Investors focused on the Medical space have likely heard of Palatin Technologies (PTN), but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of PTN and the rest of the Medical group's stocks.
Palatin Technologies is a member of the Medical sector. This group includes 870 individual stocks and currently holds a Zacks Sector Rank of #1. 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 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. PTN is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for PTN's full-year earnings has moved 68.75% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, PTN has returned 45.40% so far this year. Meanwhile, stocks in the Medical group have gained about 4.42% on average. This means that Palatin Technologies is outperforming the sector as a whole this year.
Looking more specifically, PTN belongs to the Medical - Biomedical and Genetics industry, which includes 368 individual stocks and currently sits at #57 in the Zacks Industry Rank. This group has gained an average of 0.79% so far this year, so PTN is performing better in this area.
PTN will likely be looking to continue its solid performance, so investors interested in Medical stocks should continue to pay close attention to the company.
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