iShares Biotechnology ETF (NASDAQ:IBB) Hits New 52-Week High – What’s Next?

iShares Biotechnology ETF (NASDAQ:IBB) shares hit a new 52-week high during mid-day trading on Thursday. The stock traded as high as $222.40 and last traded at $218.9640, with a volume of 5,645 shares changing hands. The stock had previously closed at $221.13.

iShares Biotechnology ETF Price Performance

The firm has a 50 day moving average of $208.59 and a two-hundred day moving average of $185.49.

iShares Biotechnology ETF Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Tuesday, September 15th were paid a dividend of $0.0112 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This is a negative change from iShares Biotechnology ETF’s previous quarterly dividend of $0.0238. This represents a $0.04 annualized dividend and a yield of 0.0%.

Institutional Investors Weigh In On iShares Biotechnology ETF

Hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE boosted its holdings in iShares Biotechnology ETF by 10.8% during the 1st 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 acquiring an additional 707,343 shares during the last quarter. Henshaw Capital LLC purchased a new stake in shares of iShares Biotechnology ETF in the first quarter valued at about $20,262,000. MinichMacGregor Wealth Management LLC raised its holdings in shares of iShares Biotechnology ETF by 3,323.4% in the third quarter. MinichMacGregor Wealth Management LLC now owns 78,396 shares of the financial services provider’s stock valued at $16,505,000 after purchasing an additional 76,106 shares during the last quarter. Redstone Wealth Management LLC bought a new position in shares of iShares Biotechnology ETF during the third quarter valued at about $12,401,000. Finally, Point Nemo Capital LLC lifted its position in shares of iShares Biotechnology ETF by 868.3% during the third quarter. Point Nemo Capital LLC now owns 49,353 shares of the financial services provider’s stock valued at $10,390,000 after purchasing an additional 44,256 shares in the last quarter. 62.45% of the stock is currently owned by institutional investors and hedge funds.

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.