Are Medical Stocks Lagging DICE Therapeutics (DICE) This Year?
Investors interested in Medical stocks should always be looking to find the best-performing companies in the group. DICE Therapeutics, Inc. (DICE) 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? 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.
DICE Therapeutics, Inc. is a member of our Medical group, which includes 1181 different companies and currently sits 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 proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. DICE Therapeutics, Inc. is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for DICE's full-year earnings has moved 10.2% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, DICE has gained about 23.3% so far this year. Meanwhile, the Medical sector has returned an average of -16.5% on a year-to-date basis. This shows that DICE Therapeutics, Inc. is outperforming its peers so far this year.
Nuvalent, Inc. (NUVL) is another Medical stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 56.4%.
Over the past three months, Nuvalent, Inc.'s consensus EPS estimate for the current year has increased 10.2%. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, DICE Therapeutics, Inc. is a member of the Medical - Biomedical and Genetics industry, which includes 557 individual companies and currently sits at #64 in the Zacks Industry Rank. On average, this group has lost an average of 19.4% so far this year, meaning that DICE is performing better in terms of year-to-date returns. Nuvalent, Inc. is also part of the same industry.
Investors with an interest in Medical stocks should continue to track DICE Therapeutics, Inc. and Nuvalent, Inc. These stocks will be looking to continue their solid performance.
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