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AstraZeneca PLC (AZN) - free report >>
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Biotech ETF (XBI) Hits New 52-Week High
Investors seeking momentum may have SPDR S&P Biotech ETF (XBI - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of XBI are up approximately 109% from their 52-week low of $62.94/share.
But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.
XBI in Focus
The underlying S&P Biotechnology Select Industry Index represents the biotechnology sub-industry portion of the S&P Total Markets Index. The S&P TMI tracks all the U.S. common stocks listed on the NYSE, AMEX, NASDAQ National Market and NASDAQ Small Cap exchanges. The Biotech Index is a modified equal weight index. It charges 35 bps in fees (see all Health Care ETFs here).
Why the Move?
Shares of biotech companies rallied on back-to-back upbeat vaccine news. While Pfizer (PFE - Free Report) and Moderna (MRNA - Free Report) already charged up markets with their success in COVID-19 vaccines in clinical trials, AstraZeneca (AZN - Free Report) said on Nov 23 that its vaccine, developed in collaboration with the University of Oxford, showed an average 70% effectiveness. Plus, Sanofi (SNY) and GlaxoSmithKline's (GSK) as well as Johnson & Johnson (JNJ) are also working hard in the COVID-19 vaccine field.
More Gains Ahead?
The fund has a positive weighted alpha of 49.50. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.
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