SPDR S&P Biotech ETF (NYSEARCA:XBI) Stock Crosses Above 50-Day Moving Average – Here’s Why

SPDR S&P Biotech ETF (NYSEARCA:XBI)’s stock price crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $156.99 and traded as high as $157.55. SPDR S&P Biotech ETF shares last traded at $157.51, with a volume of 9,094,154 shares changing hands.

SPDR S&P Biotech ETF Trading Down 1.1%

The stock has a market capitalization of $10.57 billion, a P/E ratio of 11.47 and a beta of 0.83. The business’s fifty day simple moving average is $156.60 and its two-hundred day simple moving average is $141.58.

Institutional Investors Weigh In On SPDR S&P Biotech ETF

Several hedge funds have recently made changes to their positions in XBI. Bank of America Corp DE boosted its stake in SPDR S&P Biotech ETF by 13.3% in the first quarter. Bank of America Corp DE now owns 14,518,027 shares of the exchange traded fund’s stock worth $1,854,388,000 after purchasing an additional 1,700,851 shares in the last quarter. Main Street Research LLC increased its stake in shares of SPDR S&P Biotech ETF by 57.4% in the first quarter. Main Street Research LLC now owns 567,479 shares of the exchange traded fund’s stock valued at $72,484,000 after buying an additional 206,953 shares in the last quarter. Moss Adams Wealth Advisors LLC acquired a new stake in shares of SPDR S&P Biotech ETF in the third quarter valued at $30,841,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of SPDR S&P Biotech ETF by 145.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 314,224 shares of the exchange traded fund’s stock valued at $49,726,000 after buying an additional 186,314 shares in the last quarter. Finally, Parkway Wealth Management Group LLC bought a new position in shares of SPDR S&P Biotech ETF in the third quarter valued at about $26,452,000.

SPDR S&P Biotech ETF Company Profile

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.