For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Anika Therapeutics (ANIK - 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? One simple way to answer this question is to take a look at the year-to-date performance of ANIK and the rest of the Medical group's stocks.
Anika Therapeutics is a member of the Medical sector. This group includes 867 individual stocks and currently holds a Zacks Sector Rank of #3. 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 system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. ANIK is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for ANIK's full-year earnings has moved 34.10% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, ANIK has returned 57.99% so far this year. At the same time, Medical stocks have gained an average of 1.95%. This means that Anika Therapeutics is performing better than its sector in terms of year-to-date returns.
To break things down more, ANIK belongs to the Medical - Biomedical and Genetics industry, a group that includes 367 individual companies and currently sits at #91 in the Zacks Industry Rank. Stocks in this group have lost about 3.14% so far this year, so ANIK is performing better this group in terms of year-to-date returns.
Investors in the Medical sector will want to keep a close eye on ANIK as it attempts to continue its solid performance.