Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Stock Price Down 8.1% – Here’s Why

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU)’s stock price traded down 8.1% on Wednesday . The company traded as low as $296.37 and last traded at $296.39. 374,829 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 622,473 shares. The stock had previously closed at $322.62.

Direxion Daily S&P Biotech Bull 3x Shares Trading Down 5.2%

The firm has a 50-day simple moving average of $204.22 and a 200-day simple moving average of $181.30.

Hedge Funds Weigh In On Direxion Daily S&P Biotech Bull 3x Shares

Several institutional investors and hedge funds have recently bought and sold shares of LABU. Qube Research & Technologies Ltd purchased a new position in Direxion Daily S&P Biotech Bull 3x Shares during the 2nd quarter worth $26,000. Headlands Technologies LLC acquired a new stake in Direxion Daily S&P Biotech Bull 3x Shares during the 2nd quarter valued at approximately $69,000. Covestor Ltd purchased a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the fourth quarter valued at $71,000. Halbert Hargrove Global Advisors LLC purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the first quarter worth about $166,000. Finally, Bank of America Corp DE boosted its position in Direxion Daily S&P Biotech Bull 3x Shares by 134.2% in the 3rd quarter. Bank of America Corp DE now owns 2,476 shares of the company’s stock worth $232,000 after purchasing an additional 1,419 shares in the last quarter.

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.