Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Trading Up 6.9% – What’s Next?

Shares of Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) shot up 6.9% during trading on Tuesday . The company traded as high as $333.41 and last traded at $329.65. 136,320 shares were traded during trading, a decline of 76% from the average daily volume of 579,289 shares. The stock had previously closed at $308.33.

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

The company’s fifty day simple moving average is $268.22 and its two-hundred day simple moving average is $205.90.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of LABU. Qube Research & Technologies Ltd purchased a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the 2nd quarter valued at $26,000. Ramsey Quantitative Systems bought a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the 2nd quarter worth about $41,000. Headlands Technologies LLC purchased a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the 2nd quarter valued at about $69,000. Covestor Ltd purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the fourth quarter valued at approximately $71,000. Finally, Halbert Hargrove Global Advisors LLC bought a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 1st quarter worth $166,000.

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.