ProShares UltraShort Nasdaq Biotechnology (NASDAQ:BIS) Shares Pass Below 50-Day Moving Average – Here’s What Happened

Shares of ProShares UltraShort Nasdaq Biotechnology (NASDAQ:BIS) passed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $8.82 and traded as low as $8.71. ProShares UltraShort Nasdaq Biotechnology shares last traded at $8.72, with a volume of 16,237 shares trading hands.

ProShares UltraShort Nasdaq Biotechnology Stock Performance

The stock has a 50-day moving average price of $8.82 and a two-hundred day moving average price of $9.42.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in ProShares UltraShort Nasdaq Biotechnology stock. Csenge Advisory Group acquired a new stake in shares of ProShares UltraShort Nasdaq Biotechnology (NASDAQ:BIS) during the third quarter, according to its most recent disclosure with the SEC. The fund acquired 12,421 shares of the company’s stock, valued at approximately $163,000. Csenge Advisory Group owned approximately 6.54% of ProShares UltraShort Nasdaq Biotechnology as of its most recent SEC filing.

About ProShares UltraShort Nasdaq Biotechnology

ProShares Ultra Nasdaq Biotechnology (the Fund) seeks investment results for a single day only, not for longer periods. The Fund seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Index. The return of the Fund for a period longer than a single trading day will be the result of each day’s returns compounded over the period, which will very likely differ from twice (200%) the return of the Nasdaq Biotechnology Index (the Index) for that period.