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Healthcare ETF (JHMH) Hits New 52-Week High

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For investors seeking momentum, the John Hancock Multifactor Healthcare ETF (JHMH - Free Report) is probably on radar. The fund just hit a 52 week-high, and shares of JHMH are up roughly 22% from their 52-week low price of $29.91/share.

But could more gains be in store 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:

JHMH in Focus

The fundfocuses on the healthcare segment of the market and comprises 106 holdings. Johnson & Johnson (JNJ - Free Report) occupies the top weight with 6.55% weight. It has a large-cap bias (80%) (see: all the Health Care ETFs).

Why the move?

Healthcare stocks are hot with Democrats taking the house in midterm elections as this is supposed to reduce the risk of Republicans cancelling or weakening Obamacare. Approval of Medicaid expansion referendums in Idaho, Nebraska and Utah were taken in positive light as it would allow thousands of poor Americans to gain access to healthcare coverage.

More Gains Ahead?

Currently, JHMH has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook, so there is definitely still some promise for those who want to try to ride this surging ETF a little further.

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