For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Is CoDiagnostics, Inc. (CODX) one of those stocks right now? A quick glance at the company’s year-to-date performance in comparison to the rest of the Medical sector should help us answer this question.
CoDiagnostics, Inc. is one of 1161 companies in the Medical group. The Medical group currently sits at #10 within 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 is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. CoDiagnostics, Inc. is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for CODX’s full-year earnings has moved 101.4% higher. This shows that analyst sentiment has improved and the company’s earnings outlook is stronger.
According to our latest data, CODX has moved about 7.6% on a year-to-date basis. In comparison, Medical companies have returned an average of -2.2%. This shows that CoDiagnostics, Inc. is outperforming its peers so far this year.
Cronos Group (CRON) is another Medical stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 4.9%.
For Cronos Group, the consensus EPS estimate for the current year has increased 9.3% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, CoDiagnostics, Inc. is a member of the Medical Services industry, which includes 61 individual companies and currently sits at #186 in the Zacks Industry Rank. On average, this group has lost an average of 2.4% so far this year, meaning that CODX is performing better in terms of year-to-date returns.
Cronos Group, however, belongs to the Medical – Drugs industry. Currently, this 230-stock industry is ranked #158. The industry has moved -3% so far this year.
CoDiagnostics, Inc. and Cronos Group could continue their solid performance, so investors interested in Medical stocks should continue to pay close attention to these stocks.
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