Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) Trading 6% Higher – Time to Buy?

Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) rose 6% during mid-day trading on Tuesday . The company traded as high as $286.00 and last traded at $286.0050. Approximately 92,019 shares changed hands during trading, a decline of 83% from the average session volume of 552,065 shares. The stock had previously closed at $269.82.

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

The business has a 50-day moving average price of $276.90 and a 200 day moving average price of $223.33.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in LABU. Ramsey Quantitative Systems bought a new position in shares of Direxion Daily S&P Biotech Bull 3X ETF in the second quarter worth $41,000. Covestor Ltd bought a new stake in Direxion Daily S&P Biotech Bull 3X ETF during the fourth quarter valued at $71,000. Halbert Hargrove Global Advisors LLC purchased a new position in Direxion Daily S&P Biotech Bull 3X ETF during the first quarter worth about $166,000. Valued Retirements Inc. purchased a new position in Direxion Daily S&P Biotech Bull 3X ETF during the second quarter worth about $454,000. Finally, Revere Asset Management Inc bought a new position in Direxion Daily S&P Biotech Bull 3X ETF in the 2nd quarter worth about $666,000.

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.