Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) Stock Price Down 4.7% – Here’s What Happened

Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU)’s stock price dropped 4.7% on Tuesday. The company traded as low as $220.00 and last traded at $221.0310. Approximately 68,933 shares changed hands during trading, a decline of 87% from the average session volume of 546,599 shares. The stock had previously closed at $231.99.

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

The business has a 50 day moving average price of $276.63 and a two-hundred day moving average price of $233.31.

Institutional Investors Weigh In On Direxion Daily S&P Biotech Bull 3X ETF

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

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.