Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) Shares Down 6.8% – What’s Next?

Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU)’s stock price traded down 6.8% during trading on Friday. The company traded as low as $210.64 and last traded at $213.5690. Approximately 122,525 shares changed hands during trading, a decline of 77% from the average daily volume of 541,320 shares. The stock had previously closed at $229.18.

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

The company’s 50-day moving average is $268.40 and its two-hundred day moving average is $236.77.

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

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Revere Asset Management Inc purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3X ETF during the 2nd quarter worth about $666,000. Halbert Hargrove Global Advisors LLC acquired a new stake in Direxion Daily S&P Biotech Bull 3X ETF in the third quarter worth $266,000. Valued Retirements Inc. bought a new stake in shares of Direxion Daily S&P Biotech Bull 3X ETF in the second quarter worth about $454,000. Finally, Ramsey Quantitative Systems acquired a new stake in shares of Direxion Daily S&P Biotech Bull 3X ETF during the second quarter worth $41,000.

Direxion Daily S&P Biotech Bull 3X ETF 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.