Is Cardiol Therapeutics (CRDL) 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 Cardiol Therapeutics Inc. (CRDL) 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.

Cardiol Therapeutics Inc. is one of 913 companies in the Medical group. The Medical group currently sits at #7 within 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. Cardiol Therapeutics Inc. is currently sporting a Zacks Rank of #2 (Buy).

Within the past quarter, the Zacks Consensus Estimate for CRDL's full-year earnings has moved 20.2% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

According to our latest data, CRDL has moved about 95% on a year-to-date basis. In comparison, Medical companies have returned an average of 6.2%. This means that Cardiol Therapeutics Inc. is outperforming the sector as a whole this year.

Another Medical stock, which has outperformed the sector so far this year, is Charles River Laboratories (CRL). The stock has returned 49.7% year-to-date.

For Charles River Laboratories, the consensus EPS estimate for the current year has increased 2.7% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

Breaking things down more, Cardiol Therapeutics Inc. is a member of the Medical - Drugs industry, which includes 136 individual companies and currently sits at #150 in the Zacks Industry Rank. Stocks in this group have gained about 2% so far this year, so CRDL is performing better this group in terms of year-to-date returns.

In contrast, Charles River Laboratories falls under the Medical Services industry. Currently, this industry has 72 stocks and is ranked #91. Since the beginning of the year, the industry has moved +3.6%.

Cardiol Therapeutics Inc. and Charles River Laboratories could continue their solid performance, so investors interested in Medical stocks should continue to pay close attention to these stocks.

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

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