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Healthcare ETF (RYH) Hits New 52-Week High

Sanghamitra Saha

For investors looking for momentum, Invesco S&P 500 Equal Weight Health Care ETF (RYH) 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 MDCO innovative approach to cholesterol treatment. Before this, Biogen BIIB 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.

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More Gains Ahead?

The fund also has a positive weighted alpha of 16.00, which gives cues of further rally.

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Invesco S&P 500 Equal Weight Health Care ETF (RYH): ETF Research Reports
 
Biogen Inc. (BIIB) : Free Stock Analysis Report
 
The Medicines Company (MDCO) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research
 
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report