iShares Biotechnology ETF (NASDAQ:IBB) Hits New 52-Week High – Time to Buy?

iShares Biotechnology ETF (NASDAQ:IBB)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $217.12 and last traded at $216.42, with a volume of 706057 shares changing hands. The stock had previously closed at $212.53.

iShares Biotechnology ETF Trading Down 0.5%

The company has a 50-day moving average price of $193.48 and a 200-day moving average price of $178.38.

iShares Biotechnology ETF Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Monday, June 15th were paid a dividend of $0.0238 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.10 annualized dividend and a yield of 0.0%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of IBB. Bank of America Corp DE raised its holdings in iShares Biotechnology ETF by 10.8% in the first quarter. Bank of America Corp DE now owns 7,259,501 shares of the financial services provider’s stock worth $1,225,767,000 after purchasing an additional 707,343 shares during the period. Citigroup Inc. increased its position in shares of iShares Biotechnology ETF by 40.9% in the 4th quarter. Citigroup Inc. now owns 5,242,688 shares of the financial services provider’s stock valued at $884,808,000 after buying an additional 1,521,992 shares in the last quarter. Morgan Stanley increased its position in shares of iShares Biotechnology ETF by 2.5% in the 4th quarter. Morgan Stanley now owns 3,204,126 shares of the financial services provider’s stock valued at $540,760,000 after buying an additional 76,978 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of iShares Biotechnology ETF by 11.4% in the 4th quarter. BNP Paribas Financial Markets now owns 2,133,461 shares of the financial services provider’s stock valued at $360,064,000 after buying an additional 218,066 shares in the last quarter. Finally, Raymond James Financial Inc. raised its stake in iShares Biotechnology ETF by 286.2% during the 4th quarter. Raymond James Financial Inc. now owns 994,311 shares of the financial services provider’s stock worth $167,810,000 after buying an additional 736,881 shares during the period. Institutional investors and hedge funds own 62.45% of the company’s stock.

About iShares Biotechnology ETF

iShares Nasdaq Biotechnology ETF (the Fund), formerly iShares Nasdaq Biotechnology Index Fund, is an exchange-traded fund (ETF). The Fund seeks investment results that correspond generally to the price and yield performance of the NASDAQ Biotechnology Index (the Index). The Index contains securities of NASDAQ listed companies that are classified according to the Industry Classification Benchmark as either biotechnology or pharmaceuticals, which also meet other eligibility criteria determined by NASDAQ.