For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Abaxis 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.
Abaxis is one of 761 companies in the Medical group. The Medical group currently sits at #6 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 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. ABAX is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for ABAX's full-year earnings has moved 1.44% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Our latest available data shows that ABAX has returned about 68.19% since the start of the calendar year. At the same time, Medical stocks have gained an average of 3.25%. This shows that Abaxis is outperforming its peers so far this year.
Looking more specifically, ABAX belongs to the Medical - Products industry, which includes 70 individual stocks and currently sits at #100 in the Zacks Industry Rank. Stocks in this group have gained about 12.69% so far this year, so ABAX is performing better this group in terms of year-to-date returns.
ABAX will likely be looking to continue its solid performance, so investors interested Medical stocks should continue to pay close attention to the company.