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Biotechnology ETF (IBB) Hits New 52-Week High
For investors seeking momentum, iShares Nasdaq Biotechnology ETF (IBB - Free Report) is probably on radar. The fund just hit a 52-week high and is up about 34.3% from its 52-week low price of $89.01/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 on where it might be headed:
IBB in Focus
This fund seeks to provide exposure to U.S. biotechnology stocks and tracks the NASDAQ Biotechnology Index. It comprises about 215 holdings. It charges a fee of 47 basis points a year.
Why the Move?
FDA approvals, solid merger-acquisition environment and positive drug data have been driving the sector and the related funds like IBB ahead.
More Gains Ahead?
Currently, the fund has a positive weighted alpha of 15.80. So, there is definitely some promise for those who want to ride on this ETF a little longer.
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