Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) Shares Down 7.7% – What’s Next?

Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU)’s stock price was down 7.7% during trading on Tuesday . The company traded as low as $249.47 and last traded at $247.7220. 84,611 shares traded hands during trading, a decline of 85% from the average daily volume of 557,723 shares. The stock had previously closed at $268.39.

Direxion Daily S&P Biotech Bull 3X ETF Stock Up 0.0%

The company’s fifty day simple moving average is $278.64 and its 200-day simple moving average is $221.18.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in LABU. Foundations Investment Advisors LLC purchased a new stake in Direxion Daily S&P Biotech Bull 3X ETF in the fourth quarter valued at about $797,000. SLT Holdings LLC purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3X ETF during the fourth quarter worth about $797,000. Revere Asset Management Inc purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3X ETF during the second quarter worth about $666,000. Valued Retirements Inc. purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3X ETF during the second quarter worth about $454,000. Finally, Halbert Hargrove Global Advisors LLC acquired a new position in shares of Direxion Daily S&P Biotech Bull 3X ETF during the first quarter valued at about $166,000.

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.