Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Shares Up 6.9% – Should You Buy?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) shares traded up 6.9% during mid-day trading on Monday . The company traded as high as $186.60 and last traded at $185.67. 277,295 shares traded hands during trading, a decline of 56% from the average session volume of 631,280 shares. The stock had previously closed at $173.61.

Direxion Daily S&P Biotech Bull 3x Shares Trading Up 7.2%

The company’s 50-day simple moving average is $170.39 and its 200 day simple moving average is $159.47.

Institutional Investors Weigh In On Direxion Daily S&P Biotech Bull 3x Shares

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Great Hill Capital LLC bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares in the third quarter valued at approximately $688,000. JPMorgan Chase & Co. bought a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 3rd quarter worth $3,208,000. IvyRock Asset Management HK Ltd acquired a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter valued at $768,000. IMC Chicago LLC bought a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter worth $3,806,000. Finally, Renaissance Technologies LLC boosted its holdings 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 acquiring an additional 2,200 shares during the period.

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.