ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) Sees Significant Decrease in Short Interest

ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) was the target of a significant decrease in short interest in July. As of July 15th, there was short interest totaling 2,604 shares, a decrease of 79.4% from the June 30th total of 12,632 shares. Currently, 0.3% of the company’s stock are sold short. Based on an average daily volume of 14,991 shares, the days-to-cover ratio is presently 0.2 days.

ProShares Ultra Nasdaq Biotechnology Stock Performance

Shares of BIB stock traded down $1.05 during trading on Friday, hitting $97.99. 3,483 shares of the company were exchanged, compared to its average volume of 11,261. The business’s 50-day simple moving average is $90.90 and its 200 day simple moving average is $85.92. ProShares Ultra Nasdaq Biotechnology has a twelve month low of $49.24 and a twelve month high of $110.25. The firm has a market capitalization of $82.31 million, a price-to-earnings ratio of 20.68 and a beta of 1.19.

Institutional Investors Weigh In On ProShares Ultra Nasdaq Biotechnology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kaizen Financial Strategies grew its holdings in shares of ProShares Ultra Nasdaq Biotechnology by 4.7% during the 1st quarter. Kaizen Financial Strategies now owns 5,565 shares of the exchange traded fund’s stock valued at $483,000 after acquiring an additional 250 shares in the last quarter. Citadel Advisors LLC purchased a new stake in shares of ProShares Ultra Nasdaq Biotechnology during the third quarter worth $307,000. Finally, Franklin Resources Inc. purchased a new stake in shares of ProShares Ultra Nasdaq Biotechnology during the second quarter worth $32,000.

ProShares Ultra Nasdaq Biotechnology Company Profile

ProShares Ultra Nasdaq Biotechnology (the Fund) seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Index. The return of the Fund for a period longer than a single trading day will be the result of each day’s returns compounded over the period, which will very likely differ from the inverse of the return of the Dow Jones United States Basic Materials Index (the Index) for that period. The Fund does not seek to achieve its stated investment objective over a period of time greater than one day.