SPDR S&P Biotech (NYSEARCA:XBI) was the target of some unusual options trading on Friday. Stock traders purchased 43,198 call options on the company. This represents an increase of 592% compared to the average daily volume of 6,242 call options.

Shares of SPDR S&P Biotech (XBI) opened at 78.23 on Monday. SPDR S&P Biotech has a 1-year low of $53.15 and a 1-year high of $82.38. The firm’s 50 day moving average price is $77.88 and its 200-day moving average price is $70.94.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. FineMark National Bank & Trust raised its position in shares of SPDR S&P Biotech by 7.4% in the second quarter. FineMark National Bank & Trust now owns 5,210 shares of the exchange traded fund’s stock worth $402,000 after buying an additional 360 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of SPDR S&P Biotech by 10.9% in the second quarter. Janney Montgomery Scott LLC now owns 98,057 shares of the exchange traded fund’s stock worth $7,568,000 after buying an additional 9,655 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its position in shares of SPDR S&P Biotech by 4.1% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 8,692 shares of the exchange traded fund’s stock worth $671,000 after buying an additional 346 shares in the last quarter. Meridian Wealth Management LLC purchased a new position in shares of SPDR S&P Biotech during the second quarter worth $432,000. Finally, David R. Rahn & Associates Inc. raised its position in shares of SPDR S&P Biotech by 51.7% in the second quarter. David R. Rahn & Associates Inc. now owns 38,631 shares of the exchange traded fund’s stock worth $2,982,000 after buying an additional 13,170 shares in the last quarter.

WARNING: This news story was originally posted by American Banking News and is owned by of American Banking News. If you are accessing this news story on another publication, it was illegally copied and republished in violation of international copyright & trademark law. The legal version of this news story can be read at https://www.americanbankingnews.com/2017/08/07/spdr-sp-biotech-sees-unusually-large-options-volume-xbi-3.html.

About SPDR S&P Biotech

SPDR S&P Biotech ETF (the Fund) seeks to closely match the returns and characteristics of the S&P Biotechnology Select Industry Index. The S&P Biotechnology Select Industry Index represents the biotechnology sub-industry portion of the S&P Total Markets Index. The S&P TMI tracks all the United States common stocks listed on the New York Stock Exchange, American Stock Exchange, National Association of Securities Dealers Automated Quotation (NASDAQ) National Market and NASDAQ Small Cap exchanges.

Receive News & Ratings for SPDR S&P Biotech Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SPDR S&P Biotech and related companies with MarketBeat.com's FREE daily email newsletter.