Invesco Pharmaceuticals ETF (NYSEARCA:PJP) Reaches New 1-Year High – Time to Buy?

Shares of Invesco Pharmaceuticals ETF (NYSEARCA:PJP) hit a new 52-week high during trading on Thursday. The stock traded as high as $132.41 and last traded at $132.3850, with a volume of 2,566 shares. The stock had previously closed at $131.59.

Invesco Pharmaceuticals ETF Stock Performance

The firm’s fifty day simple moving average is $125.67 and its 200 day simple moving average is $115.06. The firm has a market cap of $569.24 million, a P/E ratio of 28.57 and a beta of 0.43.

Institutional Trading of Invesco Pharmaceuticals ETF

Several institutional investors have recently made changes to their positions in PJP. Bank of America Corp DE increased its position in shares of Invesco Pharmaceuticals ETF by 234.0% during the first quarter. Bank of America Corp DE now owns 74,458 shares of the company’s stock valued at $7,726,000 after acquiring an additional 52,165 shares during the last quarter. Royal Bank of Canada lifted its stake in Invesco Pharmaceuticals ETF by 479.8% during the first quarter. Royal Bank of Canada now owns 62,377 shares of the company’s stock worth $6,472,000 after purchasing an additional 51,619 shares in the last quarter. Trek Financial LLC acquired a new position in Invesco Pharmaceuticals ETF during the third quarter worth $5,720,000. Envestnet Asset Management Inc. boosted its position in shares of Invesco Pharmaceuticals ETF by 35.9% during the second quarter. Envestnet Asset Management Inc. now owns 36,897 shares of the company’s stock worth $4,370,000 after buying an additional 9,741 shares during the period. Finally, Joseph Group Capital Management boosted its position in shares of Invesco Pharmaceuticals ETF by 2.4% during the third quarter. Joseph Group Capital Management now owns 23,514 shares of the company’s stock worth $2,900,000 after buying an additional 548 shares during the period.

About Invesco Pharmaceuticals ETF

PowerShares Dynamic Pharmaceuticals Portfolio (the Fund) is a non-diversified fund. The Fund seeks investment results that correspond generally to the price and yield of the Dynamic Pharmaceuticals Intellidex Index (the Index). The Index evaluates companies based on a variety of investment merit criteria, including fundamental growth, stock valuation, investment timeliness and risk factors. The Index consists of stocks of 30 United States pharmaceutical companies. These are companies that are principally engaged in the research, development, manufacture, sale or distribution of pharmaceuticals and drugs of all types.