Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Hits New 12-Month High – Should You Buy?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $195.33 and last traded at $197.3450, with a volume of 352145 shares trading hands. The stock had previously closed at $181.45.

Direxion Daily S&P Biotech Bull 3x Shares Stock Up 8.2%

The stock’s 50 day moving average is $160.26 and its 200-day moving average is $112.13.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC grew its stake in Direxion Daily S&P Biotech Bull 3x Shares by 664.7% in the third quarter. Tower Research Capital LLC TRC now owns 58,171 shares of the company’s stock worth $5,445,000 after purchasing an additional 50,564 shares during the period. IMC Chicago LLC purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter worth about $3,806,000. Squarepoint Ops LLC increased its stake in shares of Direxion Daily S&P Biotech Bull 3x Shares by 33.2% in the 2nd quarter. Squarepoint Ops LLC now owns 161,146 shares of the company’s stock worth $9,171,000 after acquiring an additional 40,157 shares in the last quarter. JPMorgan Chase & Co. bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter worth about $3,208,000. Finally, Virtu Financial LLC purchased a new position in Direxion Daily S&P Biotech Bull 3x Shares during the 3rd quarter valued at about $1,757,000.

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.