Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) Shares Up 6.7% – Here’s Why

Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) traded up 6.7% on Thursday. The stock traded as high as $220.49 and last traded at $224.0610. 84,076 shares changed hands during trading, a decline of 85% from the average session volume of 545,080 shares. The stock had previously closed at $210.02.

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

The firm’s 50-day simple moving average is $274.94 and its two-hundred day simple moving average is $234.09.

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

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