Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Stock Price Down 8.1% – Here’s Why

Shares of Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) fell 8.1% during mid-day trading on Wednesday . The stock traded as low as $296.37 and last traded at $296.39. Approximately 374,829 shares were traded during mid-day trading, a decline of 40% from the average session volume of 622,473 shares. The stock had previously closed at $322.62.

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

The stock’s 50 day moving average is $204.22 and its 200-day moving average is $181.30.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of LABU. Covestor Ltd bought a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the fourth quarter worth about $71,000. Qube Research & Technologies Ltd purchased a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the 2nd quarter valued at about $26,000. HighTower Advisors LLC grew its stake in Direxion Daily S&P Biotech Bull 3x Shares by 39.8% in the 4th quarter. HighTower Advisors LLC now owns 3,510 shares of the company’s stock worth $559,000 after acquiring an additional 1,000 shares in the last quarter. Halbert Hargrove Global Advisors LLC purchased a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the first quarter worth approximately $166,000. Finally, Headlands Technologies LLC bought a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the second quarter valued at approximately $69,000.

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.