Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Shares Down 5.9%

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU)’s share price dropped 5.9% on Thursday . The stock traded as low as $108.52 and last traded at $108.93. Approximately 787,591 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 2,760,102 shares. The stock had previously closed at $115.71.

Direxion Daily S&P Biotech Bull 3x Shares Trading Down 11.5 %

The company’s 50-day simple moving average is $110.96 and its 200-day simple moving average is $111.26.

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

Hedge funds and other institutional investors have recently modified their holdings of the company. Simplex Trading LLC acquired a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter valued at $949,000. Second Half Financial Partners LLC bought a new stake in Direxion Daily S&P Biotech Bull 3x Shares during the third quarter worth about $846,000. Quantbot Technologies LP acquired a new stake in Direxion Daily S&P Biotech Bull 3x Shares during the third quarter worth about $293,000. Banque Cantonale Vaudoise raised its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 100.0% in the 3rd quarter. Banque Cantonale Vaudoise now owns 12,000 shares of the company’s stock valued at $46,000 after buying an additional 6,000 shares in the last quarter. Finally, Pathstone Family Office LLC bought a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 3rd quarter worth approximately $439,000.

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.