Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Shares Down 5.7% – Should You Sell?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) shares dropped 5.7% on Friday . The stock traded as low as $312.18 and last traded at $312.43. Approximately 129,244 shares changed hands during trading, a decline of 78% from the average session volume of 574,853 shares. The stock had previously closed at $331.23.

Direxion Daily S&P Biotech Bull 3x Shares Trading Down 9.5%

The firm has a fifty day moving average of $276.35 and a 200 day moving average of $209.53.

Institutional Trading of Direxion Daily S&P Biotech Bull 3x Shares

A number of institutional investors and hedge funds have recently modified their holdings of LABU. Valued Retirements Inc. acquired a new stake in Direxion Daily S&P Biotech Bull 3x Shares during the second quarter worth $454,000. Ramsey Quantitative Systems bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares in the second quarter valued at approximately $41,000. Halbert Hargrove Global Advisors LLC acquired a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares in the 1st quarter worth approximately $166,000. Barclays PLC bought a new stake in Direxion Daily S&P Biotech Bull 3x Shares during the 4th quarter worth approximately $893,000. Finally, Renaissance Technologies LLC increased its holdings in Direxion Daily S&P Biotech Bull 3x Shares by 10.6% during the 4th quarter. Renaissance Technologies LLC now owns 22,900 shares of the company’s stock valued at $3,650,000 after purchasing an additional 2,200 shares in the last quarter.

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.