Is Align Technology (ALGN) Outperforming Other Medical Stocks 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 Align Technology (ALGN) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Medical peers, we might be able to answer that question.

Align Technology is one of 931 individual stocks in the Medical sector. Collectively, these companies sit at #14 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 proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. ALGN is currently sporting a Zacks Rank of #2 (Buy).

Within the past quarter, the Zacks Consensus Estimate for ALGN's full-year earnings has moved 187.52% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

Based on the most recent data, ALGN has returned 57.51% so far this year. Meanwhile, the Medical sector has returned an average of -4.57% on a year-to-date basis. This means that Align Technology is performing better than its sector in terms of year-to-date returns.

Looking more specifically, ALGN belongs to the Medical - Dental Supplies industry, which includes 22 individual stocks and currently sits at #164 in the Zacks Industry Rank. On average, stocks in this group have gained 6.53% this year, meaning that ALGN is performing better in terms of year-to-date returns.

Going forward, investors interested in Medical stocks should continue to pay close attention to ALGN as it looks to continue its solid performance.

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