Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Trading Down 6.1% – Here’s Why

Shares of Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) traded down 6.1% during trading on Friday . The stock traded as low as $184.45 and last traded at $183.9580. 378,366 shares were traded during trading, a decline of 49% from the average session volume of 744,305 shares. The stock had previously closed at $195.95.

Direxion Daily S&P Biotech Bull 3x Shares Trading Down 6.1%

The stock has a fifty day moving average price of $161.65 and a two-hundred day moving average price of $112.72.

Institutional Investors Weigh In On Direxion Daily S&P Biotech Bull 3x Shares

Large investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC increased its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 664.7% in the third quarter. Tower Research Capital LLC TRC now owns 58,171 shares of the company’s stock worth $5,445,000 after purchasing an additional 50,564 shares during the period. IMC Chicago LLC bought a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 3rd quarter worth approximately $3,806,000. Squarepoint Ops LLC raised its position in Direxion Daily S&P Biotech Bull 3x Shares by 33.2% during the second quarter. Squarepoint Ops LLC now owns 161,146 shares of the company’s stock valued at $9,171,000 after purchasing an additional 40,157 shares in the last quarter. JPMorgan Chase & Co. bought a new stake in Direxion Daily S&P Biotech Bull 3x Shares during the third quarter worth $3,208,000. Finally, Virtu Financial LLC acquired a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the third quarter valued at about $1,757,000.

Direxion Daily S&P Biotech Bull 3x Shares 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.