical sector has returned an average of -2.3% on a year-to-date basis. This shows that Cellectar Biosciences, Inc. is outperforming its peers so far this year.
Another Medical stock, which has outperformed the sector so far this year, is InMode (INMD). The stock has returned 3% year-to-date.
Over the past three months, InMode's consensus EPS estimate for the current year has increased 5.2%. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Cellectar Biosciences, Inc. belongs to the Medical - Products industry, which includes 98 individual stocks and currently sits at #65 in the Zacks Industry Rank. On average, this group has gained an average of 5.8% so far this year, meaning that CLRB is performing better in terms of year-to-date returns. InMode is also part of the same industry.
Investors with an interest in Medical stocks should continue to track Cellectar Biosciences, Inc. and InMode. These stocks will be looking to continue their solid performance.
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