iShares Biotechnology ETF (NASDAQ:IBB) Hits New 52-Week High – Here’s Why

Shares of iShares Biotechnology ETF (NASDAQ:IBB) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $179.64 and last traded at $179.52, with a volume of 853627 shares changing hands. The stock had previously closed at $177.00.

iShares Biotechnology ETF Trading Up 1.5%

The stock has a fifty day simple moving average of $170.71 and a two-hundred day simple moving average of $170.72.

iShares Biotechnology ETF Cuts Dividend

The firm also recently announced 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 0.1%.

Hedge Funds Weigh In On iShares Biotechnology ETF

Institutional investors have recently added to or reduced their stakes in the business. Basepoint Wealth LLC bought a new stake in shares of iShares Biotechnology ETF in the 4th quarter valued at $26,000. Cary Street Partners Financial LLC bought a new position in iShares Biotechnology ETF during the fourth quarter worth $29,000. Darwin Wealth Management LLC acquired a new stake in iShares Biotechnology ETF in the second quarter worth $25,000. Caitlin John LLC acquired a new stake in iShares Biotechnology ETF in the fourth quarter worth $34,000. Finally, Cornerstone Planning Group LLC bought a new stake in iShares Biotechnology ETF in the fourth quarter valued at $35,000. 62.45% of the stock is owned by institutional investors and hedge funds.

iShares Biotechnology ETF Company Profile

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.