Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Shares Gap Up – Should You Buy?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) shares gapped up prior to trading on Monday . The stock had previously closed at $206.86, but opened at $221.39. Direxion Daily S&P Biotech Bull 3x Shares shares last traded at $228.66, with a volume of 313,538 shares traded.

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

The company’s fifty day simple moving average is $186.14 and its two-hundred day simple moving average is $172.47.

Hedge Funds Weigh In On Direxion Daily S&P Biotech Bull 3x Shares

A number of hedge funds have recently added to or reduced their stakes in LABU. Halbert Hargrove Global Advisors LLC purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the first quarter worth approximately $166,000. Barclays PLC purchased a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the fourth quarter valued at approximately $893,000. Renaissance Technologies LLC grew its holdings in Direxion Daily S&P Biotech Bull 3x Shares by 10.6% during the fourth quarter. Renaissance Technologies LLC now owns 22,900 shares of the company’s stock worth $3,650,000 after buying an additional 2,200 shares in the last quarter. Foundations Investment Advisors LLC bought a new stake in Direxion Daily S&P Biotech Bull 3x Shares during the fourth quarter worth $797,000. Finally, SLT Holdings LLC purchased a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the 4th quarter valued at $797,000.

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.