Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) Stock Falls 4.7% – Here’s Why

Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) shares were down 4.7% on Tuesday. The company traded as low as $220.00 and last traded at $221.0310. 68,933 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 546,599 shares. The stock had previously closed at $231.99.

Direxion Daily S&P Biotech Bull 3X ETF Stock Down 6.8%

The stock’s 50 day moving average price is $276.63 and its 200-day moving average price is $233.31.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of LABU. Ramsey Quantitative Systems bought a new stake in shares of Direxion Daily S&P Biotech Bull 3X ETF in the 2nd quarter valued at about $41,000. Halbert Hargrove Global Advisors LLC purchased a new stake in Direxion Daily S&P Biotech Bull 3X ETF during the 1st quarter valued at about $166,000. Valued Retirements Inc. purchased a new stake in Direxion Daily S&P Biotech Bull 3X ETF during the 2nd quarter valued at about $454,000. Finally, Revere Asset Management Inc bought a new position in Direxion Daily S&P Biotech Bull 3X ETF during the 2nd quarter worth approximately $666,000.

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.