Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) Shares Down 8.5% – Should You Sell?

Shares of Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) dropped 8.5% on Tuesday. The stock traded as low as $247.00 and last traded at $235.6160. Approximately 75,753 shares were traded during trading, a decline of 86% from the average session volume of 544,498 shares. The stock had previously closed at $257.38.

Direxion Daily S&P Biotech Bull 3X ETF Stock Down 6.8%

The stock has a fifty day moving average of $277.06 and a 200-day moving average of $230.28.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Revere Asset Management Inc purchased a new position in shares of Direxion Daily S&P Biotech Bull 3X ETF in the 2nd quarter valued at $666,000. Valued Retirements Inc. purchased a new stake in Direxion Daily S&P Biotech Bull 3X ETF in the second quarter valued at $454,000. Halbert Hargrove Global Advisors LLC acquired a new position in Direxion Daily S&P Biotech Bull 3X ETF in the first quarter valued at $166,000. Finally, Ramsey Quantitative Systems acquired a new position in Direxion Daily S&P Biotech Bull 3X ETF in the second quarter valued at $41,000.

Direxion Daily S&P Biotech Bull 3X ETF 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.