Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Trading Down 6.9%

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) shares dropped 6.9% during trading on Wednesday . The company traded as low as $138.38 and last traded at $138.38. Approximately 1,487,208 shares were traded during trading, a decline of 41% from the average daily volume of 2,513,660 shares. The stock had previously closed at $148.67.

Direxion Daily S&P Biotech Bull 3x Shares Trading Down 0.2 %

The stock’s 50-day simple moving average is $114.12 and its 200 day simple moving average is $119.12.

Hedge Funds Weigh In On Direxion Daily S&P Biotech Bull 3x Shares

A number of institutional investors and hedge funds have recently made changes to their positions in LABU. Traynor Capital Management Inc. bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 4th quarter worth about $325,000. Gateway Advisory LLC bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 4th quarter worth about $366,000. Jump Financial LLC bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 4th quarter worth about $521,000. Sheaff Brock Investment Advisors LLC bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 4th quarter worth about $488,000. Finally, TB Alternative Assets Ltd. bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 1st quarter worth about $10,180,000.

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.