Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) Shares Up 6.7% – Here’s Why

Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU)’s stock price was up 6.7% during mid-day trading on Thursday. The company traded as high as $220.49 and last traded at $224.0610. Approximately 84,076 shares were traded during trading, a decline of 85% from the average session volume of 545,080 shares. The stock had previously closed at $210.02.

Direxion Daily S&P Biotech Bull 3X ETF Stock Performance

The company’s 50-day moving average price is $274.94 and its two-hundred day moving average price is $234.09.

Institutional Trading of Direxion Daily S&P Biotech Bull 3X ETF

A number of hedge funds have recently bought and sold shares of LABU. Revere Asset Management Inc acquired a new position in shares of Direxion Daily S&P Biotech Bull 3X ETF in the second quarter worth about $666,000. Valued Retirements Inc. purchased a new position in shares of Direxion Daily S&P Biotech Bull 3X ETF in the second quarter worth approximately $454,000. Ramsey Quantitative Systems acquired a new stake in shares of Direxion Daily S&P Biotech Bull 3X ETF during the second quarter valued at approximately $41,000. Finally, Halbert Hargrove Global Advisors LLC acquired a new stake in shares of Direxion Daily S&P Biotech Bull 3X ETF during the first quarter valued at approximately $166,000.

Direxion Daily S&P Biotech Bull 3X ETF 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.