Brookstone Capital Management Reduces Stake in iShares Biotechnology ETF

Brookstone Capital Management has significantly reduced its holdings in the iShares Biotechnology ETF (NASDAQ: IBB), as detailed in their latest Form 13F filing with the Securities and Exchange Commission. For the third quarter, the institutional investor cut its position by 55.2%, selling off 11,110 shares and leaving it with 9,007 shares in total. As per their recent disclosure, Brookstone's remaining stakes in the ETF are valued at approximately $1,311,000.

This decision aligns with the activity of other hedge funds that have also made adjustments to their investments in IBB. For instance, Marion Wealth Management increased its stake in the ETF by 4.3% in the third quarter, accumulating a total of 19,221 shares valued at around $2,799,000 after purchasing an additional 792 shares. Similarly, KWB Wealth elevated its ownership by 8.6%, bringing their total to 4,145 shares worth $569,000 after adding an extra 329 shares to their portfolio.

Furthermore, Thrive Wealth Management LLC entered into a new position in the iShares Biotechnology ETF, investing approximately $445,000. Park Avenue Securities LLC also established a new stake valued at around $218,000. SG Americas Securities LLC also upped its holdings by 16.4%, now owning 15,764 shares valued at $2,295,000 after acquiring an additional 2,223 shares last quarter. About 62.45% of iShares Biotechnology ETF is currently controlled by institutional investors and hedge funds.

Current Trading Performance of iShares Biotechnology ETF

As of the latest market opening, shares of IBB are trading at $145.59. The ETF features a fifty-day simple moving average of $145.12 and a two-hundred day simple moving average of $139.34. The iShares Biotechnology ETF has reached a one-year low of $111.83 and a one-year high of $150.57, indicating a range of performance potential.

Dividend Announcement from iShares Biotechnology ETF

In a recent development, the iShares Biotechnology ETF announced a dividend payment, which was executed on September 30th. Shareholders of record as of September 25th received a dividend of $0.2005. The ex-dividend date was also noted as September 25th.

Overview of iShares Biotechnology ETF

The iShares Nasdaq Biotechnology ETF, formerly known as the iShares Nasdaq Biotechnology Index Fund, is designed to track the performance of the NASDAQ Biotechnology Index. This index includes securities from companies listed on the NASDAQ that operate within the biotechnology and pharmaceutical sectors, meeting specific criteria set by NASDAQ.

investments, ETFs, biotech