IBB’s top ten mid-caps outperform
The top ten mid-cap stocks by market cap within the iShares Nasdaq Biotechnology ETF (IBB) outperformed IBB with a return of 1.75%. The stocks also outperformed the SPDR S&P 500 ETF (SPY) for the week ended September 18, 2015. The combined weight of the top ten mid-cap stocks stood at 10.71% of IBB’s portfolio.
The above graph reflects the performance of IBB’s top ten mid-cap stocks against IBB and SPY. The mid-cap stocks outperformed the IBB and SPY.
Medivation and Bluebird led the mid-cap stocks
Medivation (MDVN) gained 5.93% for the week ended September 18, 2015. MDVN announced a 1:1 stock dividend with an effective date of September 16, 2015. Shareholders will get one new share for every one outstanding share. MDVN has a weight of 1.46% in IBB’s portfolio.
Bluebird Bio (BLUE) gained 6.29%. BLUE participated in the Morgan Stanley global healthcare conference and presented on gene therapy. The investors were positive and the stock saw higher trading volumes. The five-day average trading volume for the week was ~542,000 shares per day. BLUE has a weight of 0.90% in IBB’s portfolio.
The other stock that went up was Seattle Genetics (SGEN). The stock gained 5.22%. SGEN collected $552 million after the underwriters exercised their full over-allotment option and purchased additional shares of 1,756,097 shares of common stock. SGEN has a weight of 0.78%. The stock closed at $47.36 as of September 18, 2015, and was trading above its 20-day, 50-day, and 100-day moving averages.