Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Shares Down 6.8% – Here’s Why

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU)’s share price were down 6.8% on Wednesday . The stock traded as low as $146.40 and last traded at $146.69. Approximately 446,084 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 651,880 shares. The stock had previously closed at $157.47.

Direxion Daily S&P Biotech Bull 3x Shares Stock Performance

The stock has a fifty day simple moving average of $167.77 and a 200-day simple moving average of $140.45.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Tower Research Capital LLC TRC boosted its position 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 in 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 increased its holdings 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 worth $9,171,000 after buying 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 valued at $3,208,000. Finally, Virtu Financial LLC bought a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter valued at approximately $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.