The short interest for the Fidelity Disruptive Medicine ETF (NASDAQ:FMED) experienced a notable decline in December 2023. As of December 31, the total short interest stood at 1,558 shares, reflecting a substantial decrease of 38.3% from the December 15 total of 2,524 shares. Currently, only 0.1% of the ETF’s shares are sold short, indicating a relatively low level of bearish sentiment among investors.
With an average daily trading volume of 3,750 shares, the days-to-cover ratio is currently at 0.4 days. This metric suggests that, should all short positions need to be covered immediately, it would take less than half a day of trading at average volumes to do so.
Market Performance and Investor Activity
On December 29, FMED shares traded down by $0.05, ending the day at $27.47. The trading volume reached 3,952 shares, which is below the ETF’s average daily volume of 9,823 shares. The 50-day moving average price for the ETF is $27.62, while the 200-day moving average stands at $25.72. Over the past year, FMED has seen a 52-week low of $20.69 and a high of $29.07, indicating a range of volatility in its market performance. The ETF currently holds a market capitalization of $63.18 million and a price-to-earnings (P/E) ratio of 41.33.
Recent activity from institutional investors has also contributed to the ETF’s dynamics. Notably, Wealth Enhancement Advisory Services LLC has increased its stake in FMED by 12.5% during the second quarter. According to their latest filing with the Securities and Exchange Commission (SEC), the firm now holds 688,750 shares, after acquiring an additional 76,538 shares. This investment amounts to approximately 31.31% of the Fidelity Disruptive Medicine ETF, valued at about $16,544,000 as of the latest SEC report.
Understanding the Fidelity Disruptive Medicine ETF
Launched on April 16, 2020, the Fidelity Disruptive Medicine ETF focuses on equity investments in the healthcare sector. It aims to capitalize on companies that are at the forefront of disruptive innovation within healthcare. The ETF is actively managed and invests in a diverse range of securities, including those from both domestic and international issuers.
As of now, the Fidelity Disruptive Medicine ETF continues to attract interest from institutional investors, highlighting its potential within the evolving healthcare landscape. The recent drop in short interest may indicate growing confidence among investors in the ETF’s long-term prospects.
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