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Has Lyra Therapeutics (LYRA) Outpaced Other Medical Stocks This Year?

Investors interested in Medical stocks should always be looking to find the best-performing companies in the group. Lyra Therapeutics, Inc. (LYRA) 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? 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.

Lyra Therapeutics, Inc. is a member of our Medical group, which includes 1189 different companies and currently sits at #3 in the Zacks Sector Rank. 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. Lyra Therapeutics, Inc. is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past 90 days, the Zacks Consensus Estimate for LYRA's full-year earnings has moved 49% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

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Our latest available data shows that LYRA has returned about 39% since the start of the calendar year. At the same time, Medical stocks have lost an average of 12.7%. This means that Lyra Therapeutics, Inc. is outperforming the sector as a whole this year.

One other Medical stock that has outperformed the sector so far this year is Neurocrine Biosciences (NBIX). The stock is up 11.1% year-to-date.

In Neurocrine Biosciences' case, the consensus EPS estimate for the current year increased 4% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, Lyra Therapeutics, Inc. belongs to the Medical - Drugs industry, a group that includes 223 individual stocks and currently sits at #79 in the Zacks Industry Rank. This group has lost an average of 19.5% so far this year, so LYRA is performing better in this area. Neurocrine Biosciences is also part of the same industry.

Investors interested in the Medical sector may want to keep a close eye on Lyra Therapeutics, Inc. and Neurocrine Biosciences as they attempt to continue their solid performance.


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