Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Shares Up 7.4% – Here’s What Happened

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU)’s stock price rose 7.4% during mid-day trading on Monday . The stock traded as high as $123.13 and last traded at $121.83. Approximately 158,937 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 1,940,740 shares. The stock had previously closed at $113.42.

Direxion Daily S&P Biotech Bull 3x Shares Price Performance

The stock’s fifty day moving average is $125.76 and its 200-day moving average is $123.25.

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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter valued at approximately $9,012,000. Dunhill Financial LLC purchased a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the third quarter valued at approximately $46,000. Traynor Capital Management Inc. lifted its stake in Direxion Daily S&P Biotech Bull 3x Shares by 6.7% during the third quarter. Traynor Capital Management Inc. now owns 10,763 shares of the company’s stock worth $1,386,000 after purchasing an additional 674 shares in the last quarter. Foundations Investment Advisors LLC boosted its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 13.0% during the third quarter. Foundations Investment Advisors LLC now owns 4,617 shares of the company’s stock worth $594,000 after buying an additional 530 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the third quarter worth $43,000.

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.