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 Tuesday . The stock had previously closed at $135.79, but opened at $149.00. Direxion Daily S&P Biotech Bull 3x Shares shares last traded at $159.75, with a volume of 431,340 shares trading hands.

Direxion Daily S&P Biotech Bull 3x Shares Trading Up 17.2%

The stock’s 50 day moving average price is $163.71 and its 200 day moving average price is $144.71.

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

A number of institutional investors have recently bought and sold shares of LABU. Barclays PLC purchased a new position in Direxion Daily S&P Biotech Bull 3x Shares during the fourth quarter worth approximately $893,000. Renaissance Technologies LLC boosted its holdings in shares of Direxion Daily S&P Biotech Bull 3x Shares by 10.6% in the 4th quarter. Renaissance Technologies LLC now owns 22,900 shares of the company’s stock valued at $3,650,000 after purchasing an additional 2,200 shares during the last quarter. Foundations Investment Advisors LLC acquired a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares in the 4th quarter valued at $797,000. SLT Holdings LLC purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 4th quarter valued at $797,000. Finally, Covestor Ltd purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 4th quarter valued at $71,000.

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.