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Biotech ETF (IBB) Hits New 52-Week High
For investors seeking momentum, iShares Biotechnology ETF (IBB - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 25% from its 52-week low price of $11.83/share.
But are more gains in store for this ETF? Let’s 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:
IBB in Focus
iShares Biotechnology ETF provides exposure to 227 U.S. biotechnology and pharmaceutical companies by tracking the NYSE Biotechnology Index. It charges 45 bps in annual fees (read: all the Healthcare ETFs here).
Why the Move?
The biotech corner of the healthcare sector has been an area to watch lately, with the stocks staging a strong comeback at the start of 2024. The gains are driven by multibillion-dollar deals, upbeat clinical results and cutting-edge medical advances like CRISPR gene-editing hitting prime-time.
More Gains Ahead?
Currently, IBB has a Zacks ETF Rank #2 (Buy) with a High risk outlook, suggesting that the outperformance could continue in the months ahead. Many spaces that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.