Pharma ETF (IHE) Hit a 52-Week High

Investors seeking momentum may have iShares U.S. Pharmaceuticals ETF IHE on radar now. The fund recently hit a new 52-week high. Shares of IHE are up approximately 29.6% from their 52-week low of $58.97/share.But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.IHE In FocusThe underlying Dow Jones U.S. Select Pharmaceuticals Index is free-float adjusted market capitalization-weighted index. It includes pharmaceutical companies such as manufacturers of prescription or over-the-counter drugs or vaccines, but excludes producers of vitamins. The fund charges 38 bps in fees.Why The Move?The fund IHE invests about 23.66% of its weight in Eli Lilly & Co LLY. Eli Lilly stock gained on earnings and upbeat guidance. LLY shares added 9.6% over the past week. Eli Lilly’s investment spree is another positive for the fund.The company recently said that it will invest $1.2 billion in Puerto Rico (as quoted on Economic Times). Eli Lilly recently said that it plans to build a new $3 billion manufacturing plant in the Netherlands to expand the production capacity for its experimental weight-loss pill, orforglipron, and other oral medicines (per Reuters).More Gains Ahead?The fund has a positive weighted alpha of 13.47. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.Boost Your Portfolio with Our Top ETF InsightsZacks' 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 Eli Lilly and Company (LLY): Free Stock Analysis Report iShares U.S. Pharmaceuticals ETF (IHE): ETF Research ReportsThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks