Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) Stock Price Down 7.7% – What’s Next?

Shares of Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) fell 7.7% on Tuesday . The company traded as low as $249.47 and last traded at $247.7220. Approximately 84,611 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 557,723 shares. The stock had previously closed at $268.39.

Direxion Daily S&P Biotech Bull 3X ETF Price Performance

The firm’s 50-day moving average is $281.42 and its two-hundred day moving average is $220.12.

Institutional Trading of Direxion Daily S&P Biotech Bull 3X ETF

A number of large investors have recently made changes to their positions in LABU. Ramsey Quantitative Systems purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3X ETF during the 2nd quarter valued at about $41,000. Covestor Ltd bought a new position in shares of Direxion Daily S&P Biotech Bull 3X ETF in the 4th quarter valued at about $71,000. Halbert Hargrove Global Advisors LLC purchased a new position in Direxion Daily S&P Biotech Bull 3X ETF in the first quarter worth about $166,000. Valued Retirements Inc. purchased a new position in Direxion Daily S&P Biotech Bull 3X ETF in the second quarter worth about $454,000. Finally, Revere Asset Management Inc bought a new stake in Direxion Daily S&P Biotech Bull 3X ETF during the second quarter worth approximately $666,000.

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.