Investors interested in Medical stocks should always be looking to find the best-performing companies in the group. Has CareDx (CDNA) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
CareDx is one of 918 companies in the Medical group. The Medical group currently sits at #10 within the Zacks Sector Rank. 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 is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. CareDx is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for CDNA's full-year earnings has moved 113.6% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the most recent data, CDNA has returned 170.1% so far this year. Meanwhile, the Medical sector has returned an average of 4.3% on a year-to-date basis. This means that CareDx is performing better than its sector in terms of year-to-date returns.
Concentra Group (CON) is another Medical stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 75.2%.
Over the past three months, Concentra Group's consensus EPS estimate for the current year has increased 4.7%. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, CareDx belongs to the Medical Services industry, a group that includes 72 individual stocks and currently sits at #87 in the Zacks Industry Rank. On average, stocks in this group have gained 2.9% this year, meaning that CDNA is performing better in terms of year-to-date returns. Concentra Group is also part of the same industry.
Going forward, investors interested in Medical stocks should continue to pay close attention to CareDx and Concentra Group as they could maintain their solid performance.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
CareDx, Inc. (CDNA): Free Stock Analysis Report
Concentra Group Holdings Parent, Inc. (CON): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).