Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) Stock Price Down 6.9% – Here’s What Happened

Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) shares were down 6.9% during mid-day trading on Monday. The company traded as low as $233.19 and last traded at $230.1310. 120,641 shares were traded during trading, a decline of 77% from the average daily volume of 534,939 shares. The stock had previously closed at $247.22.

Direxion Daily S&P Biotech Bull 3X ETF Trading Down 6.6%

The stock has a fifty day simple moving average of $261.20 and a two-hundred day simple moving average of $216.43.

Institutional Trading of Direxion Daily S&P Biotech Bull 3X ETF

Institutional investors and hedge funds have recently bought and sold shares of the company. Revere Asset Management Inc purchased a new position in Direxion Daily S&P Biotech Bull 3X ETF during the second quarter worth about $666,000. Halbert Hargrove Global Advisors LLC purchased a new position in shares of Direxion Daily S&P Biotech Bull 3X ETF during the third quarter worth about $266,000. Valued Retirements Inc. bought a new position in shares of Direxion Daily S&P Biotech Bull 3X ETF in the 2nd quarter worth $454,000. Finally, Ramsey Quantitative Systems purchased a new stake in Direxion Daily S&P Biotech Bull 3X ETF during the second quarter valued at about $41,000.

About Direxion Daily S&P Biotech Bull 3X ETF

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.