Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Shares Down 4.7% – Here’s Why

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU)’s share price traded down 4.7% during mid-day trading on Tuesday . The stock traded as low as $76.78 and last traded at $76.77. 479,842 shares changed hands during trading, a decline of 67% from the average session volume of 1,435,292 shares. The stock had previously closed at $80.53.

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

The firm’s fifty day moving average price is $85.61 and its 200 day moving average price is $106.43.

Institutional Investors Weigh In On Direxion Daily S&P Biotech Bull 3x Shares

Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its holdings in shares of Direxion Daily S&P Biotech Bull 3x Shares by 129.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,851 shares of the company’s stock valued at $625,000 after acquiring an additional 2,735 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of Direxion Daily S&P Biotech Bull 3x Shares by 6.0% in the 4th quarter. SG Americas Securities LLC now owns 3,392 shares of the company’s stock worth $305,000 after purchasing an additional 193 shares during the period. Tidal Investments LLC purchased a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter worth approximately $9,012,000. SBI Securities Co. Ltd. bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 4th quarter valued at approximately $244,000. Finally, Virtu Financial LLC purchased a new stake in Direxion Daily S&P Biotech Bull 3x Shares during the 4th quarter valued at $3,043,000.

About Direxion Daily S&P Biotech Bull 3x Shares

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.