Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Trading Down 5.3% – Here’s Why

Shares of Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) were down 5.3% on Tuesday . The stock traded as low as $72.68 and last traded at $71.05. Approximately 224,192 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 1,300,976 shares. The stock had previously closed at $75.01.

Direxion Daily S&P Biotech Bull 3x Shares Trading Down 5.4 %

The business’s fifty day simple moving average is $88.92 and its 200 day simple moving average is $110.69.

Institutional Trading of Direxion Daily S&P Biotech Bull 3x Shares

Several institutional investors and hedge funds have recently made changes to their positions in the business. Dunhill Financial LLC bought a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 3rd quarter worth approximately $46,000. Spire Wealth Management bought a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the fourth quarter valued at about $68,000. SBI Securities Co. Ltd. bought a new position in Direxion Daily S&P Biotech Bull 3x Shares during the fourth quarter worth about $244,000. B. Riley Wealth Advisors Inc. bought a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter valued at about $279,000. Finally, SG Americas Securities LLC grew its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 6.0% during the 4th quarter. SG Americas Securities LLC now owns 3,392 shares of the company’s stock worth $305,000 after purchasing an additional 193 shares in the last quarter.

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.