Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) Shares Down 6.8% – What’s Next?

Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) dropped 6.8% during mid-day trading on Friday. The company traded as low as $210.64 and last traded at $213.5690. Approximately 122,525 shares traded hands during trading, a decline of 77% from the average session volume of 541,320 shares. The stock had previously closed at $229.18.

Direxion Daily S&P Biotech Bull 3X ETF Stock Down 3.7%

The stock has a 50 day moving average price of $268.40 and a two-hundred day moving average price of $236.77.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Ramsey Quantitative Systems acquired a new position in Direxion Daily S&P Biotech Bull 3X ETF in the second quarter valued at $41,000. Halbert Hargrove Global Advisors LLC acquired a new stake in shares of Direxion Daily S&P Biotech Bull 3X ETF in the third quarter valued at about $266,000. Valued Retirements Inc. acquired a new position in shares of Direxion Daily S&P Biotech Bull 3X ETF during the second quarter worth $454,000. Finally, Revere Asset Management Inc purchased a new stake in Direxion Daily S&P Biotech Bull 3X ETF during the 2nd quarter worth $666,000.

About Direxion Daily S&P Biotech Bull 3X ETF

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.