Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) Stock Price Down 7.7% – Here’s What Happened

Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU)’s stock price was down 7.7% during mid-day trading on Tuesday . The company traded as low as $249.47 and last traded at $247.7220. 84,611 shares changed hands during trading, a decline of 85% from the average session volume of 557,723 shares. The stock had previously closed at $268.39.

Direxion Daily S&P Biotech Bull 3X ETF Stock Down 6.4%

The company’s fifty day moving average is $281.42 and its 200-day moving average is $220.12.

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

A number of hedge funds and other institutional investors have recently modified their holdings of LABU. Revere Asset Management Inc bought a new position in Direxion Daily S&P Biotech Bull 3X ETF in the 2nd quarter worth $666,000. Valued Retirements Inc. purchased a new stake in Direxion Daily S&P Biotech Bull 3X ETF in the 2nd quarter worth $454,000. Ramsey Quantitative Systems bought a new stake in Direxion Daily S&P Biotech Bull 3X ETF during the second quarter valued at about $41,000. Halbert Hargrove Global Advisors LLC bought a new stake in Direxion Daily S&P Biotech Bull 3X ETF during the first quarter valued at about $166,000. Finally, Foundations Investment Advisors LLC purchased a new position in shares of Direxion Daily S&P Biotech Bull 3X ETF in the fourth quarter valued at about $797,000.

About Direxion Daily S&P Biotech Bull 3X ETF

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.