The short interest in the Fidelity Disruptive Medicine ETF (NASDAQ:FMED) experienced a notable decrease in December 2023, reflecting a shift in investor sentiment. As of December 31, the ETF had a short interest totaling 1,558 shares, a significant decline of 38.3% from the December 15 total of 2,524 shares. This reduction indicates that only 0.1% of the ETF’s shares are currently short sold.
The days-to-cover ratio, which measures how long it would take to cover short positions based on average trading volume, stands at 0.4 days, calculated from an average daily volume of 3,750 shares. This figure suggests that the market is currently not overly bearish on the ETF.
Stock Performance and Market Position
On the trading front, FMED shares declined by $0.05 on the last trading day, closing at $27.47. A total of 3,952 shares changed hands, significantly lower than the average volume of 9,823 shares. The ETF’s performance over time shows it has a 50-day moving average of $27.62 and a 200-day moving average of $25.72. Over the past year, FMED reached a low of $20.69 and a high of $29.07. The ETF has a market capitalization of $63.18 million, a price-to-earnings (P/E) ratio of 41.33, and a beta of 1.00, indicating its volatility relative to the market.
Investor Activity and Institutional Support
Recent activity from institutional investors also indicates growing confidence in the Fidelity Disruptive Medicine ETF. Wealth Enhancement Advisory Services LLC increased its holdings in FMED by 12.5% during the second quarter. According to a filing with the Securities and Exchange Commission, the firm acquired an additional 76,538 shares, boosting its total ownership to 688,750 shares, which constitutes roughly 31.31% of the ETF. The value of this stake is estimated at $16,544,000 as per the latest filing.
The Fidelity Disruptive Medicine ETF was launched on April 16, 2020, and is actively managed, focusing on equities in the healthcare sector that are involved in disruptive innovations. The fund invests in both domestic and foreign companies, reflecting a diverse approach to health care investment.
As investor interest continues to evolve, the Fidelity Disruptive Medicine ETF remains a focal point for those looking to capitalize on advancements in health care innovation.
