Investors focused on the Medical space have likely heard of Bionano Genomics (BNGO), but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of BNGO and the rest of the Medical group’s stocks.
Bionano Genomics is one of 1024 individual stocks in the Medical sector. Collectively, these companies sit at #16 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 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. BNGO is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for BNGO’s full-year earnings has moved 19.70% higher within the past quarter. This signals that analyst sentiment is improving and the stock’s earnings outlook is more positive.
Our latest available data shows that BNGO has returned about 154.22% since the start of the calendar year. At the same time, Medical stocks have lost an average of 2.23%. This means that Bionano Genomics is outperforming the sector as a whole this year.
Breaking things down more, BNGO is a member of the Medical – Biomedical and Genetics industry, which includes 469 individual companies and currently sits at #193 in the Zacks Industry Rank. This group has lost an average of 4.55% so far this year, so BNGO is performing better in this area.
Investors in the Medical sector will want to keep a close eye on BNGO as it attempts to continue its solid performance.
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