SPDR S&P Biotech ETF (NYSEARCA:XBI) Hits New 52-Week High – Time to Buy?

SPDR S&P Biotech ETF (NYSEARCA:XBI) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $169.89 and last traded at $169.40, with a volume of 4220462 shares trading hands. The stock had previously closed at $164.17.

SPDR S&P Biotech ETF Stock Up 2.9%

The firm’s fifty day moving average price is $154.55 and its two-hundred day moving average price is $138.02. The stock has a market capitalization of $11.03 billion, a PE ratio of 11.47 and a beta of 0.83.

Hedge Funds Weigh In On SPDR S&P Biotech ETF

Several hedge funds and other institutional investors have recently modified their holdings of the company. Wealth Management Partners LLC purchased a new position in shares of SPDR S&P Biotech ETF during the 1st quarter worth about $547,000. Keystone Investors PTE Ltd. purchased a new stake in SPDR S&P Biotech ETF in the 4th quarter worth about $12,022,000. Lalia Capital LLC purchased a new stake in SPDR S&P Biotech ETF in the 4th quarter worth about $12,193,000. Jessup Wealth Management Inc bought a new stake in SPDR S&P Biotech ETF in the fourth quarter worth about $1,053,000. Finally, Rockefeller Capital Management L.P. boosted its position in shares of SPDR S&P Biotech ETF by 44.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 236,057 shares of the exchange traded fund’s stock valued at $28,782,000 after buying an additional 72,636 shares during the period.

About SPDR S&P Biotech ETF

SPDR S&P Biotech ETF (the Fund) seeks to closely match the returns and characteristics of the S&P Biotechnology Select Industry Index. The S&P Biotechnology Select Industry Index represents the biotechnology sub-industry portion of the S&P Total Markets Index. The S&P TMI tracks all the United States common stocks listed on the New York Stock Exchange, American Stock Exchange, National Association of Securities Dealers Automated Quotation (NASDAQ) National Market and NASDAQ Small Cap exchanges. The Biotech Index is a modified equal weight index.