Are Medical Stocks Lagging Boston Scientific (BSX) This Year?
Investors interested in Medical stocks should always be looking to find the best-performing companies in the group. Boston Scientific (BSX) 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? Let's take a closer look at the stock's year-to-date performance to find out.
Boston Scientific is one of 1091 individual stocks in the Medical sector. Collectively, these companies sit at #4 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 is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Boston Scientific is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for BSX's full-year earnings has moved 0.7% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, BSX has returned 7% so far this year. In comparison, Medical companies have returned an average of -12.6%. This means that Boston Scientific is performing better than its sector in terms of year-to-date returns.
One other Medical stock that has outperformed the sector so far this year is Adagene Inc. Sponsored ADR (ADAG). The stock is up 2.6% year-to-date.
The consensus estimate for Adagene Inc. Sponsored ADR's current year EPS has increased 57.1% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Boston Scientific belongs to the Medical - Products industry, a group that includes 94 individual companies and currently sits at #151 in the Zacks Industry Rank. On average, this group has lost an average of 14.2% so far this year, meaning that BSX is performing better in terms of year-to-date returns.
In contrast, Adagene Inc. Sponsored ADR falls under the Medical - Biomedical and Genetics industry. Currently, this industry has 529 stocks and is ranked #68. Since the beginning of the year, the industry has moved -24.4%.
Boston Scientific and Adagene Inc. Sponsored ADR could continue their solid performance, so investors interested in Medical stocks should continue to pay close attention to these stocks.
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