Portfolio Strategies Inc Cuts Stake in iShares NASDAQ Biotechnology Index (IBB)

Portfolio Strategies Inc cut its position in iShares NASDAQ Biotechnology Index (NASDAQ:IBB) by 12.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,945 shares of the financial services provider’s stock after selling 835 shares during the period. iShares NASDAQ Biotechnology Index comprises approximately 2.6% of Portfolio Strategies Inc’s holdings, making the stock its 16th largest position. Portfolio Strategies Inc’s holdings in iShares NASDAQ Biotechnology Index were worth $1,843,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in shares of iShares NASDAQ Biotechnology Index by 45.7% in the first quarter. JPMorgan Chase & Co. now owns 782,179 shares of the financial services provider’s stock worth $229,389,000 after buying an additional 245,458 shares during the period. Alerus Financial NA boosted its stake in shares of iShares NASDAQ Biotechnology Index by 0.6% in the first quarter. Alerus Financial NA now owns 25,933 shares of the financial services provider’s stock worth $7,606,000 after buying an additional 159 shares during the period. Aspen Investment Management Inc boosted its stake in shares of iShares NASDAQ Biotechnology Index by 0.7% in the first quarter. Aspen Investment Management Inc now owns 2,152 shares of the financial services provider’s stock worth $631,000 after buying an additional 15 shares during the period. David R. Rahn & Associates Inc. acquired a new stake in shares of iShares NASDAQ Biotechnology Index during the first quarter worth about $2,055,000. Finally, Harbour Investment Management LLC acquired a new stake in shares of iShares NASDAQ Biotechnology Index during the first quarter worth about $4,559,000. 63.90% of the stock is owned by institutional investors and hedge funds.

Shares of iShares NASDAQ Biotechnology Index (NASDAQ IBB) traded down 0.58% during midday trading on Friday, hitting $311.05. 755,861 shares of the stock were exchanged. The firm has a 50-day moving average of $314.48 and a 200-day moving average of $300.23. iShares NASDAQ Biotechnology Index has a 1-year low of $246.71 and a 1-year high of $329.90.

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Separately, Vetr cut shares of iShares NASDAQ Biotechnology Index from a “buy” rating to a “hold” rating and set a $307.00 price objective for the company. in a research note on Monday, June 5th.

iShares NASDAQ Biotechnology Index 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.