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

iShares Biotechnology ETF (NASDAQ:IBB)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $201.91 and last traded at $201.87, with a volume of 360482 shares. The stock had previously closed at $198.26.

iShares Biotechnology ETF Stock Up 1.8%

The firm has a 50 day moving average of $186.87 and a 200 day moving average of $176.26.

iShares Biotechnology ETF Cuts Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Citigroup Inc. increased its holdings in shares of iShares Biotechnology ETF by 40.9% in the fourth quarter. Citigroup Inc. now owns 5,242,688 shares of the financial services provider’s stock worth $884,808,000 after purchasing an additional 1,521,992 shares during the period. Raymond James Financial Inc. boosted its stake in iShares Biotechnology ETF by 286.2% during the fourth quarter. Raymond James Financial Inc. now owns 994,311 shares of the financial services provider’s stock valued at $167,810,000 after buying an additional 736,881 shares during the period. Bank of America Corp DE boosted its stake in iShares Biotechnology ETF by 10.8% during the first quarter. Bank of America Corp DE now owns 7,259,501 shares of the financial services provider’s stock valued at $1,225,767,000 after buying an additional 707,343 shares during the period. WestEnd Advisors LLC bought a new stake in iShares Biotechnology ETF during the fourth quarter valued at $106,276,000. Finally, Truist Financial Corp grew its position in iShares Biotechnology ETF by 2,239.6% during the fourth quarter. Truist Financial Corp now owns 642,023 shares of the financial services provider’s stock worth $108,354,000 after buying an additional 614,582 shares in the last quarter. Institutional investors own 62.45% of the company’s stock.

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.