IHI Continues to Cut Its Year-to-Date Losses
IHI Continues to Cut Its Year-to-Date Losses
IHI reduces year-to-date losses
The markets remained flat on March 24, 2016. The Dow Jones Industrial Average gained 0.1% while the SPDR S&P 500 ETF (SPY) remained absolutely flat with no gain and no loss.
In the biotech and healthcare sector, the iShares US Medical Devices ETF (IHI) was marginally down by 0.4%. Within IHI’s holdings, 11 stocks advanced and 38 stocks declined.
The above chart gives an insight into IHI’s price movements and the returns at different time intervals as of March 24, 2016. IHI closed at $119.22 and was trading above its 20-day moving average price.
Year-to-date, IHI’s returns stood at -2.7% compared with the previous week’s return of -3.5%. IHI is cutting down its losses and if the trend continues, it could move toward positive returns.
Top performers
The top performers of the iShares US Medical Devices ETF on March 24, 2016, were Edwards Lifesciences (EW), NuVasive (NUVA), and Hologic (HOLX). These companies rose by 1.7%, 0.7%, and 1%, respectively.
Hologic was in the news, as it will be included in the S&P 500 along with the health insurer Centene (CNC). This will be effective after the close of trading hours on March 29, 2016, according to the S&P Dow Jones indexes.
Hologic gained 1% and closed at $34.35. It is trading below its 20-day moving average. On a year-to-date basis, the stock is down by 11.2%. Hologic’s 52-week high is $43, and its 52-week low is $31.84.
Hologic has a book value of $7.64 per share. With its current price, the stock is trading at a price-to-book value of ~4.5x and a 2016 forward price-to-earnings of ~18.2x. Hologic has a weight of ~2% in IHI’s portfolio.
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