Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) Stock Price Down 8.7% – Here’s Why

Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU)’s stock price fell 8.7% during mid-day trading on Thursday. The company traded as low as $222.61 and last traded at $220.80. Approximately 128,064 shares changed hands during trading, a decline of 76% from the average session volume of 527,528 shares. The stock had previously closed at $241.75.

Direxion Daily S&P Biotech Bull 3X ETF Stock Performance

The firm has a 50-day simple moving average of $248.58 and a 200 day simple moving average of $218.85.

Hedge Funds Weigh In On Direxion Daily S&P Biotech Bull 3X ETF

A number of hedge funds have recently modified their holdings of LABU. HighTower Advisors LLC purchased a new position in Direxion Daily S&P Biotech Bull 3X ETF during the 3rd quarter worth $266,000. StoneX Group Inc. purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3X ETF in the third quarter valued at about $241,000. Halbert Hargrove Global Advisors LLC acquired a new stake in shares of Direxion Daily S&P Biotech Bull 3X ETF during the third quarter worth about $266,000. Revere Asset Management Inc acquired a new stake in shares of Direxion Daily S&P Biotech Bull 3X ETF during the second quarter worth about $666,000. Finally, Valued Retirements Inc. purchased a new position in shares of Direxion Daily S&P Biotech Bull 3X ETF during the second quarter worth about $454,000.

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.