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

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) shares gapped down prior to trading on Monday . The stock had previously closed at $293.84, but opened at $280.64. Direxion Daily S&P Biotech Bull 3x Shares shares last traded at $276.80, with a volume of 131,348 shares trading hands.

Direxion Daily S&P Biotech Bull 3x Shares Stock Down 7.5%

The company’s 50 day moving average is $212.32 and its 200 day moving average is $184.40.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Ramsey Quantitative Systems purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 2nd quarter worth approximately $41,000. Covestor Ltd purchased a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 4th quarter valued at approximately $71,000. Qube Research & Technologies Ltd purchased a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 2nd quarter valued at approximately $26,000. Halbert Hargrove Global Advisors LLC acquired a new position in Direxion Daily S&P Biotech Bull 3x Shares during the first quarter worth $166,000. Finally, Headlands Technologies LLC acquired a new position in Direxion Daily S&P Biotech Bull 3x Shares during the second quarter worth $69,000.

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.