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Are Medical Stocks Lagging Immunovant (IMVT) This Year?
Investors interested in Medical stocks should always be looking to find the best-performing companies in the group. Has Immunovant, Inc. (IMVT - Free Report) been one of those stocks this year? 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.
Immunovant, Inc. is one of 1183 individual stocks in the Medical sector. Collectively, these companies sit at #3 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
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. Immunovant, Inc. is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for IMVT's full-year earnings has moved 4.8% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that IMVT has returned about 77.2% since the start of the calendar year. In comparison, Medical companies have returned an average of -14.7%. This means that Immunovant, Inc. is outperforming the sector as a whole this year.
Another Medical stock, which has outperformed the sector so far this year, is McKesson (MCK - Free Report) . The stock has returned 49.8% year-to-date.
The consensus estimate for McKesson's current year EPS has increased 1.3% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Immunovant, Inc. belongs to the Medical - Biomedical and Genetics industry, which includes 558 individual stocks and currently sits at #58 in the Zacks Industry Rank. On average, this group has lost an average of 15.6% so far this year, meaning that IMVT is performing better in terms of year-to-date returns.
On the other hand, McKesson belongs to the Medical - Dental Supplies industry. This 18-stock industry is currently ranked #202. The industry has moved -11.2% year to date.
Investors with an interest in Medical stocks should continue to track Immunovant, Inc. and McKesson. These stocks will be looking to continue their solid performance.