Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Trading 7.1% Higher – Time to Buy?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) shares traded up 7.1% during trading on Wednesday . The company traded as high as $173.20 and last traded at $170.5560. 336,004 shares were traded during mid-day trading, a decline of 42% from the average session volume of 581,285 shares. The stock had previously closed at $159.31.

Direxion Daily S&P Biotech Bull 3x Shares Stock Up 5.7%

The company has a 50 day moving average of $150.28 and a two-hundred day moving average of $103.92.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of LABU. Tower Research Capital LLC TRC lifted its stake in shares of Direxion Daily S&P Biotech Bull 3x Shares by 664.7% during the 3rd quarter. Tower Research Capital LLC TRC now owns 58,171 shares of the company’s stock worth $5,445,000 after acquiring an additional 50,564 shares during the last quarter. IMC Chicago LLC bought a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the third quarter worth $3,806,000. Squarepoint Ops LLC boosted its stake in shares of Direxion Daily S&P Biotech Bull 3x Shares by 33.2% during the second quarter. Squarepoint Ops LLC now owns 161,146 shares of the company’s stock valued at $9,171,000 after purchasing an additional 40,157 shares during the period. JPMorgan Chase & Co. bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares in the third quarter worth about $3,208,000. Finally, Virtu Financial LLC purchased a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter worth about $1,757,000.

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.