Investors focused on the Medical space have likely heard of Novavax (NVAX), but is the stock performing well in comparison to the rest of its sector peers? 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.
Novavax is one of 901 companies in the Medical group. The Medical group currently sits at #1 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. NVAX is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for NVAX's full-year earnings has moved 5.33% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that NVAX has returned about 95.73% since the start of the calendar year. Meanwhile, the Medical sector has returned an average of 2.09% on a year-to-date basis. This means that Novavax is outperforming the sector as a whole this year.
Breaking things down more, NVAX is a member of the Medical - Biomedical and Genetics industry, which includes 385 individual companies and currently sits at #73 in the Zacks Industry Rank. Stocks in this group have gained about 0.20% so far this year, so NVAX is performing better this group in terms of year-to-date returns.
Investors in the Medical sector will want to keep a close eye on NVAX as it attempts to continue its solid performance.