Biotech ETF (BBC) Touches a New 52-Week High
For investors seeking momentum, Virtus Biotech Clinical Trials ETF BBC is probably on the radar now. The fund just hit a 52-week high and gained 2.2% from its 52-week low price of $51.24 per share.
But are there more gains in store for this ETF? Let’s take a quick look at the fund and its near-term outlook to get a better sense of where it might head.
BBC in Focus
This fund followsthe LifeSci Biotechnology Clinical Trials Index, which is an equal weighted index that is designed to measure the equity market performance of the common stock of U.S. exchange-listed biotechnology companies with a primary product offering that is in a Phase 1, Phase 2 or Phase 3 clinical trial stage of development. The product charges 65 basis points (bps) in annual fees.
What Led to the Rise?
The biotech industry has held up well this year despite macroeconomic uncertainty, pricing pressures and regulatory challenges. Strong first-quarter earnings, new drug approvals and encouraging clinical trial updates have kept investor sentiment positive.
More Gains Ahead?
BBC may continue its strong performance in the near term, with a positive weighted alpha of 148.34 (as per Barchart.com), which suggests a further rally.
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Virtus Biotech Clinical Trials ETF (BBC): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Source Zacks-com
