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ProShares Ultra Nasdaq Biotechnology (NASDAQ: BIB - Get Free Report)'s stock price crossed below its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of $84.02 and traded as low as $75.57. ProShares Ultra Nasdaq Biotechnology shares last traded at $77.7580, with a volume of 9,500 shares changing hands. ProShares
ProShares Ultra Nasdaq Biotechnology (NASDAQ: BIB - Get Free Report)'s stock price crossed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $74.59 and traded as high as $81.41. ProShares Ultra Nasdaq Biotechnology shares last traded at $80.83, with a volume of 11,789 shares trading
BIB seeks 2× the daily return of the Nasdaq Biotechnology Index, amplifying both gains and losses through leverage. A higher expense ratio reflects leverage costs and management fees; 24 bps difference largely from borrowing and rebate adjustments. Designed for tactical investors, contrasting with MPT's long-term strategic approach assuming market efficiency.
Some of the market's favorite biotech stocks have created immense wealth, as in the recent weight-loss drug stock boom. On May 26, Viking Therapeutics (NASDAQ: VKTX ) was trading around $20.25.
With new innovation, high demand for better treatment, pharmaceutical companies strengthening pipelines and a resurgence of mergers and acquisitions, biotech stocks could offer some of the most explosive opportunities of the year. “What's more, big pharmaceutical companies with sizable piles of cash and the need to address patent expirations on some top-selling products later this decade will be hunting for companies with innovative drugs in development,” says Morningstar.com.
In Part I of my Top Picks For 2024, I explained why we saw such extreme valuation losses in most equity CEFs in 2023 and what that could-mean for 2024. In my opinion, liquidity was the over-riding factor for why so few stocks, think Magnificent 7, received the lion's share of buy-interest while most everything else suffered, including equity CEFs. But just because the Federal Reserve will continue its Quantitative Tapering doesn't mean that other Fed programs won't increase liquidity in other places.
These are some of the best ETFs to buy and hold heading into New Year 2023. Rather than being completely tied to the ebb and flow of single-stock ideas, you can gain access to a broad number of similar opportunities at a low price.
Some of the hottest biotech stocks are safe and recession-proof. After all, we can't stop people from aging – at least, not yet.