Investors seeking momentum may have SPDR S&P Biotech ETF XBI on radar now. The fund recently hit a new 52-week high. Shares of XBI are up approximately 109% from their 52-week low of $62.94/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.XBI in FocusThe underlying S&P Biotechnology Select Industry Index represents the biotechnology sub-industry portion of the S&P Total Markets Index. The S&P TMI tracks all the U.S. common stocks listed on the NYSE, AMEX, NASDAQ National Market and NASDAQ Small Cap exchanges. The Biotech Index is a modified equal weight index. It charges 35 bps in fees (see all Health Care ETFs here).Why the Move?Shares of biotech companies rallied on back-to-back upbeat vaccine news. While Pfizer PFE and Moderna MRNA already charged up markets with their success in COVID-19 vaccines in clinical trials, AstraZeneca AZN said on Nov 23 that its vaccine, developed in collaboration with the University of Oxford, showed an average 70% effectiveness. Plus, Sanofi (SNY) and GlaxoSmithKline's (GSK) as well as Johnson & Johnson (JNJ) are also working hard in the COVID-19 vaccine field.More Gains Ahead?The fund has a positive weighted alpha of 49.50. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.Want key ETF info delivered straight to your inbox?Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>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 AstraZeneca PLC (AZN): Free Stock Analysis Report Pfizer Inc. (PFE): Free Stock Analysis Report Moderna, Inc. (MRNA): Free Stock Analysis Report SPDR S&P Biotech ETF (XBI): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research 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