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Healthcare ETF (RYH) Hits New 52-Week High
For investors looking for momentum, Invesco S&P 500 Equal Weight Health Care ETF is probably a suitable pick. The fund just hit a 52-week high — up roughly 28.9% from its 52-week low of $ 165.66/share.
Does it have more gains in store? Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
RYH in Focus
The underlying S&P 500 Equal Weight Health Care Index equally weights stocks in the health care sector of the S&P 500 Index. The fund charges 40 bps in fees (see all HealthCare ETFs here)
Why the Move?
A host of positive news has been driving the healthcare sector higher with the most recent being The Medicines Company’s innovative approach to cholesterol treatment. Before this, Biogen (BIIB - Free Report) spread optimism in the healthcare sector following its Alzheimer’s treatment report. The sector has been hitting headlines this year due to mergers and acquisitions. Valuation is also compelling.
More Gains Ahead?
The fund also has a positive weighted alpha of 16.00, which gives cues of further rally.
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