ValuEngine Lowers iShares Nasdaq Biotechnology ETF (NASDAQ:IBB) to Hold

iShares Nasdaq Biotechnology ETF (NASDAQ:IBB) was downgraded by ValuEngine from a “buy” rating to a “hold” rating in a research report issued on Tuesday, ValuEngine reports.

Shares of NASDAQ:IBB traded up $1.72 during trading on Tuesday, reaching $105.30. The company had a trading volume of 4,400,569 shares, compared to its average volume of 2,412,538. The company has a fifty day moving average of $101.88 and a two-hundred day moving average of $104.86. iShares Nasdaq Biotechnology ETF has a 12 month low of $89.01 and a 12 month high of $116.25.

Several large investors have recently modified their holdings of the company. Natixis increased its holdings in shares of iShares Nasdaq Biotechnology ETF by 66.7% in the 2nd quarter. Natixis now owns 1,250,929 shares of the financial services provider’s stock worth $136,476,000 after buying an additional 500,326 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of iShares Nasdaq Biotechnology ETF by 120.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,108,069 shares of the financial services provider’s stock valued at $118,874,000 after purchasing an additional 604,388 shares in the last quarter. Tibra Equities Europe Ltd purchased a new stake in shares of iShares Nasdaq Biotechnology ETF in the 2nd quarter valued at $58,914,000. Main Management ETF Advisors LLC boosted its stake in shares of iShares Nasdaq Biotechnology ETF by 6.4% in the 2nd quarter. Main Management ETF Advisors LLC now owns 199,800 shares of the financial services provider’s stock valued at $21,798,000 after purchasing an additional 12,000 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of iShares Nasdaq Biotechnology ETF in the 2nd quarter valued at $16,695,000. 79.01% of the stock is currently owned by hedge funds and other institutional investors.

About iShares Nasdaq 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.

Further Reading: Why do companies issue stock splits?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Receive News & Ratings for iShares Nasdaq Biotechnology ETF Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for iShares Nasdaq Biotechnology ETF and related companies with MarketBeat.com's FREE daily email newsletter.