Has Bionano Genomics (BNGO) surpassed other medical actions this year?
IInvestors focused on the medical space have likely heard of Bionano Genomics (BNGO), but is the stock performing well compared to the rest of its industry peers? A simple way to answer this question is to take a look at the performance since the start of the year of BNGO and the rest of the actions of the medical group.
Bionano Genomics is one of the 1,024 individual stocks in the medical sector. Collectively, these companies are in 16th place in the Zacks sector ranking. Zacks’ sector ranking takes into account 16 different sector groups. The average Zacks rank of individual stocks within groups is measured and sectors are ranked from best to worst.
Zacks Ranking is an effective 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 overall market over the next one to three months. BNGO currently has a Zacks rank of # 2 (Buy).
Zacks’ consensus estimate for BNGO’s annual profit rose 19.70% in the last quarter. This indicates that analyst sentiment is improving and the stock’s earnings outlook is more positive.
Our latest available data shows that BNGO has returned around 154.22% since the start of the calendar year. At the same time, medical values lost an average of 2.23%. This means that Bionano Genomics is outperforming the industry as a whole this year.
Breaking it down further, BNGO is a member of the medical industry – biomedical and genetics, which comprises 469 individual companies and currently sits 193rd in the Zacks industry rankings. 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 strong performance.
Want 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
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.