Is Black Diamond Therapeutics (BDTX) Stock Outpacing Its Medical Peers 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. Is Black Diamond (BDTX) 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.

Black Diamond is a member of our Medical group, which includes 932 different companies and currently sits at #8 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.

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. Black Diamond is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past three months, the Zacks Consensus Estimate for BDTX's full-year earnings has moved 39.2% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

Based on the most recent data, BDTX has returned 9.1% so far this year. Meanwhile, the Medical sector has returned an average of 8.3% on a year-to-date basis. This means that Black Diamond is performing better than its sector in terms of year-to-date returns.

Bionano Genomics, Inc. (BNGO) is another Medical stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 9.2%.

For Bionano Genomics, Inc., the consensus EPS estimate for the current year has increased 46.2% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, Black Diamond belongs to the Medical - Biomedical and Genetics industry, which includes 453 individual stocks and currently sits at #88 in the Zacks Industry Rank. On average, stocks in this group have gained 21.9% this year, meaning that BDTX is slightly underperforming its industry in terms of year-to-date returns. Bionano Genomics, Inc. is also part of the same industry.

Investors interested in the Medical sector may want to keep a close eye on Black Diamond and Bionano Genomics, Inc. as they attempt to continue their solid performance.

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This article originally published on Zacks Investment Research (zacks.com).

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