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Healthcare ETF (XLV) Hit a 52-Week High
For investors seeking momentum, Health Care Select Sector SPDR ETF (XLV - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 15.5% from its 52-week low price of $122.59/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 of where it might be headed:
XLV in Focus
The underlying Health Care Select Sector Index includes companies from the following industries: pharmaceuticals; health care providers & services; health care equipment & supplies; biotechnology; life sciences tools & services; and health care technology. It charges 10 bps in annual fees.
Why the Move?
The healthcare sector has been an area to watch lately, with the stocks staging a strong comeback at the start of 2024. The gains are driven by multibillion-dollar deals, upbeat clinical results and cutting-edge medical advances like CRISPR gene-editing hitting prime-time.
More Gains Ahead?
Currently, XLV has a Zacks ETF Rank #1 (Strong Buy) with a Medium risk outlook, suggesting that the outperformance could continue in the months ahead.