For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Is American Well Corporation (AMWL) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
American Well Corporation is a member of our Medical group, which includes 891 different companies and currently sits at #6 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 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. American Well Corporation is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for AMWL's full-year earnings has moved 36.6% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, AMWL has gained about 8.8% so far this year. Meanwhile, stocks in the Medical group have lost about 7% on average. As we can see, American Well Corporation is performing better than its sector in the calendar year.
Another Medical stock, which has outperformed the sector so far this year, is ANI Pharmaceuticals (ANIP). The stock has returned 0.7% year-to-date.
For ANI Pharmaceuticals, the consensus EPS estimate for the current year has increased 12.9% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, American Well Corporation belongs to the Medical Info Systems industry, a group that includes 41 individual stocks and currently sits at #72 in the Zacks Industry Rank. This group has lost an average of 25.8% so far this year, so AMWL is performing better in this area.
In contrast, ANI Pharmaceuticals falls under the Medical - Biomedical and Genetics industry. Currently, this industry has 436 stocks and is ranked #143. Since the beginning of the year, the industry has moved -0.5%.
Investors with an interest in Medical stocks should continue to track American Well Corporation and ANI Pharmaceuticals. These stocks will be looking to continue their solid performance.
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This article originally published on Zacks Investment Research (zacks.com).