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Is Axonics (AXNX) Stock Outpacing Its Medical Peers This Year?

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For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Axonics Modulation Technologies (AXNX - Free Report) 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? By taking a look at the stock's year-to-date performance in comparison to its Medical peers, we might be able to answer that question.

Axonics Modulation Technologies is a member of the Medical sector. This group includes 1189 individual stocks and currently holds a Zacks Sector Rank of #4. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.

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. Axonics Modulation Technologies is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for AXNX's full-year earnings has moved 20% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

Based on the most recent data, AXNX has returned 23.9% so far this year. Meanwhile, the Medical sector has returned an average of -15.3% on a year-to-date basis. This shows that Axonics Modulation Technologies is outperforming its peers so far this year.

Another Medical stock, which has outperformed the sector so far this year, is Dynavax Technologies (DVAX - Free Report) . The stock has returned 0.4% year-to-date.

The consensus estimate for Dynavax Technologies' current year EPS has increased 6.2% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

Breaking things down more, Axonics Modulation Technologies is a member of the Medical Info Systems industry, which includes 49 individual companies and currently sits at #91 in the Zacks Industry Rank. Stocks in this group have lost about 30.2% so far this year, so AXNX is performing better this group in terms of year-to-date returns.

Dynavax Technologies, however, belongs to the Medical - Biomedical and Genetics industry. Currently, this 558-stock industry is ranked #81. The industry has moved -19.1% so far this year.

Going forward, investors interested in Medical stocks should continue to pay close attention to Axonics Modulation Technologies and Dynavax Technologies as they could maintain their solid performance.

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