State of Michigan Retirement System Acquires New Position in iShares Biotechnology ETF (NASDAQ:IBB)

State of Michigan Retirement System bought a new position in shares of iShares Biotechnology ETF (NASDAQ:IBB) during the 1st quarter, HoldingsChannel.com reports. The fund bought 50,000 shares of the financial services provider’s stock, valued at approximately $6,861,000.

A number of other hedge funds have also bought and sold shares of IBB. International Assets Investment Management LLC purchased a new position in shares of iShares Biotechnology ETF in the fourth quarter worth about $76,425,000. Global Assets Advisory LLC purchased a new position in iShares Biotechnology ETF during the 1st quarter worth approximately $66,059,000. Raymond James Financial Services Advisors Inc. lifted its stake in iShares Biotechnology ETF by 8.9% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 153,692 shares of the financial services provider’s stock valued at $20,879,000 after acquiring an additional 12,611 shares during the period. Stifel Financial Corp boosted its holdings in shares of iShares Biotechnology ETF by 11.7% in the 4th quarter. Stifel Financial Corp now owns 137,897 shares of the financial services provider’s stock valued at $18,736,000 after acquiring an additional 14,457 shares during the last quarter. Finally, Gray Foundation purchased a new stake in shares of iShares Biotechnology ETF in the 4th quarter valued at $17,890,000. Institutional investors and hedge funds own 62.45% of the company’s stock.

iShares Biotechnology ETF Trading Down 0.7 %

Shares of iShares Biotechnology ETF stock traded down $0.95 during trading on Tuesday, hitting $136.02. 1,272,023 shares of the company’s stock were exchanged, compared to its average volume of 1,636,634. The business has a 50-day simple moving average of $134.64 and a 200-day simple moving average of $134.94. iShares Biotechnology ETF has a 52-week low of $111.83 and a 52-week high of $141.16.

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.