For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Editas Medicine (EDIT - Free Report) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Medical sector should help us answer this question.
Editas Medicine is a member of the Medical sector. This group includes 842 individual stocks and currently holds a Zacks Sector Rank of #1. 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 emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. EDIT is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for EDIT's full-year earnings has moved 15.57% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
According to our latest data, EDIT has moved about 9.58% on a year-to-date basis. In comparison, Medical companies have returned an average of 0.92%. As we can see, Editas Medicine is performing better than its sector in the calendar year.
To break things down more, EDIT belongs to the Medical - Biomedical and Genetics industry, a group that includes 345 individual companies and currently sits at #59 in the Zacks Industry Rank. On average, this group has gained an average of 8.35% so far this year, meaning that EDIT is performing better in terms of year-to-date returns.
Investors with an interest in Medical stocks should continue to track EDIT. The stock will be looking to continue its solid performance.