Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Hits New 1-Year High – Time to Buy?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) shares hit a new 52-week high on Thursday . The stock traded as high as $341.93 and last traded at $341.55, with a volume of 719594 shares changing hands. The stock had previously closed at $289.98.

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

The business’s fifty day moving average price is $265.83 and its 200-day moving average price is $204.78.

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

Several institutional investors and hedge funds have recently bought and sold shares of the company. Squarepoint Ops LLC grew its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 33.2% during the 2nd quarter. Squarepoint Ops LLC now owns 161,146 shares of the company’s stock valued at $9,171,000 after purchasing an additional 40,157 shares in the last quarter. Tower Research Capital LLC TRC raised its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 664.7% in the third quarter. Tower Research Capital LLC TRC now owns 58,171 shares of the company’s stock worth $5,445,000 after buying an additional 50,564 shares in the last quarter. JPMorgan Chase & Co. bought a new stake in Direxion Daily S&P Biotech Bull 3x Shares during the third quarter valued at $3,208,000. Renaissance Technologies LLC boosted its stake in Direxion Daily S&P Biotech Bull 3x Shares by 10.6% during the fourth quarter. Renaissance Technologies LLC now owns 22,900 shares of the company’s stock valued at $3,650,000 after buying an additional 2,200 shares during the period. Finally, Virtu Financial LLC purchased a new position in Direxion Daily S&P Biotech Bull 3x Shares during the third quarter worth about $1,757,000.

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.