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Is Bionano Genomics (BNGO) Stock Outpacing Its Medical Peers This Year?
Investors interested in Medical stocks should always be looking to find the best-performing companies in the group. Is Bionano Genomics, Inc. (BNGO - Free Report) one of those stocks right now? 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.
Bionano Genomics, Inc. is a member of our Medical group, which includes 1182 different companies and currently sits at #3 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. Bionano Genomics, Inc. is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for BNGO's full-year earnings has moved 14.4% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, BNGO has returned 6.2% so far this year. At the same time, Medical stocks have lost an average of 17.7%. This shows that Bionano Genomics, Inc. is outperforming its peers so far this year.
One other Medical stock that has outperformed the sector so far this year is Exact Sciences (EXAS - Free Report) . The stock is up 18.8% year-to-date.
In Exact Sciences' case, the consensus EPS estimate for the current year increased 15.8% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Bionano Genomics, Inc. belongs to the Medical - Biomedical and Genetics industry, which includes 560 individual stocks and currently sits at #61 in the Zacks Industry Rank. This group has lost an average of 20.7% so far this year, so BNGO is performing better in this area. Exact Sciences is also part of the same industry.
Bionano Genomics, Inc. and Exact Sciences could continue their solid performance, so investors interested in Medical stocks should continue to pay close attention to these stocks.