Are Medical Stocks Lagging Elevation Oncology (ELEV) This Year?
For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Elevation Oncology, Inc. (ELEV) been one of those stocks this year? 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.
Elevation Oncology, Inc. is a member of the Medical sector. This group includes 1165 individual stocks and currently holds a Zacks Sector Rank of #6. 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 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. Elevation Oncology, Inc. is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for ELEV's full-year earnings has moved 6.5% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
According to our latest data, ELEV has moved about 116.8% on a year-to-date basis. Meanwhile, stocks in the Medical group have lost about 5.7% on average. This means that Elevation Oncology, Inc. is performing better than its sector in terms of year-to-date returns.
Another stock in the Medical sector, Senesco Technologies Inc. (ELOX), has outperformed the sector so far this year. The stock's year-to-date return is 81.3%.
Over the past three months, Senesco Technologies Inc.'s consensus EPS estimate for the current year has increased 25.4%. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Elevation Oncology, Inc. belongs to the Medical - Biomedical and Genetics industry, a group that includes 553 individual stocks and currently sits at #94 in the Zacks Industry Rank. This group has lost an average of 7.2% so far this year, so ELEV is performing better in this area. Senesco Technologies Inc. is also part of the same industry.
Investors interested in the Medical sector may want to keep a close eye on Elevation Oncology, Inc. and Senesco Technologies Inc. as they attempt to continue their solid performance.
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