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Is Mind Medicine MindMed (MNMD) Outperforming Other Medical Stocks This Year?
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For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Mind Medicine (MindMed) Inc. (MNMD - Free Report) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
Mind Medicine (MindMed) Inc. is one of 1043 individual stocks in the Medical sector. Collectively, these companies sit at #8 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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. Mind Medicine (MindMed) Inc. is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for MNMD's full-year earnings has moved 19.8% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
According to our latest data, MNMD has moved about 118.7% on a year-to-date basis. Meanwhile, stocks in the Medical group have gained about 5.9% on average. This means that Mind Medicine (MindMed) Inc. is performing better than its sector in terms of year-to-date returns.
One other Medical stock that has outperformed the sector so far this year is ResMed (RMD - Free Report) . The stock is up 23.5% year-to-date.
In ResMed's case, the consensus EPS estimate for the current year increased 3.7% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Mind Medicine (MindMed) Inc. belongs to the Medical - Biomedical and Genetics industry, a group that includes 502 individual companies and currently sits at #85 in the Zacks Industry Rank. On average, stocks in this group have lost 3.7% this year, meaning that MNMD is performing better in terms of year-to-date returns.
In contrast, ResMed falls under the Medical - Products industry. Currently, this industry has 91 stocks and is ranked #142. Since the beginning of the year, the industry has moved +3.7%.
Investors interested in the Medical sector may want to keep a close eye on Mind Medicine (MindMed) Inc. and ResMed as they attempt to continue their solid performance.
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Is Mind Medicine MindMed (MNMD) 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 Mind Medicine (MindMed) Inc. (MNMD - Free Report) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
Mind Medicine (MindMed) Inc. is one of 1043 individual stocks in the Medical sector. Collectively, these companies sit at #8 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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. Mind Medicine (MindMed) Inc. is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for MNMD's full-year earnings has moved 19.8% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
According to our latest data, MNMD has moved about 118.7% on a year-to-date basis. Meanwhile, stocks in the Medical group have gained about 5.9% on average. This means that Mind Medicine (MindMed) Inc. is performing better than its sector in terms of year-to-date returns.
One other Medical stock that has outperformed the sector so far this year is ResMed (RMD - Free Report) . The stock is up 23.5% year-to-date.
In ResMed's case, the consensus EPS estimate for the current year increased 3.7% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Mind Medicine (MindMed) Inc. belongs to the Medical - Biomedical and Genetics industry, a group that includes 502 individual companies and currently sits at #85 in the Zacks Industry Rank. On average, stocks in this group have lost 3.7% this year, meaning that MNMD is performing better in terms of year-to-date returns.
In contrast, ResMed falls under the Medical - Products industry. Currently, this industry has 91 stocks and is ranked #142. Since the beginning of the year, the industry has moved +3.7%.
Investors interested in the Medical sector may want to keep a close eye on Mind Medicine (MindMed) Inc. and ResMed as they attempt to continue their solid performance.