Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Shares Gap Down – Should You Sell?

Shares of Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) gapped down before the market opened on Tuesday . The stock had previously closed at $303.55, but opened at $287.83. Direxion Daily S&P Biotech Bull 3x Shares shares last traded at $291.0040, with a volume of 137,055 shares changing hands.

Direxion Daily S&P Biotech Bull 3x Shares Trading Down 2.6%

The business’s 50-day moving average is $283.79 and its two-hundred day moving average is $216.48.

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

A number of institutional investors have recently made changes to their positions in LABU. Qube Research & Technologies Ltd acquired a new position in Direxion Daily S&P Biotech Bull 3x Shares in the second quarter worth $26,000. Squarepoint Ops LLC raised its holdings in shares of Direxion Daily S&P Biotech Bull 3x Shares by 33.2% during the second quarter. Squarepoint Ops LLC now owns 161,146 shares of the company’s stock worth $9,171,000 after purchasing an additional 40,157 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the second quarter worth $69,000. JPMorgan Chase & Co. bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter worth about $3,208,000. Finally, Group One Trading LLC bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter worth about $349,000.

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.