Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) Shares Climb 6.7% – Time to Buy?

Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) traded up 6.7% during mid-day trading on Thursday. The company traded as high as $220.49 and last traded at $224.0610. 84,076 shares were traded during mid-day trading, a decline of 85% from the average session volume of 545,080 shares. The stock had previously closed at $210.02.

Direxion Daily S&P Biotech Bull 3X ETF Price Performance

The company’s 50-day simple moving average is $272.59 and its 200 day simple moving average is $234.43.

Institutional Investors Weigh In On Direxion Daily S&P Biotech Bull 3X ETF

Several institutional investors and hedge funds have recently modified their holdings of LABU. Revere Asset Management Inc acquired a new position in Direxion Daily S&P Biotech Bull 3X ETF during the second quarter worth $666,000. Valued Retirements Inc. bought a new position in Direxion Daily S&P Biotech Bull 3X ETF during the second quarter valued at about $454,000. Halbert Hargrove Global Advisors LLC bought a new position in Direxion Daily S&P Biotech Bull 3X ETF during the third quarter valued at about $266,000. Finally, Ramsey Quantitative Systems acquired a new stake in shares of Direxion Daily S&P Biotech Bull 3X ETF in the second quarter worth about $41,000.

About Direxion Daily S&P Biotech Bull 3X ETF

The Direxion Daily S&P Biotech Bull 3X Shares (LABU) is an exchange-traded fund that is based on the S&P Biotechnology Select Industry index. The fund provides daily 3 times exposure to the S&P Biotechnology Select Industry Index. LABU was launched on May 28, 2015 and is managed by Direxion.