Karp Capital Management Corp raised its stake in shares of iShares NASDAQ Biotechnology Index (NASDAQ:IBB) by 21.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,465 shares of the financial services provider’s stock after buying an additional 2,200 shares during the period. iShares NASDAQ Biotechnology Index comprises 1.9% of Karp Capital Management Corp’s portfolio, making the stock its 15th largest position. Karp Capital Management Corp’s holdings in iShares NASDAQ Biotechnology Index were worth $3,865,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the stock. Essex Financial Services Inc. raised its stake in iShares NASDAQ Biotechnology Index by 17.7% in the second quarter. Essex Financial Services Inc. now owns 1,053 shares of the financial services provider’s stock worth $327,000 after buying an additional 158 shares during the period. Pinnacle Wealth Management Advisory Group LLC raised its stake in iShares NASDAQ Biotechnology Index by 1.1% in the second quarter. Pinnacle Wealth Management Advisory Group LLC now owns 890 shares of the financial services provider’s stock worth $276,000 after buying an additional 10 shares during the period. Geneva Advisors LLC raised its stake in iShares NASDAQ Biotechnology Index by 170.7% in the second quarter. Geneva Advisors LLC now owns 2,214 shares of the financial services provider’s stock worth $687,000 after buying an additional 1,396 shares during the period. Apriem Advisors raised its stake in iShares NASDAQ Biotechnology Index by 2.7% in the second quarter. Apriem Advisors now owns 1,140 shares of the financial services provider’s stock worth $353,000 after buying an additional 30 shares during the period. Finally, Wayne Hummer Investments L.L.C. purchased a new stake in iShares NASDAQ Biotechnology Index during the second quarter worth $244,000. 63.90% of the stock is currently owned by institutional investors.

iShares NASDAQ Biotechnology Index (NASDAQ IBB) traded down 0.58% during mid-day trading on Friday, reaching $311.05. 755,861 shares of the company were exchanged. The stock has a 50 day moving average of $314.48 and a 200-day moving average of $300.23. iShares NASDAQ Biotechnology Index has a one year low of $246.71 and a one year high of $329.90.

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Separately, Vetr raised shares of iShares NASDAQ Biotechnology Index from a “hold” rating to a “buy” rating and set a $303.00 target price on the stock in a report on Monday, May 8th.

About iShares NASDAQ Biotechnology Index

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.

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Institutional Ownership by Quarter for iShares NASDAQ Biotechnology Index (NASDAQ:IBB)

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