Invesco Nasdaq Biotechnology ETF (NASDAQ:IBBQ) Shares Down 2.5% – Here’s Why

Invesco Nasdaq Biotechnology ETF (NASDAQ:IBBQ)’s share price was down 2.5% during mid-day trading on Friday . The stock traded as low as $28.96 and last traded at $29.00. Approximately 18,389 shares changed hands during trading, a decline of 42% from the average daily volume of 31,436 shares. The stock had previously closed at $29.75.

Invesco Nasdaq Biotechnology ETF Stock Performance

The firm has a fifty day simple moving average of $29.14 and a 200-day simple moving average of $28.79. The firm has a market cap of $65.54 million, a price-to-earnings ratio of 17.03 and a beta of 0.62.

Invesco Nasdaq Biotechnology ETF Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Monday, March 23rd were issued a dividend of $0.0361 per share. The ex-dividend date of this dividend was Monday, March 23rd. This represents a $0.14 annualized dividend and a yield of 0.5%.

Institutional Investors Weigh In On Invesco Nasdaq Biotechnology ETF

Hedge funds have recently added to or reduced their stakes in the business. IHT Wealth Management LLC acquired a new stake in Invesco Nasdaq Biotechnology ETF during the 2nd quarter valued at $211,000. Raymond James Financial Inc. acquired a new stake in Invesco Nasdaq Biotechnology ETF during the 2nd quarter valued at $149,000. Osaic Holdings Inc. increased its stake in shares of Invesco Nasdaq Biotechnology ETF by 28.4% during the second quarter. Osaic Holdings Inc. now owns 4,757 shares of the company’s stock worth $101,000 after purchasing an additional 1,052 shares during the period. Advisory Services Network LLC bought a new position in shares of Invesco Nasdaq Biotechnology ETF during the third quarter worth approximately $52,000. Finally, Royal Bank of Canada bought a new position in shares of Invesco Nasdaq Biotechnology ETF during the fourth quarter worth approximately $37,000.

Invesco Nasdaq Biotechnology ETF Company Profile

The Invesco Nasdaq Biotechnology ETF (IBBQ) is an exchange-traded fund that is based on the NASDAQ / Biotechnology index, a modified market-cap-weighted index of US biotechnology and pharmaceutical companies listed on the NASDAQ. IBBQ was launched on Jun 11, 2021 and is managed by Invesco.