Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Trading 6.4% Higher – Here’s Why

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU)’s stock price shot up 6.4% during mid-day trading on Tuesday . The company traded as high as $325.00 and last traded at $324.45. Approximately 401,709 shares traded hands during trading, a decline of 36% from the average daily volume of 623,427 shares. The stock had previously closed at $304.95.

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

The stock has a 50 day moving average of $206.86 and a 200 day moving average of $182.46.

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

Several institutional investors have recently modified their holdings of the company. Qube Research & Technologies Ltd acquired a new position in Direxion Daily S&P Biotech Bull 3x Shares during the 2nd quarter valued at about $26,000. Headlands Technologies LLC acquired a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the second quarter valued at approximately $69,000. Covestor Ltd bought a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the fourth quarter valued at approximately $71,000. Halbert Hargrove Global Advisors LLC bought a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the first quarter valued at approximately $166,000. Finally, Bank of America Corp DE boosted its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 134.2% during the third quarter. Bank of America Corp DE now owns 2,476 shares of the company’s stock worth $232,000 after buying an additional 1,419 shares during the period.

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.