Short Interest in Direxion Daily S&P Biotech Bear 3x Shares (NYSEARCA:LABD) Grows By 41.2%

Direxion Daily S&P Biotech Bear 3x Shares (NYSEARCA:LABD) was the recipient of a significant increase in short interest in the month of February. As of February 13th, there was short interest totaling 776,283 shares, an increase of 41.2% from the January 29th total of 549,900 shares. Approximately 19.9% of the company’s shares are short sold. Based on an average daily volume of 2,819,459 shares, the days-to-cover ratio is currently 0.3 days. Based on an average daily volume of 2,819,459 shares, the days-to-cover ratio is currently 0.3 days. Approximately 19.9% of the company’s shares are short sold.

Direxion Daily S&P Biotech Bear 3x Shares Stock Performance

Direxion Daily S&P Biotech Bear 3x Shares stock opened at $19.36 on Wednesday. Direxion Daily S&P Biotech Bear 3x Shares has a 1 year low of $16.16 and a 1 year high of $160.50. The company’s 50-day moving average is $19.05 and its two-hundred day moving average is $29.83.

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

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Simplex Trading LLC bought a new stake in shares of Direxion Daily S&P Biotech Bear 3x Shares during the 4th quarter valued at $48,000. Envestnet Asset Management Inc. acquired a new stake in shares of Direxion Daily S&P Biotech Bear 3x Shares during the second quarter worth $84,000. Quadrature Capital Ltd bought a new stake in Direxion Daily S&P Biotech Bear 3x Shares in the fourth quarter valued at about $245,000. Csenge Advisory Group bought a new stake in Direxion Daily S&P Biotech Bear 3x Shares in the third quarter valued at about $271,000. Finally, JPMorgan Chase & Co. lifted its stake in Direxion Daily S&P Biotech Bear 3x Shares by 655.9% in the third quarter. JPMorgan Chase & Co. now owns 6,803 shares of the company’s stock valued at $275,000 after buying an additional 5,903 shares during the period.

About Direxion Daily S&P Biotech Bear 3x Shares

The Direxion Daily S&P Biotech Bear 3X Shares (LABD) is an exchange-traded fund that is based on the S&P Biotechnology Select Industry index. The fund provides daily 3 times inverse exposure to the S&P Biotechnology Select Industry Index. LABD was launched on May 28, 2015 and is managed by Direxion.