Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Shares Gap Down – Time to Sell?

Shares of Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) gapped down prior to trading on Tuesday . The stock had previously closed at $303.55, but opened at $287.83. Direxion Daily S&P Biotech Bull 3x Shares shares last traded at $291.0040, with a volume of 137,055 shares trading hands.

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

The stock has a 50-day moving average of $283.79 and a 200-day moving average of $216.48.

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

Several hedge funds have recently bought and sold shares of LABU. Ramsey Quantitative Systems bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares in the second quarter worth $41,000. Covestor Ltd acquired a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the fourth quarter worth about $71,000. Qube Research & Technologies Ltd acquired a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the second quarter worth about $26,000. Halbert Hargrove Global Advisors LLC bought a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 1st quarter valued at about $166,000. Finally, Headlands Technologies LLC bought a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 2nd quarter valued at about $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.