Medical ETF (MEDX) Touches New 52-Week High
For investors seeking momentum, the Horizon Kinetics Medical ETF MEDX is probably on the radar now. The fund just hit a 52-week high and is up 49.9% from its 52-week low price of $23.46 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.
MEDX in Focus
The fund provides exposure to patented first-line pharmaceuticals and biologics companies. The fund charges 85 basis points (bps) in annual fees (See: all Healthcare ETFs here).
What Led to the Rise?
Strong performance of the healthcare sector, specifically in specialized pharmaceutical and biotech areas, must have led MEDX to touch a new 52-week high now. Additionally, the fund’s concentrated focus on "patented first-line" pharmaceuticals is likely to have paid off, particularly through its double-digit weighting in Eli Lilly, which currently dominates the GLP-1 market.
More Gains Ahead?
MEDX may continue its strong performance in the near term, with a positive weighted alpha of 28.43 (as per Barchart.com), which suggests a further rally.
Boost Your Portfolio with Our Top ETF Insights
Zacks' exclusive Fund Newsletter delivers actionable information, top news and analysis, as well as top-performing ETFs, straight to your inbox every week.
Don’t miss out on this valuable resource. It’s free!
Get it now >>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
This article originally published on Zacks Investment Research (zacks.com).
Source Zacks-com
