Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) Stock Falls 8.7% – Should You Sell?

Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) was down 8.7% on Thursday. The stock traded as low as $222.61 and last traded at $220.80. 128,064 shares were traded 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 stock’s 50-day simple moving average is $248.58 and its 200 day simple moving average is $218.85.

Institutional Investors Weigh In On Direxion Daily S&P Biotech Bull 3X ETF

Institutional investors and hedge funds have recently modified their holdings of the company. Ramsey Quantitative Systems acquired a new stake in Direxion Daily S&P Biotech Bull 3X ETF in the 2nd quarter valued at about $41,000. StoneX Group Inc. acquired a new position in Direxion Daily S&P Biotech Bull 3X ETF in the 3rd quarter valued at $241,000. HighTower Advisors LLC acquired a new position in Direxion Daily S&P Biotech Bull 3X ETF in the third quarter valued at $266,000. Halbert Hargrove Global Advisors LLC acquired a new stake in Direxion Daily S&P Biotech Bull 3X ETF in the 3rd quarter worth about $266,000. Finally, Valued Retirements Inc. acquired a new stake in Direxion Daily S&P Biotech Bull 3X ETF in the 2nd 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.