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

ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) was the recipient of a significant drop in short interest during the month of July. As of July 15th, there was short interest totaling 2,604 shares, a drop of 79.4% from the June 30th total of 12,632 shares. Based on an average daily volume of 14,991 shares, the short-interest ratio is presently 0.2 days. Currently, 0.3% of the shares of the company are sold short.

ProShares Ultra Nasdaq Biotechnology Stock Performance

NASDAQ:BIB opened at $97.99 on Friday. ProShares Ultra Nasdaq Biotechnology has a one year low of $49.24 and a one year high of $110.25. The firm has a market cap of $82.31 million, a price-to-earnings ratio of 20.68 and a beta of 1.19. The firm’s fifty day moving average is $90.90 and its two-hundred day moving average is $85.92.

Hedge Funds Weigh In On ProShares Ultra Nasdaq Biotechnology

Several institutional investors and hedge funds have recently modified their holdings of the stock. Kaizen Financial Strategies boosted its stake in shares of ProShares Ultra Nasdaq Biotechnology by 4.7% in 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. Franklin Resources Inc. purchased a new position in ProShares Ultra Nasdaq Biotechnology during the second quarter valued at approximately $32,000. Finally, Citadel Advisors LLC purchased a new position in ProShares Ultra Nasdaq Biotechnology during the third quarter valued at approximately $307,000.

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.