For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Quidel (QDEL - 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 QDEL and the rest of the Medical group's stocks.
Quidel is a member of our Medical group, which includes 890 different companies and currently sits at #1 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
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. QDEL is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for QDEL's full-year earnings has moved 1.15% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, QDEL has returned 143.26% so far this year. Meanwhile, the Medical sector has returned an average of -3.22% on a year-to-date basis. As we can see, Quidel is performing better than its sector in the calendar year.
Looking more specifically, QDEL belongs to the Medical - Products industry, which includes 81 individual stocks and currently sits at #67 in the Zacks Industry Rank. Stocks in this group have lost about 6.20% so far this year, so QDEL 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 QDEL as it looks to continue its solid performance.