Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Trading Down 9% – Here’s What Happened

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU)’s stock price dropped 9% during mid-day trading on Friday . The company traded as low as $222.27 and last traded at $226.34. Approximately 193,849 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 595,474 shares. The stock had previously closed at $248.79.

Direxion Daily S&P Biotech Bull 3x Shares Stock Down 9.4%

The firm has a fifty day simple moving average of $232.89 and a 200 day simple moving average of $193.31.

Institutional Investors Weigh In On Direxion Daily S&P Biotech Bull 3x Shares

Institutional investors have recently bought and sold shares of the stock. Ramsey Quantitative Systems purchased a new position in Direxion Daily S&P Biotech Bull 3x Shares during the second quarter worth approximately $41,000. Halbert Hargrove Global Advisors LLC purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 1st quarter valued at $166,000. Barclays PLC purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 4th quarter valued at $893,000. Renaissance Technologies LLC increased its holdings in shares of Direxion Daily S&P Biotech Bull 3x Shares by 10.6% during the 4th 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 during the last quarter. Finally, Foundations Investment Advisors LLC acquired a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 4th quarter worth $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.