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Has Co-Diagnostics (CODX) Outpaced Other Medical Stocks This Year?

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For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Co-Diagnostics (CODX - Free Report) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.

Co-Diagnostics is one of 898 individual stocks in the Medical sector. Collectively, these companies sit at #1 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. CODX is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for CODX's full-year earnings has moved 800% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

Based on the most recent data, CODX has returned 1,095.26% so far this year. At the same time, Medical stocks have lost an average of 19.51%. This means that Co-Diagnostics is performing better than its sector in terms of year-to-date returns.

Looking more specifically, CODX belongs to the Medical Services industry, which includes 32 individual stocks and currently sits at #108 in the Zacks Industry Rank. Stocks in this group have lost about 25.55% so far this year, so CODX is performing better this group in terms of year-to-date returns.

Going forward, investors interested in Medical stocks should continue to pay close attention to CODX as it looks to continue its solid performance.

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