ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) Sees Large Increase in Short Interest

ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) was the target of a significant growth in short interest in June. As of June 30th, there was short interest totaling 12,632 shares, a growth of 143.4% from the June 15th total of 5,190 shares. Based on an average daily trading volume, of 18,635 shares, the days-to-cover ratio is currently 0.7 days. Approximately 1.5% of the company’s stock are short sold.

Hedge Funds Weigh In On ProShares Ultra Nasdaq Biotechnology

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Kaizen Financial Strategies increased its position in ProShares Ultra Nasdaq Biotechnology by 4.7% during the first quarter. Kaizen Financial Strategies now owns 5,565 shares of the exchange traded fund’s stock worth $483,000 after buying an additional 250 shares during the last quarter. Citadel Advisors LLC acquired a new position in ProShares Ultra Nasdaq Biotechnology in the 3rd quarter valued at about $307,000. Finally, Franklin Resources Inc. bought a new position in ProShares Ultra Nasdaq Biotechnology in the 2nd quarter valued at about $32,000.

ProShares Ultra Nasdaq Biotechnology Trading Down 3.0%

Shares of BIB opened at $99.86 on Tuesday. The company’s fifty day simple moving average is $88.19 and its 200 day simple moving average is $84.84. ProShares Ultra Nasdaq Biotechnology has a 1-year low of $48.50 and a 1-year high of $110.25. The company has a market cap of $83.88 million, a price-to-earnings ratio of 20.68 and a beta of 1.19.

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.