ProShares UltraShort Nasdaq Biotechnology (NASDAQ:BIS – Get Rating) was the target of a large drop in short interest in the month of January. As of January 15th, there was short interest totalling 14,900 shares, a drop of 77.5% from the December 31st total of 66,300 shares. Based on an average daily trading volume, of 19,100 shares, the days-to-cover ratio is presently 0.8 days.

Institutional Investors Weigh In On ProShares UltraShort Nasdaq Biotechnology

Several institutional investors have recently added to or reduced their stakes in the business. Citadel Advisors LLC lifted its stake in ProShares UltraShort Nasdaq Biotechnology by 234.0% during the second quarter. Citadel Advisors LLC now owns 34,972 shares of the company's stock worth $943,000 after purchasing an additional 24,501 shares during the last quarter. IMC Chicago LLC lifted its stake in ProShares UltraShort Nasdaq Biotechnology by 11.1% during the third quarter. IMC Chicago LLC now owns 23,335 shares of the company's stock worth $590,000 after purchasing an additional 2,332 shares during the last quarter. Finally, UBS Group AG increased its position in ProShares UltraShort Nasdaq Biotechnology by 54.7% during the first quarter. UBS Group AG now owns 1,371 shares of the company's stock worth $33,000 after buying an additional 485 shares during the period.

ProShares UltraShort Nasdaq Biotechnology Stock Performance

Shares of BIS traded up $0.20 during midday trading on Thursday, hitting $18.36. The company had a trading volume of 8,844 shares, compared to its average volume of 25,385. The company's 50-day simple moving average is $19.13 and its 200-day simple moving average is $21.74. ProShares UltraShort Nasdaq Biotechnology has a 1 year low of $17.88 and a 1 year high of $35.64.

ProShares UltraShort Nasdaq Biotechnology Company Profile

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.

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