Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) Shares Down 6.9% – What’s Next?

Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU)’s share price traded down 6.9% on Wednesday . The company traded as low as $275.65 and last traded at $269.1950. Approximately 114,709 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 551,260 shares. The stock had previously closed at $289.00.

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

The company’s 50-day moving average is $277.20 and its two-hundred day moving average is $224.18.

Institutional Trading of Direxion Daily S&P Biotech Bull 3X ETF

Several hedge funds have recently added to or reduced their stakes in LABU. Ramsey Quantitative Systems bought a new stake in Direxion Daily S&P Biotech Bull 3X ETF in the 2nd quarter valued at about $41,000. Halbert Hargrove Global Advisors LLC bought a new stake in shares of Direxion Daily S&P Biotech Bull 3X ETF during the 1st quarter valued at $166,000. Valued Retirements Inc. purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3X ETF in the second quarter worth about $454,000. Revere Asset Management Inc bought a new position in Direxion Daily S&P Biotech Bull 3X ETF in the 2nd quarter valued at $666,000. Finally, Foundations Investment Advisors LLC bought a new position in Direxion Daily S&P Biotech Bull 3X ETF in the 4th quarter worth about $797,000.

Direxion Daily S&P Biotech Bull 3X ETF Company Profile

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.