For investors seeking momentum, VanEck Biotech ETF (BBH Quick QuoteBBH - Free Report) is probably on the radar. The fund just hit a 52-week high and has risen 41.1% from its 52-week low price of $176.30/share.

But are there more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook to get a better idea of where it might head:

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?

The fund is heavy on Amgen. Positive Tezspire Phase 3 results have benefitted the stock yesterday and also favored the fund BBH. Amgen and AstraZeneca reported significant improvements in eosinophilic esophagitis, with sustained symptom relief and histologic remission through 52 weeks, potentially expanding Tezspire’s market beyond severe asthma.

More Gains Ahead?

BBH might continue its strong performance in the near term, with a positive weighted alpha of 44.96 (as per Barchart.com), which gives cues of a further rally.