The big biotechnology exchange traded money closed higher Monday and it is a god thing taking into consideration this past week with a less than an impressive performance from the high-level group.
Biotech EFTs have currently displayed vulnerability. Such as, the iShares Nasdaq Biotechnology ETF the biggest biotech ETF assets, dropped close to 4% this week on its way to shedding close to $200 million in assets and there is a discussion being created about IBB developing a bearish head and shoulders chart system.
“According to data from CNBC, 81 percent of stocks in the IBB with a market cap of more than $500 million are down more than 10 percent from 52-week highs, technically placing them in correction territory,” reports Stephanie Yang for CNBC.
The $9.49 billion IBB is home to close to 150 stocks, yet the funds top 10 holdings combine for roughly 60% of its mass. IBB’s top four holdings combine for roughly a third of the ETF’s weight in the situation that IBB, which is cap weighted, downturns for the biggest biotech stocks can present issues for the fun.