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Invesco Dorsey Wright Healthcare Momentum ETF (PTH) - free report >>
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Invesco Dorsey Wright Healthcare Momentum ETF (PTH) - free report >>
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Healthcare ETF (PTH) Hits New 52-Week High
For investors seeking momentum, PowerShares DWA Healthcare Momentum ETF (PTH - Free Report) is probably on radar now. The fund just hit a 52-week high of $59.75. Shares of PTH are up roughly 39.9% from their 52-week low price of $42.72/share.
But could more gains be ahead for this ETF? Let’s take a quick look at the fund and the near-term outlook to get a better idea on where it might be headed:
PTH in Focus
The fund looks to track the performance of the Dorsey Wright Healthcare Technical Leaders Index. Biotech stocks account for over 40% of the fund followed by healthcare equipment and supplies (31.11%) and healthcare providers and services (15.35%). The fund charges 60 bps in total fees (see Health Care ETFshere).
Why the Move?
The latest rally in the biotech space pushed the fund to the new high.Clovis Oncology’s (CLVS) positive clinical trial on its ovarian cancer drug treatment indicated that it may help a lot more patients than expected. The news acted as a cornerstone for the entire space. Chances of deregulation in the Trump administration probably was another driver of the rally.
More Gains Ahead?
The fund has a positive weighted alpha of 35.80. A positive weighted alpha hints at more gains. As a result, there is definitely still some promise for investors who want to ride on this surging ETF.
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