Are Medical Stocks Lagging 89BIO (ETNB) This Year?
The Medical group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is 89BIO (ETNB) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
89BIO is a member of our Medical group, which includes 1120 different companies and currently sits at #6 in 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. 89BIO is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for ETNB's full-year earnings has moved 18.8% 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, ETNB has returned 45.5% so far this year. At the same time, Medical stocks have lost an average of 3.9%. This means that 89BIO is performing better than its sector in terms of year-to-date returns.
Another stock in the Medical sector, Alimera Sciences (ALIM), has outperformed the sector so far this year. The stock's year-to-date return is 6.3%.
In Alimera Sciences' case, the consensus EPS estimate for the current year increased 114.8% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, 89BIO belongs to the Medical - Biomedical and Genetics industry, a group that includes 538 individual stocks and currently sits at #98 in the Zacks Industry Rank. Stocks in this group have lost about 10.4% so far this year, so ETNB is performing better this group in terms of year-to-date returns. Alimera Sciences is also part of the same industry.
Going forward, investors interested in Medical stocks should continue to pay close attention to 89BIO and Alimera Sciences as they could maintain their solid performance.
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