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

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU)’s share price gapped down prior to trading on Monday . The stock had previously closed at $293.84, but opened at $280.64. Direxion Daily S&P Biotech Bull 3x Shares shares last traded at $276.80, with a volume of 131,348 shares changing hands.

Direxion Daily S&P Biotech Bull 3x Shares Price Performance

The business has a 50-day moving average price of $212.32 and a two-hundred day moving average price of $184.40.

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

Several hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC raised its position in Direxion Daily S&P Biotech Bull 3x Shares by 664.7% during the third quarter. Tower Research Capital LLC TRC now owns 58,171 shares of the company’s stock worth $5,445,000 after acquiring an additional 50,564 shares during the last quarter. Squarepoint Ops LLC lifted its holdings in shares of Direxion Daily S&P Biotech Bull 3x Shares by 33.2% in the second quarter. Squarepoint Ops LLC now owns 161,146 shares of the company’s stock valued at $9,171,000 after purchasing an additional 40,157 shares in the last quarter. JPMorgan Chase & Co. purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the third quarter valued at about $3,208,000. Virtu Financial LLC acquired a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the third quarter valued at approximately $1,757,000. Finally, Barclays PLC acquired a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the fourth quarter valued at approximately $893,000.

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.