Short Interest in First Trust NYSE Arca Biotechnology Index Fund (NYSEARCA:FBT) Drops By 38.0%

First Trust NYSE Arca Biotechnology Index Fund (NYSEARCA:FBT) was the recipient of a significant decline in short interest in May. As of May 29th, there was short interest totaling 24,273 shares, a decline of 38.0% from the May 14th total of 39,179 shares. Approximately 0.2% of the company’s stock are short sold. Based on an average trading volume of 24,573 shares, the days-to-cover ratio is currently 1.0 days.

First Trust NYSE Arca Biotechnology Index Fund Price Performance

FBT opened at $225.61 on Monday. The business’s 50-day moving average is $211.19 and its two-hundred day moving average is $209.25. First Trust NYSE Arca Biotechnology Index Fund has a 1 year low of $157.51 and a 1 year high of $229.39. The firm has a market capitalization of $2.55 billion, a PE ratio of 21.72 and a beta of 0.68.

Hedge Funds Weigh In On First Trust NYSE Arca Biotechnology Index Fund

Several institutional investors and hedge funds have recently added to or reduced their stakes in FBT. First Trust Advisors LP grew its stake in First Trust NYSE Arca Biotechnology Index Fund by 49,660.7% in the first quarter. First Trust Advisors LP now owns 3,515,093 shares of the company’s stock valued at $705,900,000 after purchasing an additional 3,508,029 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in First Trust NYSE Arca Biotechnology Index Fund by 4,370.5% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 577,231 shares of the company’s stock valued at $119,210,000 after purchasing an additional 564,319 shares during the last quarter. 360 Financial Inc. purchased a new position in First Trust NYSE Arca Biotechnology Index Fund in the fourth quarter valued at about $14,887,000. Stonebridge Financial Group LLC purchased a new position in First Trust NYSE Arca Biotechnology Index Fund in the fourth quarter valued at about $14,734,000. Finally, Morgan Stanley grew its stake in First Trust NYSE Arca Biotechnology Index Fund by 18.2% in the fourth quarter. Morgan Stanley now owns 401,201 shares of the company’s stock valued at $82,856,000 after purchasing an additional 61,755 shares during the last quarter.

About First Trust NYSE Arca Biotechnology Index Fund

The First Trust NYSE Arca Biotechnology Index Fund (FBT) is an exchange-traded fund that is based on the NYSE Arca Biotechnology index. The fund tracks an equal-weighted index of US biotechnology stocks. FBT was launched on Jun 19, 2006 and is managed by First Trust.