Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Trading Down 11.3% – Should You Sell?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU)’s share price were down 11.3% on Thursday . The company traded as low as $179.98 and last traded at $180.12. Approximately 614,100 shares were traded during mid-day trading, a decline of 3% from the average daily volume of 630,933 shares. The stock had previously closed at $203.17.

Direxion Daily S&P Biotech Bull 3x Shares Stock Up 2.1%

The stock’s 50 day moving average is $171.64 and its two-hundred day moving average is $161.07.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of LABU. Tower Research Capital LLC TRC lifted its stake in Direxion Daily S&P Biotech Bull 3x Shares by 664.7% in the 3rd quarter. Tower Research Capital LLC TRC now owns 58,171 shares of the company’s stock valued at $5,445,000 after buying an additional 50,564 shares in the last quarter. IMC Chicago LLC purchased a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter valued at about $3,806,000. Squarepoint Ops LLC lifted its stake in Direxion Daily S&P Biotech Bull 3x Shares by 33.2% in the 2nd quarter. Squarepoint Ops LLC now owns 161,146 shares of the company’s stock valued at $9,171,000 after buying an additional 40,157 shares in the last quarter. JPMorgan Chase & Co. purchased a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter valued at about $3,208,000. Finally, Virtu Financial LLC purchased a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter valued at about $1,757,000.

About Direxion Daily S&P Biotech Bull 3x Shares

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.