Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Shares Gap Up – Time to Buy?

Shares of Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) gapped up before the market opened on Wednesday . The stock had previously closed at $289.98, but opened at $318.50. Direxion Daily S&P Biotech Bull 3x Shares shares last traded at $325.43, with a volume of 224,454 shares.

Direxion Daily S&P Biotech Bull 3x Shares Trading Down 10.7%

The firm has a fifty day moving average price of $263.06 and a 200 day moving average price of $203.99.

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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ramsey Quantitative Systems purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the second quarter worth about $41,000. Covestor Ltd purchased a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares in the 4th quarter valued at approximately $71,000. Qube Research & Technologies Ltd acquired a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the 2nd quarter worth approximately $26,000. Halbert Hargrove Global Advisors LLC acquired a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the 1st quarter worth approximately $166,000. Finally, Headlands Technologies LLC purchased a new stake in Direxion Daily S&P Biotech Bull 3x Shares during the 2nd quarter worth approximately $69,000.

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.