Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Trading Up 9.8% – Still a Buy?

Shares of Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) shot up 9.8% during trading on Thursday . The company traded as high as $182.50 and last traded at $181.68. 526,619 shares changed hands during mid-day trading, a decline of 15% from the average session volume of 622,943 shares. The stock had previously closed at $165.45.

Direxion Daily S&P Biotech Bull 3x Shares Stock Up 9.0%

The company has a 50 day moving average price of $178.96 and a 200-day moving average price of $168.63.

Institutional Trading of Direxion Daily S&P Biotech Bull 3x Shares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LABU. Qube Research & Technologies Ltd acquired a new stake in Direxion Daily S&P Biotech Bull 3x Shares during the 2nd quarter worth about $26,000. Squarepoint Ops LLC grew its holdings in Direxion Daily S&P Biotech Bull 3x Shares by 33.2% during the 2nd quarter. Squarepoint Ops LLC now owns 161,146 shares of the company’s stock worth $9,171,000 after acquiring an additional 40,157 shares during the period. Headlands Technologies LLC acquired a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 2nd quarter valued at $69,000. IMC Chicago LLC bought a new position in Direxion Daily S&P Biotech Bull 3x Shares during the third quarter worth $3,806,000. Finally, JPMorgan Chase & Co. bought a new position in Direxion Daily S&P Biotech Bull 3x Shares during the third quarter worth $3,208,000.

Direxion Daily S&P Biotech Bull 3x Shares 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.