Yahoo Finance Biotech ETF (BBH) Hits New 52-Week High
VanEck Biotech ETF BBH is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and moved up 21.4% from its 52-week low price of $142.51/share.
Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed.
BBH In Focus
The underlying MVIS US Listed Biotech 25 Index tracks the overall performance of companies involved in the development and production, marketing and sales of drugs based on genetic analysis and diagnostic equipment. The product charges 35 bps in annual fees.
Why the Move?
Amgen stock constitutes about 17% of the BBH fund. On June 24, 2024, Amgen stock recorded a gain of 3.2%, marking a 6.6% advancement over the past week. The drugmaker revealed positive initial data on its experimental weight loss injection in early May.
This comes at a time when the weight loss drug industry is gaining traction. Currently, Novo Nordisk and Eli Lilly are prominent players in this field, and their share prices have gained considerably this year. As a result, Amgen stock displayed the strong potential to outperform the broader market in recent weeks.
More Gains Ahead?
Currently, BBH has a Zacks ETF Rank #2 (Buy). Also, it might continue its strong performance in the near term, with a positive weighted alpha of 12.36, which gives cues of a further rally.
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VanEck Biotech ETF (BBH): ETF Research Reports
